Mortgage Calculators

"Mortgage calculators can give you an accurate idea of the weekly, monthly or annual costs of a mortgage over a selected term, based on the nominal indicative mortgage rates. However mortgage calculators don't always give you the full costs of the mortgage, based purely on the nominal rate of interest.[ the most common figure used to do mortgage calculations."

"When using mortgage calculators consumers are trying to determine the affordability of the mortgage compared with their current situation. If the consumer is renting, there are other costs the consumer needs to add into the mortgage calculations before a comparison can be made."

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"Mortgage Calculators: The full costs. When comparing the cost of renting to owning, you need to be aware there are costs you need to add that the landlord is currently paying for you. These costs include insurance, maintenance and rates and taxes. As you can imagine if left out of your mortgage calculations, as most people do, the true cost of owning verses renting is distorted."

"Some mortgage calculators have a field for adding the rate and taxes into the mortgage calculator, and these should be used."

"Some also have fields for adding your insurance costs into the mortgage calculator."

"You should be using the comparison mortgage rate, not the to give you a real cost of your mortgage decision."

"When searching for mortgage calculators, try several, and use mortgage calculators that allow you to add insurance, and annual council or municipal rates and taxes."

"Finally don't forget to factor in your maintenance costs into your mortgage calculations. Do these things and you will be better informed about your mortgage decision."