It seems that everybody has a dreaded Mortgage to pay. Unless you're independently wealthy, financing a home and a plot of land is traditionally accomplished through banks and lenders. The mortgage is merely the pledge on behalf of the borrower to put their property up as collateral for the loan it takes to buy that property. Thanks to rapid fiscal irresponsibility and ignorance, we are now in sort of a 'mortgage crisis' in this country. Fortunately, there are many online mortgage calculators to help figure out such things as debt ratio, interest rates, monthly payments and refinancing options.

While a mortgage broker is traditionally the one to do all the number crunching, there are plenty of free online mortgage calculators available to give you accurate figures for comparison. If you are planning on using a mortgage broker anyway, at least bring your 'homework' with you so you know you're not being taken advantage of.

Here are a few common mortgage calculators:

Mortgage-calc.com
Bankrate.com
Mortgagecalculator.org

Some of the information you'll need to do the calculations is as follows:

Total Principal (dollar amount of loan)
Interest Rate (Percentage)
Term (Number of Years)

Most mortgage calculators will give you a monthly payment amount based on these simple figures. More complicated calculations may be required depending on things such as property tax, tax deductions, PMI (private mortgage insurance), percentage down payment, annual interest fluctuations, amortization schedule and adjustable versus fixed rates. This is where the mortgage broker makes his money. Don't be intimidated by the process, but be sure to ask plenty of questions during your session.

Your bottom line figure will give you a good idea of what you’ll be paying on a monthly basis as well as how long you’ll be paying. With this figure is in mind, you’ll have a better idea as to whether buying or renting is for you.