Mortgage Calculator Canada offers free mortgage calculators. Our Canadian mortgage calculators help you calculate mortgage payments, amortization schedules, mortgage interest rates and more.
Mortgage Payment Calculator
This is a simple and straightforward way to figure out your monthly mortgage payments, mortgage size, and balance summary. You can also view an amortization schedule and compare your interest and principal payments.
Renting Vs Buying Calculator
Sometimes it's hard to decide whether you should continue to rent, or purchase a new home instead. Our Rent vs Buy mortgage tool has what you need to figure out what the best choice for you is.
Maximum Mortgage Calculator
Use your income to determine the maximum mortgage loan you can qualify for. Requiring various variables to calculate results, this tool provides a realistic measure of what you can afford.
Mortgage Variable Isolator Calculator
With this tool you can enter all the different variables a mortgage consists of, and use them to isolate a specific unknown. Payment frequency, mortgage size, period, rate and payments can all be isolated.
Commercial Mortgage Needs Analysis
If you are looking to expand your business with a new real estate project, develop or purchase new land, or if you need to refinance an existing commercial mortgage, use our calculator to analyze your needs.
Mortgage Prepayment Calculator
Use this tool to see how paying more every month can affect your future mortgage payments. See how you can save thousands by paying just a little extra in every payment period.
The Application Process
Our goal is to find you the financing you need fast and without any headaches.
We have simplified our application process to 4 short steps:
Our free mortgage calculators help you work out the mortgage payment plan that is right for you.
Mortgage Calculator Canada aims to provide its clients with the best mortgage tools and calculator resources on the web. We are proud to offer our customers with a complete set of mortgage analysis resources to assist them in preparing their financial futures. We recognize and value the importance of home loans and the significance such transactions can have on one's life. We hope that our extensive set of resources and information will help you in your search for a home mortgage and a better future. Our tools take your income, budget, loan amount and payment period into consideration to provide you with personalized solutions for your mortgage.
If you require any assistance or explanations of any of our tools, or if you're ready to make the next move and obtain a mortgage for a home, do not hesitate to contact us. An experienced mortgage professional is ready to assist you with all of your needs.
Canadian Mortgages: Learn the Basics
Purchasing a home in Canada can be a complicated process, but it doesn't have to be. Mortgage Calculator Canada recognizes and understands the difficulties homebuyers face. The information below, in conjunction with our mortgage calculator tools, will facilitate the process of understanding and applying for your mortgage.
Variable Rates vs Fixed Rates
The first thing you need to know about mortgages and mortgage interest rates is the difference between a variable mortgage rate and a fixed mortgage rate.
A fixed mortgage rate stay constant (unchanged) through the term length of a mortgage.
A variable rate fluctuates over time. As the prime rate (set by the Bank of Canada) changes, the variable rate will change with it.
When the prime rate rises, a larger portion of your mortgage payment will go to interest and when the prime rate falls, a larger portion of your mortgage payment will go to principal.
Mortgage Down Payment
A mortgage down payment is a sum of money that is collected to put down towards the purchase of a new home.
It is not required in all cases, however, in the case that it is, there is a minimum.
How can a down payment affect your mortgage? Well, if you do provide a down payment, it is used to calculate the maximum price of a home you
can afford, it is used to calculate the size of your mortgage and the mortgage payments, as well as the amount of CMHC insurance you have to pay.
To qualify for a mortgage with no down payment, you need a credit score of at least 680.
Open Mortgage, Closed Mortgage - What's the difference?
An open mortgage is a mortgage that can be paid out at any time without financial penalties.
You are also able to make additional mortgage payments with no financial penalties.
Typically, open mortgage terms range from 6 months to 1 year and can have either fixed or variable mortgage interest rates.
On the other hand, closed mortgages have lower interest rates than open mortgages.
Closed mortgage terms can range from 6 months to 10 or more years.
You are not able to pay out a closed mortgage early with no penalty although with most lenders you are still allowed to pre-pay up to 20% of your original principle balance every year.
Mortgage Calculator Canada is dedicated to serve you better
The Development Team at Mortgage Calculator Canada wants to provide its customers with a wholesome experience.
We strive to provide users with awesome mortgage resources and aim to provide the best mortgage calculator tools online.
If you have any thoughts, suggestions or ideas for a new mortgage-analysis tool or resource, please feel free to send your them to info@loanscanada.ca.
- The Mortgage Calculator Canada Team
