Calgary Mortgage Calculator

Calculating mortgage payments can be difficult and tedious. You need to factor in the property’s value, loan term, interest rate, and depreciation value, to mention a few. 

And while your lender will provide the final amount, you need to verify for proper planning. That’s why you need a Calgary mortgage calculator. 

It factors in all the information required to calculate the mortgage repayment amount, including home insurance, taxes, and the downpayment. 

Moreover, it provides a loan amortization schedule to help you track the loan payment process. Read on to find out more about our mortgage calculator.

What is a Mortgage Calculator?

A mortgage calculator is a tool that performs complex amortization calculations to help you estimate your monthly mortgage payments. This way, you can determine if you can afford the house.

With the calculator, you can also experiment with different variables, e.g., the interest rate and the mortgage length, to determine the extent of change in the monthly loan payment.

How to Use Calgary Mortgage Calculator

Our mortgage calculator is pretty easy to use. Here are the steps to help you:

• Enter the property price: Add the total purchase price of the home 

• Enter the down payment: Provide the down payment you intend to make in percentage (of the home price) or dollar amount. High down payments qualify you for lower interest rates

• Provide the interest rate: If you’ve already found a lender, enter the interest rate charged on the loan

• Enter the loan term: The main objective is to determine the monthly mortgage payment within a specific loan term. This is a good place to experiment with different loan terms

• Add the taxes: Property taxes affect the mortgage payment. Lenders often include a 1/12 of the annual property tax to determine the monthly mortgage payment

• Homeowners insurance: You must factor in the homeowner’s insurance premium you must pay every month. Although the amount doesn’t affect the loan amount, lenders add it to the mortgage payment and pay the premium on your behalf

• HOA fees: Like taxes and homeowners insurance, HOA fees aren’t included in mortgage payments but impact the monthly housing cost. This information is available on the property listing

Costs not Included in a Mortgage Calculator

Although a mortgage calculator is invaluable when house hunting, it doesn’t include all the costs. Our calculator only helps you determine the principal amount and the interest. 

As such, it doesn’t account for other expenses like upfront costs. You need to factor in such costs to accurately determine the cost of buying your dream house. They include:

• The origination fee: This is the cost of applying for a new loan. Most lenders charge 1% of the sale price

• Appraisal fee: It is the cost of valuing a property, usually at a fair market value

• Attorney fee: This is the cost of hiring an attorney to oversee the legal process

• Recording fee: It’s the cost charged to document the change of ownership

• Closing escrow fee: It’s the fee paid to the company overseeing the closing

Benefits of Calgary Mortgage Calculator

Our online mortgage calculator can help you:

Budget

With our mortgage calculator, you can determine the amount you must save for the monthly loan payments. You can experiment with different periods including weeks, months, and years ahead of time for easy budgeting.

Save Money

The beauty of using the Calgary mortgage calculator is the freedom to experiment with different options. You can try different interest rates, down payments, or deposits to find a solution that helps you save money.

Find Out the Effects of a Down Payment

You can use a mortgage calculator to determine how a smaller or bigger down payment can influence payments. How much down payment do you need to save money every month? You can easily adjust the numbers to find out.

Compare the Loan Terms and Types

If you’re unsure whether to take a 3-year, 7-year, or 10-year loan, an online mortgage calculator makes the process easy. You can calculate the mortgage payments for each loan term to determine their long-term impact on your income.

Identify a Price Range to Shop

It’s easy to get overwhelmed by the number of homes available. But with our mortgage calculator, you can quickly narrow down the options. You can use their prices to determine the monthly payments required.

Readily Available

You can use the Calgary mortgage calculator wherever you are. You can open the calculator and make quick calculations, whether you’re touring homes, mortgage shopping, or driving neighbourhoods. It is this feature that makes home buying easy.