The online mortgage calculator can help you determine how much of a mortgage you can afford.This calculator has been set up for Canadian standards. Please be aware that some mortgage calculators may also include items such as monthly taxes or other terms that you may not want. You can use this mortgage calculator for all Canadian provinces. Our mortgage brokers can help you get a mortgage that has low interest rates and good terms. We can advise you if a fixed or variable mortgage is best for you. You will also need to consider if an open mortgage or closed mortgage is best for your situation.
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Our mortgage calculator is designed to assist our clients with any questions regarding mortgage payments. To use the calculator you need to know the interest rate, the amortization period and the amount to be financed. You can calculate payments for a first mortgage, second mortgage or interest only mortgages.
Please input the required information and follow the steps. In cases where you do not know what the exact interest rate will be or the amount of the mortgage, just guess to get the results. This mortgage calculator allows you to test many different combinations. By inserting direction numbers you can get a very clear idea of what you can afford. Try different levels of a mortgage amount, amortization periods and interest rates. You will also see the impact that each factor has. Try to achieve a balance of what you can afford to pay and what you want.
The interest only option will tell you what the minimum payment is to cover the interest. Certain lenders have an interest only mortgage and this option is perfect to determine your payment.
The second mortgage calculator can help you determine how much of a second mortgage you can afford.This calculator has been set up for Canadian standards. Please be aware that some mortgage calculators may also include items such as monthly taxes or other terms that you may not want.
Follow this link for interest rate information from the Bank of Canada.