Whether you’re new to Canada or a local looking to buy your first home, mortgages can be complicated. Between interest rates, down payments, and determining what kind of house you can afford, it can get overwhelming.
Luckily, many organizations have made handy mortgage calculators that can help you compare mortgage rates to determine which option is best for you. Here, we’ll go over some common mortgage calculators that can help you evaluate whether you can afford that new house, condo, or a dream cottage by the lake!
- Not sure what a mortgage is? Or what types of homes are available in Canada? Start with our guide to buying a home as a newcomer to Canada.
Mortgage payment calculator
A mortgage payment calculator can help you determine whether you can make the monthly payments to buy a new home.
You usually need to enter the following information:
- Home price
- Down payment
- Loan term
- Interest payment
After supplying these figures, the mortgage payment calculator will determine your monthly payment. Many calculators break down the amount into estimates for principal and interest, property tax, and homeowner’s insurance. You can also add expected homeowner’s association fees to get your all-in monthly cost.