Obtaining a mortgage can be a really difficult process, especially with the current economic climate being the way that it is. With this in mind there are various tools and services that can help anyone who is looking to buy a home and needs a mortgage. One of these is a mortgage calculator, a tool which can be a great help for anyone who wants an idea of what size of mortgage they could obtain. So how can using a mortgage calculator help you?

• A mortgage calculator can initially help anyone who is looking to apply for a mortgage understand how much they could, in theory borrow. When you use a mortgage calculator you will be asked to fill in information relating to how much you and anyone else (if you are applying for joint mortgage) earn and your monthly expenses. Once the relevant sections on the calculator have been filled in you can then get it to calculate how much you could borrow. This will then enable you to see if you can afford the size of mortgage that you were interested in.

• Using a mortgage calculator can help you to work out the term of the mortgage that you could apply for. Anyone looking to apply for a mortgage needs to know how long they will be paying their mortgage for. This can be anything from around 10 years all the way up to 40 years or more (although these longer mortgages will only be awarded in certain circumstances). You might even find that after using a mortgage calculator you can opt for a mortgage with a shorter term.

• A mortgage calculator can also help you to budget for your new mortgage. If you have an idea of how much you can afford to borrow and what your repayments would be you can then work out if you make your monthly repayments. It can sometimes be easy to overlook certain expenses when you are applying for a mortgage and a mortgage calculator can help you to see the wider picture of your finances.

• A mortgage calculator is free to use. This means that you can gain an insight into your possible borrowing options without having to involve a financial advisor. Once you have a better idea after using the calculator you can then decide what you want to do next.

As you can see using a mortgage calculator can be of use in many ways. Not only can they give you an indication of how much money you could potentially borrow you can also start to budget using one. So if you want to find out how much you could potentially get for your mortgage without the expense of seeing a financial advisor a mortgage calculator is a great idea. They are easy to use, they give you an accurate indication of your potential borrowing and you can alter the mortgage term on them as and when you like. In short if you want to get some decent free financial information on your mortgage use a mortgage calculator.