Buying a home is an exciting prospect — and for most of us, the first step is getting a mortgage. How do I get a mortgage? How much can I borrow? That's where a mortgage calculator can help. You can play around with different interest rates or deposits to see what your monthly payment would look like.

How does it work?

How do you use a mortgage calculator? Easy. Just input your gross annual income (your income before tax), your deposit and your regular monthly outgoings — these are things like loans or childcare, any regular monthly expenses. The mortgage calculator will bake it together to give you a considered estimate of how much you could borrow. Then pop in the interest rate and how long you’ll be borrowing for, and it can show you how much your monthly repayments will be. You can see how paying over a shorter or longer term will affect your payments.Though the calculator gives informed and personalised responses, it's just an estimate. When you're ready to take the next step, it can help to talk to an expert. Our colleagues at Strike Financial Services have a brilliant team of brokers who scour over 12,000 deals from over 90 lenders to help you find the mortgage you've been looking for.

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