Mortgage Calculator
Mortgage Calculator
To help you estimate the maximum mortgage you can afford CMHC has developed the following easy to use mortgage tool.
Rent vs Buy Calculator
Should you rent or buy a home and what are the long-term costs?
NOTE: These are only basic calculators and should only be used as a guide. Actual loan amounts take into account many other factors so for a more comprehensive idea on what you qualify for, please CONTACT US.
RENOVATION Calculator
If you want to renovate, have a look at this renovation calculator. It will give you an idea as to your return on investment given your chosen project.
If you are thinking of renovating in order to entice a potential purchaser, our suggestion would be that you contact an appraiser prior to starting any work. They are well equipped to give you advice on where to start and what to do to give you the greatest return on your investment.
To estimate 3 Months' Interest Penalty:
Step 1: ________ (A) Is amount you want to prepay
Step 2: ________ (B) Is your current interest rate expressed as a decimal (For example, 5.2% = .052)
Step 3: ________ (C) A x B = C
Step 4: ________ (D) C ÷ 4 = your estimated 3 Months' Interest Penalty
To estimate the Interest Rate Differential Penalty:
Step 1: ________ (A) Is your current interest expressed as a decimal (For example, 5.2% = .052)
Step 2: ________ (B) Is the interest rate now being offered by the same lender for the remaining term of the mortgage.
Step 3: ________ (C) A - B = C which is the difference between your current interest rate and the interest rate in B above (expressed as a decimal)
Step 4: ________ (D) Is the amount you want to prepay
Step 5: ________ (E) Is the number of months for the remaining term of your Mortgage
Step 6: ________ (F) (C x D x E) ÷ 12 = F which is your estimated Interest Rate Differential Penalty.
Coming soon...
Our unique FREE Canadian Mortgage Calculator will feature:
1. Allow you to compare mortgage options
2. Allow you to see how extra payments or rental income affect your payments
3. Will reflect the lowest available interest rates, which let's be honest, are only available through a mortgage broker.
