A mortgage is typically the largest expense in any household budget so making sure to choose the best option for you is a crucial decision. Below is a helpful mortgage calculator to calculate what your monthly mortgage repayments will be depending on the term and interest rate of the loan. The longer the term and the lower the interest rate, the lower the repayments. It is advised not to just automatically choose your existing bank as your mortgage provider as many financial institutions will compete for your business so be sure to shop around. Remember also that a variable rate can go up as well as down so a fixed rate may offer more peace of mind. It is recommended to speak to a financial adviser before making any major financial decisions.