Organize Your Mortgage Payments Using Our Mortgage Calculator
Our mortgage calculator will determine the amount of money you will owe in your monthly payments. The calculator does this by taking your Home purchase price, amortization schedule, fixed/variable mortgage rate and down payment into account.
The end result shows how much your monthly mortgage payments will be. This number is for information purposes only. There are many other factors involved.
Elements of the Mortgage Calculator
The property value refers to the purchase price of the house without any other associated costs. The value of the property is reflective of the real estate market.
Depending on how long of a time period you would like to pay off your mortgage, you can fast-track your way or take your time. The calculator ranges from 5 years, 10 years, 25 years and 30 years.
Throughout a mortgage term, the buyer can choose between fixed mortgage rates or variable mortgage rates. Fixed rates stay the same throughout the mortgage term while variable rates rely on the prime rate which usually fluctuate up or down.
A prime rate is the annual interest rate a financial institution sets on interest rates specifically made for variable loans and mortgages.
The minimum down payment in Canada is 5% however, putting down a down payment that is less than 20% requires buyers to purchase mortgage insurance.
People who are self-employed or have a poor credit history may also be required to get mortgage insurance even if they have a 20% down payment.
How will a mortgage calculator help me buy a Home in Calgary?
By figuring out your mortgage payment frequency, you can financially plan for your entire mortgage term. For more information about the different kinds of mortgages you can find in Calgary, please visit our webpage.