Our mortgage payment calculator calculates your monthly payment and shows you the corresponding amortization schedule.
If you are purchasing a home, our payment calculator allows you to test down payment and amortization scenarious, and compare variable and fixed mortgage rates.
To get the accurate picture of what you qualify for you should speak to a mortgage broker about
getting a mortgage pre-approval.
How to Estimate Mortgage Payments
There are a number of factors that go into estimating how much your regular mortgage payments will be. The most important numbers are:
1. The total mortgage amount:
- the price of the home, less the down payment, plus mortgage insurance if applicable;
2. The amortization period:
- the number of years the mortgage payments will be spread across;
3. The mortgage rate:
- the rate of interest on the mortgage.
To use the calculator, enter the purchase price, and select your amortization period and mortgage rate. Then you can see how your payment will be affected by the size of your payment and frequency of payments. Our calculator also shows you what the land transfer tax will be, and approximately how much cash you'll need for closing costs.
You can also use the calculator to estimate your total monthly expenses, see what your payments will be if mortgage rates go up, and show what your outstanding balance will be over time. It's a good idea to use the calculator to determine what you can afford before you start looking at real estate listings.
How to Lower Your Mortgage Payments
There are a few ways to lower your monthly mortgage payments. You can:
- reduce the purchase price;
- make a bigger down payment;
- extend the amortization period;
( if your down payment is less than 20%, the maximum is 25 years)
- choose a lower mortgage rate.
Use the calculator above to try different variables to see what your payments will be with different scenarious.
|Courtesy of RateHub.Ca|