Using Our Mortgage Payment Calculator & Tools Page
Buying a new property is one of the greatest events in anyone’s life. But do you know how much money you can afford to spend on your dream house? Since we know quite well how overwhelming the process of applying for a new loan can be, we’ve developed a set of free mortgage calculators and tools to help you get started on your mortgage journey.
Having a correct estimation of how much you can afford is an essential factor if you want your house to be an asset and not a liability.
Our online mortgage payment calculator will give you a quick idea of how much you could borrow in Canada.
It will help you estimate your monthly mortgage rate, total mortgage payments over the life of your loan, both principal and interest, plus also taxes and other financial costs associated with mortgages.
We are committed to keeping our latest private mortgage rates in British Columbia up to date. So, you can now check by yourself what our recommended alternative lenders might offer you in terms of costs, in comparison to most banks.
We strongly advise you to have a look at our home equity loan page too, as it will help you understand how these calculations work. A correct estimation of your home equity will let you know upfront your loan options and how much you could borrow against the ownership stake in your piece of real estate.
How To Use The Mortgage Rate Calculator
Using our self-help mortgage rate calculator is a walk in the park! The only things you need to know before calculating your estimated monthly payment rate are just a few details about your loan.
Then, by simply filling in all the entries — including the purchase price of the home, your down payment, anticipated annual interest rate, and the anticipated loan length — and clicking the submit button, you will have a clear overview of your mortgage payment breakdown and schedule.
By adding different numbers to the ones you had previously introduced, you can explore different scenarios and see how each mortgage loan term and interest rate will affect your monthly payments.
If you are unsure of how much you can afford, our advice is to follow the golden rule, which states that your monthly mortgage payment should not be higher than 28% of your gross monthly income (the income you have before paying taxes).
Uses Of Our Mortgage Rate Calculator & Tools
Mortgage Payment Calculator
Apart from your mortgage rate, our calculator can also assist you in calculating the impact of a higher down payment, or lowering your monthly costs to see how much money you can save on your interest costs by making prepayments.
Use the affordability calculator to estimate how much of a house you can afford.
Refinancing your mortgage can sometimes help you save money. Our refinance calculator will let you see how much refinancing might cost you and if that cost it’s worth it for you.
Rent vs. Buy Calculator
Is it better to buy or rent? We help you decide between the two.
Home Equity Loan Calculator
Check out if your home equity allows you to qualify for an additional loan against the property in your house.
Contact Us For More
Mortgage rate and home equity loan calculators can be great instruments for a fast and easy estimation of your potential loan but can never replace the personalized and professional financial advice that our experts might offer you.
After running some estimates and feeling that you are ready to move forward, please contact us. We will be more than happy to help!