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? |
Understanding how much of a mortgage you can qualify for...
| Compare Interest Only vs. Principal |
Calculate the difference between interest only mortgage & principal mortgages
| Calculate Amortized Payments |
Determine the monthly payment amount based on the amount borrowed & more ...
| Meet a Payoff Goal |
How much additional monthly payment is necessary to pay off your mortgage?
| Tax–Savings |
Estimate the savings in taxes that can be realized due to interest & property taxes!
| Compare Consolidation & Re–Financing |
Compare refinancing a single mortgage vs. consolidating a first & second mortgage ...
| Refinancing a Mortgage |
See the cost and savings of refinancing at a lower interest, net of closing costs...
| Compare Monthly vs. Bi–weekly |
Save more by making one half of your mortgage payment every two weeks ...
| Compare Mortgage Rates |
See the differences in mortgage payments and interest costs at different rates ...
| 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.