Mortgage Payment Calculator
Whether you’re looking to purchase your first home, renew your mortgage, planning a renovation or performing debt consolidation, it all begins with forming a plan based around your financial goals.
How to use the calculator:
Under the “Asking Price” section please enter the price of the home you are looking to purchase. In the next section, there are predetermined percentages ranging from 5% to 20% as your down payment. Based on the asking price your down payment will vary and depending on the price of the home you’re looking to buy, amortization period and mortgage rate (interest) your mortgage payments will reflect that.
Once your mortgage payment amount is revealed, the table underneath shows the land transfer tax liabilities giving you an estimate as to how much you will need to cover for land transfer taxes. If you select that you’re a first-time home buyer, depending on the city and province you live in, you may be eligible for a rebate on your land transfer taxes.
The Mortgage Payment Calculator details your payments and charts the data over your amortization period (the life of your mortgage.) If you have questions about the calculator or your own personal financial situation, our dedicated 8Twelve Mortgage Strategists can help clarify and put together a solid program for your home purchase.