How to use the Mortgage Calculators
Definitions:
Gross Annual Household Income: Your total income from wages or other sources of primary income before taxes. If you are married or common law, this is your total combined gross annual income.
Down Payment: The amount you pay up front for your mortgage. You’re typically required to pay at least 5% of the total purchase price.
Amortization Period: The number of months or years over which the mortgage is repaid. The maximum amortization period is 35 years.
Mortgage Term: The length of the mortgage contract, which can be tied to a specific interest rate.
Interest Rate: The annual interest rate on your mortgage.
Mortgage Affordability Calculator
The Mortgage Affordability Calculator helps you to determine how much you can borrow.
1. First enter your mortgage details.
2. Next, enter your expenses.
3. Based on the values you’ve entered, your monthly mortgage payment will show here.
Mortgage Payment Calculator
The Mortgage Payment Calculator estimates the amount of your mortgage payment and generates an amortization schedule for payments.
1. Enter your mortgage details.
2. You have the option to add additional payments here.
3. Your calculated payment will show here.
Mortgage Amortization Calculator
The Mortgage Amortization Calculator shows how long it will take to pay off your mortgage.
1. Enter your mortgage details.
2. You have the option to add additional payments here.
3. The length of time it will take to pay off the mortgage will be calculated here.
Mortgage Comparison Calculator
The Mortgage Comparison Calculator establishes which mortgage product might be right for you.
1. Enter your mortgage details here. You can enter up to three different scenarios.
2. You can compare the calculated results here.
3. You have the option to add additional payments here.
You’re able to view your payments in a graph and as a report. You can also print or save your results.