In early days estimating mortgage payments used to involve complicated formulas and it took some time to come up with the correct answer. Fast forward to today, this same task takes seconds with the help of the mortgage calculators. Not only you get your monthly mortgage payments but also numerous other estimates that help you compare instant results.
Ratepal.ca offers one of the most accurate and feature rich mortgage calculators in Canada. The user input is minimal, below are simple steps required to estimate your mortgage payments:
- Step 1: Enter property value and click Calculate
- Step 2: Select amortization period
- Step 3: Select Mortgage Rate to estimate the payments
The calculator will automatically estimate your mortgage payments and will produce the accurate results.
As this seems simple enough, Ratepal.ca did not stop there. The mortgage calculator also provides additional necessary information in any property purchase transaction.
Here are some cool features we added:
- Ability for user to enter various down payment amounts to see how it affects mortgage payments and mortgage default insurance
- Change mortgage payment frequency from monthly, semi-monthly, weekly, accelerated weekly, bi-weekly and accelerated bi-weekly to see how if affects the interest and the amortization period.
- Location based land transfer tax, by simply typing property location city and answering two additional yes or no questions you get accurate estimate of the land transfer tax amount on the property you are looking to purchase.
- The calculator also helps you estimate other expenses based on your property purchase price. The costs such as solicitor fees, title insurance, estoppel certificate fee, home inspection costs, and appraisal fees are displayed in the cash require tab for user convenience.
- Other monthly expenses such as strata fees, utilities, property insurance, and few other are also added for your convince. This gives user a clear picture of how much it costs to own a particular property.
- Finally the ammonization schedule, in addition to displaying a graph of the amount of principal interest and balance over the amortization period selected also let you pick a scenario with different down payment amounts. This helps users understand how principal and interest are broken down in their reoccurring mortgage payments.
If you are in the market of purchasing a new home, renewing your mortgage or refinancing RatePal.ca offers the best tools for any situation. As displayed above our mortgage calculator offers tools needed to make the right financial decision for your particular circumstances.