Mortgage Calculators for Buyers

When you’re shopping for a Toronto real estate property, there are plenty of things to think about, and the mortgage you can qualify for is just one. However, during the process you’ll be evaluating a number of properties and mortgage options. The ability to “run the numbers,” checking the property financing details with different mortgage and down payment options, is important.

Use the mortgage calculators on this page to help you run those numbers and try different combinations of interest rate and down payment with each home on your list. There’s no substitute for knowledge and preparation.
Do-You-Qualify.jpg Do You Qualify?
Understanding how much of a mortgage you can qualify for...
Compare-Interest-Only-vs-Principal.jpg Compare Interest Only vs. Principal
Calculate the difference between interest only mortgage & principal mortgages
Calculate-Amortized-Payments.jpg Calculate Amortized Payments
Determine the monthly payment amount based on the amount borrowed & more ...
Meet-a-Payoff-Goal.jpg Meet a Payoff Goal
How much additional monthly payment is necessary to pay off your mortgage?
TaxSavings.jpg Tax–Savings
Estimate the savings in taxes that can be realized due to interest & property taxes!
Compare-Consolidation-and-Re-Financing.jpg Compare Consolidation & Re–Financing  
Compare refinancing a single mortgage vs. consolidating a first & second mortgage ...
Refinancing-a-Mortgage.jpg Refinancing a Mortgage
See the cost and savings of refinancing at a lower interest, net of closing costs...
Compare-Monthly-vs-Bi-weekly.jpg Compare Monthly vs. Bi–weekly
Save more by making one half of your mortgage payment every two weeks ...
Compare-Mortgage-Rates.jpg Compare Mortgage Rates
See the differences in mortgage payments and interest costs at different rates ...
Compare-Term-of-Your-Mortgage.jpg Compare Term of Your Mortgage  
This calculator will compare monthly payments of different mortgage terms ...
    

Save on Interest

HOW TO SAVE THOUSANDS OF DOLLARS IN INTEREST AND PAY YOUR MORTGAGE OFF FASTER

There are a few easy ways to make extra principle payments that can save you a ton of money in interest expenses and get you mortgage-free sooner than you thought possible. Here are a few simple strategies you can use:

1. ROUND YOUR MONTHLY PAYMENT UP

The results of this simple strategy can save you a fortune and drastically reduce the length of your mortgage.

As an example, if your monthly mortgage payments were $734 dollars a month, but you rounded it up to $800 per month, you would save more than $48,000 in interest payments, and reduce the length of your mortgage by 7.5 years!

2. MAKE ONE TIME PRE-PAYMENTS USING YOUR INCOME TAX REFUND

This is an easy way to save money and shorten your mortgage. For example, if you have a $100,000 mortgage, and you have a $1000 tax refund this year, you take apply that refund to your mortgage. Over time, this will save you more than $8600 and shave 1 year and 1 month off your mortgage! That's another amazing result from a simple strategy.

3. CHOOSE A 15 YEAR MORTGAGE

If you can afford it, you are far better off getting a 15 year mortgage instead of 30. It won't cost you much more, and the interest savings are truly incredible.

If you have a mortgage of $100,000 at 8% interest over 15 years, your monthly payment would be about $200 more, but you'd end up saving $92,083 in interest over the life of your mortgage!

Using these strategies is the easiest way to reduce your interest expenses and shorten your mortgage period.

Find Nearby

  • Hospital
  • School
  • Pharmacy
  • Airport
  • Bank
  • Post Office
  • Nursing Home
  • Church
000.png
Facebook
Social Media

Recently Tweeted
  • @audicenasser

    If you sold your home in 2016, you need to let the taxman know as failing to do so could cost you up to $8,000 in pe…https://t.co/eRMm4CkIyj

    18 hrs ago
  • @audicenasser

    The Vancouver foreign buyers' tax and the proposal by the Ontario government to increase capital gains taxes on sale…https://t.co/J8nbFbKPYy

    19 hrs ago
  • @audicenasser

    “A year ago, something changed in a very big way,” Porter explains. That something was an influx of foreign investme…https://t.co/zb2xkKeVyp

    1 days ago
  • @audicenasser

    "WISH CONDOMINIUMS NOW SELLING" https://t.co/zXgXGmoNlB by @audicenasser on @LinkedIn

    2 days ago
  • @audicenasser

    Wish Condos in Scarborough Now Selling. You can download prices, floor plans, features and finishes brochure directl…https://t.co/ZfQwfiE3QO

    2 days ago
  • @audicenasser

    Speculators are buying up residential real estate all around the Greater Toronto Area and possibly pushing house pri…https://t.co/wHSm4X4dlT

    2 days ago
  • @audicenasser

    Charles Sousa is urging the federal government to help cool home prices in Toronto’s overheated real estate market.…https://t.co/1mofnHleuk

    3 days ago
  • @audicenasser

    Toronto's rent is affordable compared to other global financial hubs, study finds. https://t.co/dmpLOBDCx0

    5 days ago
  • @audicenasser

    Housing price surge of 23% in a year can't continue, BMO and TD warn https://t.co/zPi2A7C9Ws

    7 days ago
  • @audicenasser

    When prepping your home for sale, one of the most important tasks is giving your walls a fresh coat of paint https://t.co/YbI7FJ72LN

    8 days ago
Contact Info
Agent
Audice Nasser

MBA, Broker

World Class Realty Point Brokerage

240 Duncan Mill Road, Suite 403
North York  Ontario M3B 3S6

416-890-9882 audice@mytorontohomesale.com