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The mortgage calculator has quite a few uses. It is a service provided by real estate companies and financial institutions. In a way, it might actually tempt you into buying a house, especially if the reason you didn’t is because you don’t have the time to make it to the mortgage financer. So what can the calculator do for you besides calculating the mortgage installment? It can help you decide which interest option is better for you, an adjustable one or a fixed one. In addition, if you already have a mortgage loan, you can use it to see if you can get a second mortgage. Maybe you need some extra cash to buy a car, or send the kids to college, or even just go on a dream vacation. Well why not take advantage of a second mortgage if you can. How about re-mortgaging? What are the current interest rates like; are they lower? Why not compare your existing rate with the market? Now you can with the mortgage calculators.