Our Mortage Calculator
When considering which type of mortgage you require, one of the key factors is the interest rate. Interest rates vary on a daily basis, so it’s important to be aware of current rates and future trends to ensure you’re getting the best available option. A mortgage calculator is an extremely useful tool, as it helps you determine your monthly payments.
We offer this mortgage calculator as a self-help tool for your use. This tool does not replace professional financial advice. We cannot guarantee that this calculator will apply or be accurate in your situation. If you put less than 20% down, you are subject to insurance premiums, which will be added to your mortgage amount. For more information on CMHC premiums, click here.
Prior to applying for a mortgage, it’s essential to determine how much you can comfortably afford.
Affordability depends on your income, down payment amount, mortgage interest rates and any other financial obligations you may have. In addition to the purchase price of a home, you also need to consider other fees and costs such as closing costs, mortgage insurance, homeowner association fees and interest. When you obtain a mortgage, you’re not only agreeing to repay the amount borrowed, but also the interest on that amount. A mortgage calculator will assist you in determining how much you’ll be paying throughout the life of your mortgage.
Evaluating financial possibilities and outcomes for the different loans available is the best way to determine what type of loan will work best for you. A mortgage calculator is a great place to start, but you’ll also want to ensure you speak with a mortgage broker to learn more about what options you have and how to make the best choices.
Investing in real estate is a sound financial decision. Make a great investment in your future!