The average home buyer, when asked about the enormity of his or her decision to purchase, own and maintain a home, will tell you that the entire home ownership project is one of immense importance and responsibility. Potential buyer say that it is one of the biggest investments she or he will ever make and that she or he expects the property – once person owns it – to be the single largest asset she or he will ever own; and all the information imparted by the average home buyer, in attempting to provide the most truthful answers to the question, will be analyzed by real estate agents to determine how serious or motivated potential owner is in wanting to own a home.

It is through this realization that prospective home buyers have approached home buying with a healthy dose of caution and, as such, have sought to get as many questions answered as they possibly can prior to making a commitment to buy via the signing of a contract or purchase agreement; and some the most important questions they need answered centers around affordability. First they might question themselves, then have a family discussion – when appropriate – and then maybe friends, co-workers and even the well-meaning neighbor.

That having been said, there came a time that the home buying public was about to get a great ally in the quest for satisfactory answers to important questions relating to home buying. Seldom in the history of real estate and mortgage lending services, has there been made available to the home buying public, a more powerful tool than the mortgage calculator. For many years prior to their availability to the public, mortgage calculators were routinely used by real estate and mortgage brokers, as well as mortgage lender representatives and other real estate professionals as part of their daily business activities because it facilitated, and in many ways enhanced, the services they provided.

This meant that, in order to get some of their most important questions answered, potential home buyers were forced to rely on these professionals, which in many cases created minor discomfort based on the questions asked of them. This was the norm until new technology was introduced a world of informational via the personal computer and Internet, which grew infinitely more popular and became a reliable go-to source for a larger section of the Canadian society and, indeed, the world. It is with the increase in the growth rate of Internet use that online mortgage calculators gained popularity and with it came a new comfort zone for an increased number of potential home buyers.

No longer was it necessary for a potential home buyer to contact a real estate broker just to learn whether or not she or he could qualify for a mortgage, or how much of a house they can afford. With a personal computer and access to the Internet anyone contemplating a home purchase can simply log on, connect and search for a particular real estate agency, mortgage lender or mortgage calculator; then enter some preliminary information about earnings, assets and interest rate to learn the amount of mortgage that might be supported by the information entered.

With the mortgage calculator potential home buyers can actually qualify themselves for a home purchase prior to ever setting foot in a real estate agent’s office and, barring some instances of erroneous information in an online property listing, she/he might be able to select a suitable property, plug in the price, property tax and approximate property insurance information and walk into the real estate agent’s office fully prepared as a ready, willing and able to buy customer. The mortgage calculator, coupled with data available via the Internet, has eliminated a number of actions that prospective home buyers would otherwise have had to take in the early stages of their decision making process. So the mortgage calculator is here to stay.