To start with, a simple mortgage calculator is useful. They let you input the amount of the principal you will be borrowing, the current interest rate, and the number of years to pay off the loan. These calculate mortgage repayments as a fixed amount over a fixed time with a fixed interest rate.

If you want to work out how much you can afford, based on your current standard of living and income, a more complex mortgage calculator is useful. It takes into account other monthly expenses. The sort of mortgage calculator that works out how much you can borrow will use similar information to give you a rough estimate of what a bank or mortgage lender will conceivably offer you.

Other sorts of mortgage calculators can be used if you are considering refinancing your current home loan, or wish to consolidate your current loans.

If you are currently in debt with personal loans, for example, and want a home loan, you may need to determine how long it will take you to pay off your current debt before going into more debt with a mortgage. A debt payoff goal calculator can help you work out a plan for doing this.

If you are looking at consolidating loans or refinancing, there are simple mortgage refinancing calculators that can help you decide whether you should refinance your current mortgage. These take numerous factors into consideration and determine whether you will be better off in the long term.

You can also use a more complex consolidation and refinancing calculator, which is useful in determining whether or not it is in your best interest to consolidate your loans at the current time.

There are many different mortgage calculators available for use on the internet. Your first stop for a mortgage calculator will be at your bank's or financial institution's website. If you believe that you are not getting the best deal from your current mortgage provider, however, it would pay to visit some other websites for more information.

It's also important to consider the current interest rates the banks are currently lending for mortgages and home loans, and the refinancing packages they offer. You really need to consider your individual needs when choosing a mortgage calculator.

First, try a simple mortgage calculator. Then if you want, a more complex mortgage calculator can also tell you how much interest you will be paying off in the long term. These mortgage calculators are particularly handy when working out different payment schemes.

You may decide to make an extra lump sum payment once a year, or simply want to pay a few extra dollars a week off your mortgage. These mortgage calculators can tell you how much interest you will be saving and how many years you will reduce your loan by in making these extra repayments.

If you've done your home loan research and have looked into a number of different loan plans, it's helpful to be able to compare them yourself to make a more informed judgement.

However, unless you find a very sophisticated mortgage calculator, it probably won't allow you to take into consideration things like fixed and variable interest rates.

A good amortization calculator breaks down exactly how much interest and how much principle you will be paying off your loan each year or month based on your current repayment scheme.