Mortgage Calculators

Mortgages are significant investments. Understanding what you can afford and what you are willing to pay before entering the real estate market will help you determine what type of house or property is within reach.

Mortgage Tips

  • Get a pre-approved mortgage. A pre-approved mortgage gives you an edge. Before you even go house hunting, you will know the size of your mortgage, the interest rate, and the size of your monthly mortgage payments. With your financing already mapped out, you can concentrate on finding the right home in your price range.
  • When you are looking at terms and interest rates, figure out what you can live with in terms of payments. Remember that interest rates can fluctuate, which can impact what your mortgage payments are. If interest rates are forecasted to rise, consider locking in for a longer term mortgage. If rates appear to be trending down, look at shorter terms instead. Or you can hedge and split your mortgage between different terms & rates.
  • Opt for bi-weekly mortgage payments. Making accelerated bi-weekly payments gives you a "free" principal reduction equivalent to one full mortgage payment every year painlessly. There is very little difference between bi-weekly and weekly payments.
  • Pay a lump sum on your mortgage whenever possible. By decreasing the principal of the mortgage, your payments will not be allocated as much to interest in the future, thereby accelerating your freedom to mortgage-free life. Check with your financial institution to see how much they will let you pay on top of your regular mortgage payments annually. Some lenders will allow you to double-up on payments up to 10-20% of the value of your mortgage as well.
  • Consider an Early Renewal Option if interest rates are on the rise. If you are locked-in to a term and the mortgage will be maturing in months or years down the road, and the mortgage rates are on a rise, you can renew your mortgage before the maturity and lock-in the low rates for a new term. You may not even have to pay anything out of pocket and still save over the term, especially if rates move up considerably