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Mortgage Calculators

Mortgage Calculators

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So you need mortgage calculators! Several types of mortgage calculators exist:

Mortgage Calculators: Income Required Mortgage Calculators

These mortgage calculators show you the amount of income required for each mortgage amount.

How much of a loan can I get?, courtesy of Equity Home Mortgage.

These mortgage calculators help you estimate a "middle range" of how much you may be able to borrow. It does not mean that you cannot borrow LESS, for example, and eliminate the need for mortgage insurance. And, with new automated underwriting and other loan programs, you may actually be able to borrow MORE! This example takes into account a fixed rate mortgage only. Adjustable rate and other mortgage types can be more complex.

Mortgage Calculators: Monthly Payments Mortgage Calculators

These mortgage calculators show the monthly mortgage, based on interest rates and the mortgaged amount. Because Canadian and American mortgage calulations are slightly different, you should access the one for your nationality:

Mortgage Calculators: Canadian mortgage calculators, courtesy of Westminster Savings.
You can use these mortgage calculators to calculate monthly payments, downpayment, house price and amortization period. To use the mortgage calculators, enter all the other numbers and then press calculate.

Mortgage Calculators: American mortgage calculators, courtesy of American House Hunting Online.

With these mortgage calculators, enter loan amount, interest rate, and number of years of your loan, and click on "Calculate Mortgage" button. Your monthly payment, total number of payment, and total payment will be shown in the results section.
This calculation does not include tax, insurance, and other expenses you may incur.

Mortgage Calculators: Refinancing mortgage calculators

Is now a good time to refinance? These mortgage calculators helps you figure it out. Mortgage Calculators: Refinancing mortgage calculators.

Mortgage Calculators: Reverse Mortgage Calculators

Read about the benefits of a reverse mortgage and use the mortgage calculator to get estimates for three programs. Includes step-by-step instructions. Mortgage Calculators: Reverse mortgage calculators.

Mortgage Calculators: Mortgage Special Deals Available Now!

Mortgage Calculators: What The Banks Are Offering:

Bank of Montreal: 4% cash back, or an 18 year open term mortgage priced at the same rate as a 5 year fixed mortgage. The borrower is guaranteed that rate for 18 years, but can pay out the loan or switch to a lower rate at any time.

CIBC: offers 1.51 points off posted 5 year rates for the first year, followed by a .90 point discount for the following 4 years, or a cash back rebate equal to the first 7 months of principal and interest on a 10 year term.

Coast Capital Savings: discounts of 1.25 percentage points, or 3% cash back. Also offers a multi-purpose mortgage, where borrowers can stagger rates over different terms, and take out additional loans for other reasons at the same rate as the mortgage.

Laurentian Bank: offers 5% cash back, to a maximum of $25,000, on all mortgages with terms of 5 years or longer.

President's Choice Financial: has trimmed .15 per cent off 2 to 10 year fixed mortgages, which leaves a 5 year mortgage at 6.34 per cent. Customers get $250 worth of free groceries on a $100,000 mortgage, too!

Royal Bank: has a first time buyer's package with a "competitive rate" on 5 year mortgages, $500 every year for 5 years towards a bank RRSP, free chequing for 6 months, one year's free internet access, a no-fee Visa card, and a free annual financial review. Cash backs or lower rates are negotiable.

Scotiabank: offers Canada's first nothing down mortgage, that involves locking in at posted rates for at least 5 years, and adding 6.5 per cent on the amount borrowed to insure the bank if you don't make the payments. Alternatively, up to 5 % cash back on 7 year mortgages, and 4% back on 5 year terms.

TD Bank and Canada Trust: offer a first year interest rate of 4.95 % on 5, 7, or 10 year terms, with rates guaranteed to be lower than today's posted fixed rates. Also has a no-nonsense mortgage linked to an equity line of credit with rates as low as prime.

VanCity Savings: offers 5 year mortgages at 6 per cent, or 5% cash back, or a 5 year rate of ^.25 per cent, with free legal fees, free home appraisal and $150 off home insurance.

Click Here For Canada's Best Current Mortgage Rates!