When you’re seeking to purchase a new home, especially if you’re a First Time Home Buyer, calculating your potential mortgage amortization period (length of repayment), and monthly payment can be difficult.
So much needs to be considered:
- Annual Compound Interest Rate
- Total Amount of the Loan
- The Amortization Period
- Term of the Mortgage Agreement
- Amount of Down Payment
- Your Current Debt/Expense Obligations
Our Mortgage Calculator is pre-populated with some basic standard criteria, but you can change them to consider a number of alternatives, such as: differing loan amounts, amortization periods, or length of the mortgage term. This is great for those who have already begun searching for new properties and have an idea of the mortgage they’ll be looking to apply for.
The Affordability Calculator is great for those just starting out. First Time Home Buyers, I’m looking at you! This calculator helps you discover your ideal mortgage amount, based upon your current income and lifestyle (debt/expenses obligations). It’s pre-populated for you; but again, you can alter the details to suit your situation by: increasing your down payment, increasing/decreasing the amortization period, comparing differing obligations, and changing the expected interest rate.
The Closing Cost Calculator helps with the most unexpected and varying situational costs – legal fees. Lawyers are a necessity when you’re dealing with such a large sum transaction with a number of parties involved (home buyer(s), home seller(s), and lending institutions). It’ll help you calculate a number of extraneous costs (and perhaps serve as a reminder of some considerations during the process for you!) such as: legal paperwork, photocopying, couriering, faxing, land title searches/registration, home inspection and appraisal fees, property taxes, insurance etc.
Finally, our Rent vs Buy Calculator helps those who are just beginning to consider that a mortgage may be preferable to continuing to pay rent. This calculator helps you consider the cost of the new home, the annual upkeep/maintenance costs, appreciation, property insurance, and helps you compare against the amount that you’re currently paying for rent. The result will let you know which is the better investment option for you based upon your current details.
Even if you discover that perhaps entering into a mortgage agreement isn’t your best option at this time, these calculators can help you discover what you need to do (save a larger down-payment, decrease your current debt/expense obligations, seek a less costly home) in order to be able to afford your mortgage in the future.
Regardless of where you are in your process:
- whether you’re just considering looking at becoming a First Time Home Buyer,
- have already begun perusing the MLS listings and are shopping for a mortgage,
- or are considering a 2nd, 3rd, or 23rd investment property,
these calculators will be a valuable tool in your search and decision.
- Should you have any questions about the results of your calculations,
- are interested in finding homes in your price range,
- or simply need some First Time Home Buyer advice