Calculators that tell you how much you can borrow.
A number of factors may decide the maximum amount you can borrow: income, employment, other financial obligations and loans, and the amount of your deposit. However it is important to note that this amount is not necessarily the same as what a mortgage lender may actually lend you. An important factor considered by lenders is Income Multiples which takes into account how whether an application is single or joint. A single applicant multiple is typically 3.5 times the applicant's annual salary. For joint applications, the multiple can be from 2.5 to 3 times the combined salaries.

Many web sites feature this type of borrowing calculator, but keep in mind that different lenders have their own method of computing the amount you can borrow. Nonetheless, these calculators are a good guide for determining how much you may be able to expect.

The basic calculators will ask you to input your income, plus your spouse's income if applicable. Other mortgage calculators ask for more data to arrive at a result; from debt information and the price of the property being considered, to the type of mortgage (i.e. repayment or interest-only mortgage).

As mortgages are complex, with terms and conditions that are different from provider to provider, these calculators serve as a basic guide. To get the most accurate information you should consult a lender or broker and ask for a quote through a personal appointment, or over the phone.

Calculators that tell you how much your monthly payments will be.
This type of calculator can give you an estimate of how much monthly payments to expect, as well as an idea of how much interest you'll be paying for the term of the loan. This is usually based on the rate of interest payable, the length of the borrowing period and the amount borrowed. The result will vary as different lenders have their own methods of computing for monthly payments. Depending on the calculator, factors such as whether the mortgage is a capital and interest loan or interest-only are also considered.

Keep in mind that these calculators can serve as a guide when weighing your options, but the final amount of interest depends on the type of mortgage (i.e. fixed, capped or variable rate) as well as terms and conditions that must be also considered.