Canada Mortgage Calculator BC
How much house can you afford? Find out with our complimentary mortgage calculator. Use this tool to calculate your monthly mortgage payment - and see how much of that monthly payment will go towards the principal mortgage amount versus interest. Keep in mind there are several different mortgages out there like variable, fixed, or blended, each with different interest rates and amortization periods. To find out what will best suit you, get in touch with our team and we can refer you to our preferred lenders.
Find out how much home you can afford below.
Why Use a Mortgage Calculator | Canada Real Estate?
Love calculating mortgage payments? Unless you’re very mathematically inclined, it’s hard to look at a home price and get an accurate sense of how much you can expect to pay each month towards your mortgage.
It’s not as simple as taking the mortgage principal amount and dividing it by the duration you’d like to pay it off. You also need to consider things like your downpayment, interest rate, amortization period, payment frequency, and term as well. This is where a first time buyer mortgage calculator can do all the work for you.
Simply input the price of the home, and the calculator above will break down how much of a payment you can expect each month. You’ll also get a sense of how much of that monthly mortgage payment will go towards the principal of the home (the purchase price), and the interest over time.
What this calculator doesn’t include are any additional costs, like home insurance, property taxes, HOA fees, and private mortgage insurance (PMI) if you need it. Your estimate mortgage payment can also change over time, depending if you opt for an adjustable-rate or fixed rate mortgage.
How much mortgage can I get?
Ultimately, this mortgage payment calculator tool is to give you a general sense of how much you can anticipate spending each month. For a more concrete number - including mortgage default insurance - you should consult with your lender to find out which option is the best fit for your lifestyle. Don’t have a lender yet? Let us know and we’ll be happy to refer you to our preferred brokers.
Contact us for more information about financing your next real estate purchase.