Short answer：A mortgage calculator estimates payments from the balance, rate and term entered. It does not replace valuation, income assessment or a lender’s approval.
Confirm the calculation method
Amortising loans, interest-only loans and different day-count rules can produce different results. Hold balance and term fixed when testing rates. Extending the term at the same time may lower payments without making the loan cheaper.
Add omitted costs
List insurance premiums, stamp duty, legal costs, rebate clawbacks, management and repairs separately. Compare with the lender’s formal schedule and test lower income or an appraisal below the purchase price.
Before deciding
- Save inputs and their date
- Compare total interest as well as payments
- Confirm formal terms before committing
Sources and method
Sources support the specific rules described. Checklists and hypothetical calculations are editorial explanations, not measured market results or individual approvals.
Revision：Removed unsupported experience, case outcomes and statistics; corrected the topic-specific rules and limitations described above.
Scope：General information only, not personalised legal, tax, immigration, admissions or investment advice.