The Oxford Dictionary defines a mortgage as “the method of conveyance of property as security for debt until the money is repaid”. The word mortgage is a French loan word, literally meaning dead pledge, but commonly used to refer to the legal device used in securing be property. A calculator, on the other hand, is an electronic device used for making calculations. Owning a home or moving into a larger one is the part of any person’s dream. However dreams come with the price tag and so at times, to attain what we want, we need a little financial help at times, which we refer to as loans.

A mortgage calculator is a simple way to determine how much the monthly payments would be, thereby providing a base leading to the fulfillment of dreams.  Also, there are a variety of mortgage calculators available. Basic mortgage calculators determine how much your payment will be. In such calculators, a number is received by inputting the amount of the loan, the term and the interest rate. Mortgage calculators can also calculate how much you can afford for a home. In return for supplying data of your income and any other additional payments that you may have to incur, the mortgage calculator helps you ascertain the amount of money you need to take out. However, this type of mortgage calculator does not take into account the amount of down payment that is being made. Mortgage calculators of higher utility take into consideration the amount of earning needed and allows the input of all that information in addition to the amount of savings being made for the down payment.

The mortgage calculator has its own advantages. For one, the confused customer is assured that even if he responds to the lucrative and yet myriadly mazed policies of the banks, he will not be cheated. Also, since a major chunk of the business of mortgage calculators are carried on through the net, the economy of the country receives a positive kick. Mortgage calculators also motivate the banks to strive for the betterment of their policies thereby enhancing national growth.

In most jurisdictions, mortgages are strongly associated with loans secured on real estate rather than on other properties such as ships, gold etc. There are also cases where the only land may be mortgaged. Contriving a mortgage is often seen as the standard method by which individuals or businesses can purchase residential or commercial real estate without paying the full value immediately.