There are two main types of mortgage calculators, the ones that you use online over the Internet, and those you download and run on your own computer.
Most banks and mortgage lender websites provide some sort of free mortgage calculator to help you calculate how much you can borrow. Some provide additional calculators that produce amortization schedules, monthly and bi-weekly repayments schedules, prepayment calculators and more.
A word of caution with online mortgage calculators. The information you are providing may be recorded and used for marketing purposes, so be careful how much personal information you enter. If you have to type in an email address, phone number or street address just to use the calculator, then you may find yourself on the receiving end of a sales pitch. Try to find a mortgage calculator that allows you to enter financial details (eg how much you want to borrow, interest rates, etc) without having to enter any personal details (eg name, address, email, phone numbers, etc).
The other limitation of online mortgage calculators is that they don't let you save your calculations. Therefore, if you are trying to compare multiple mortgage loans over a period of time, it can become a little cumbersome having to re-enter the same information over and over.
With downloadable mortgage calculators, the main concern is the risk of being infected with a virus or spyware. As with any download, it is best to source it from a reliable web site and to virus check it before using it.
Apart from the above warnings, the choice of using an online mortgage calculator and/or downloadable mortgage calculator is a personal one. You can get started with online calculators straight away, whilst downloadable calculators take a little more effort to set up. However, if you can see yourself using one often over the coming weeks, then the additional set up effort will pay-off.
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