Real Estate Mortgage CalculatorsStephanie Rebello
Real Estate Mortgage Calculators By Home.ca
Stephanie Rebello is dedicated to providing homeowners with valuable information. Knowing that your investment is safe is one thing but making the best decision is another. Using the calculator below you can get a better idea of how much you can afford. We can provide you with recent market statistics to further help you in your decision making. Our professional resources grow with the market and we utilize advanced technologies to ease the process for our clients. Try the free Real Estate Mortgage Calculators below.
If you have any questions contact Stephanie Rebello to help you with all your real estate inquires.
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 the total mortgage amount (the price of the home, less the down payment, plus mortgage insurance if applicable), the amortization period (the number of years the mortgage payments will be spread across), and the mortgage rate (the rate of interest paid 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 down 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 is a good idea to use the calculator to determine what you can afford before you start looking at real estate listings.
If you’re renewing or refinancing and know the total amount of the mortgage, use the “Renewal or Refinance” tab to estimate mortgage payments without accounting for a down payment.
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), or choose a lower mortgage rate. Use the calculator above to try different variables to see what your payment will be with different scenarios.
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