Mortgage Calculator

A question I get the most from my clients typically is in regards to how to calculate mortgage interest, monthly payments, and overall affordability. Utilize my free mortgage calculator for some independent research and calculations of your own to get a clearer understanding of what you can expect based on your financial standing. To save you time, hassle, and the chance of becoming entangled in the web of complex calculations, I’ve set up an easy-to-use mortgage calculator that you can freely use below before discussing with a mortgage broker about your mortgage options. 

How Much Can I Afford?

Before you can begin shopping for properties, it’s necessary to determine the top limit of your mortgage eligibility. That way, you will be able to set a budget range when it comes to searching for properties, either residential or commercial. That is precisely where a mortgage affordability calculator comes in to assist you. The calculator weights vital factors regarding your financial standing, such as your annual income, monthly expenditures, and an estimate of how much down payment you want to put down in order to define how high of a mortgage you will be eligible for. Were you expecting to qualify for a higher mortgage? Consider making alterations to your current financial standing, such as improving your credit score, putting down a larger down payment, or increasing steady income streams. 

What Is My Mortgage Payment?

You most likely know by now that although your mortgage is set for several years, the regular payments are typically due on a monthly basis. It’s necessary that your monthly payment towards your mortgage does not consume a large chunk of your monthly income. Otherwise, it is difficult to juggle with other expenses such as utility bills, increasing rates, and overall costs of living. You can calculate monthly mortgage payments below to determine how much your mortgage payments will add up to depending on your specific preferences and financial standing. 

Should I refinance?

Your mortgage can undergo changes over time when you decide to refinance for a lower interest rate or to tap into your home equity. This calculator will help you navigate basic refinancing costs and conditions to determine if it’s worth refinancing your mortgage now. 

Rent vs. Buy

Is buying a house with a mortgage really more cost-effective now than renting? Use my mortgage calculator to calculate monthly mortgage payments and compare them to what you’re already paying in monthly rent. Depending on your current financial standing, one or the other could be significantly beneficial, or it could be a toss-up, meaning that either option adds up to about the same cost. You won’t find out until you weigh the costs of both.

Debt Consolidation

Consolidating your debt into one, all-encompassing payment can simplify the process and help you acquire a lower interest rate in the grand scheme of things. You won’t know for sure until you calculate it and weigh the advantages and disadvantages of debt consolidation. Try it out below. 

Closing Fees

Closing costs are often unanticipated and go uncalculated by borrowers until they are in the midst of the mortgage application process. To ensure you aren’t left in the dark, calculate your mortgage closing costs with the calculator below.

 

FAQ Questions:

  1. Is your mortgage payment calculator free?

Yes, my mortgage calculator is entirely free of charge and open to use for anyone who needs that extra helping hand when it comes to doing the complex calculations that mortgages entail. 

  1. How do I calculate mortgage interest?

You need to have a few key numbers at hand to calculate your mortgage interest. That includes the sum you will be borrowing, the interest rate of your lender, and the number of years you are granted for repayment.   

  1. How do payments differ by province in Canada?

Mortgage rates vary from lender to lender more often than on a provincial level. That being said, if there is significant competition among lenders in a specific province, that may lead to a trend in lower rates.