How much interest can you save on your mortgage? The Mortgage Payment Calculator helps you determine how much interest you save or how much of a mortgage payment you can afford. Its as simple as using a slide or a dropdown. Its side-by-side comparison scenarios allow you to contrast various options without having to write down or remember anything. You can also immediately view your results in chart or graph format. This will assist you with basic some information but, ultimately, you won’t have the full picture until we complete a full assessment.
***Under the new mortgage rules, lenders will qualify you against the Bank of Canada posted rate of 4.64% even though your actual rate will be lower.***
In Canada, all mortgages with less than a 20% down payment are required to be insured by either The CMHC or Genworth. These premiums, often called CMHC Fees are essential, and help protect all Canadian homeowners from the same type of mortgage crisis The U.S. experienced.
The amount of your mortgage default insurance, is based on the property price of your home and the down payment. Find out in a side-by-side comparison scenario how much of a down payment is required, and how much you’d save by increasing this down payment.