Mortgage Calculator from Your Local Real Estate Team™
Working out exactly how much a mortgage will cost you can be a real issue. Our handy mortgage calculator lets you work out exactly how much a mortgage will cost per payment, based on:
- the interest rate
- the amount you want to borrow
- the number of years you want to pay it back over
This calculator makes a one major assumption; that your interest rate is fixed for the duration of your mortgage. If you are on a variable rate mortgage, your payments will vary according to the varying rate of interest charged by your mortgage provider.
The calculator also lets you see how much your monthly mortgage payment would increase if interest rates do rise. So, for example, if you borrowed $100,000 for 25 years at an interest rate of 5%, your monthly payment would be $584.59. However, if the interest rates rose to 10%, you’d be paying $908.7 a month.
For more information on buying a home in Ontario with a mortgage, give us a call 519-409-7653. We’ll say right now that we are not financial advisors, but we do know a lot about buying homes!
Or see our list of recommended Local Mortgage Brokers.