MORTGAGE CALCULATORS

Below are links to the following Mortgage Calculators to help you find answers you need quickly and easily!

MORTGAGE CALCULATOR

This includes a:

  1. Mortgage Summary which shows your mortgage payment, end of term balance and interest paid during that term
  2. Principal Vs. Interest Chart which show how much principal vs. interest will be paid over your chosen amortization
  3. Amortization Table which show your actual principal and interest payment for each payment until your loan is paid to zero.  This can be used to estimate your penalty if you are in a variable mortgage!

PURCHASING FINANCING SUMMARY

This includes a:

  1. Purchase Financing Summary which shows the annual income required for to qualify for the loan and property cost detail entered.
  2. Monthly Income & Expense Chart shows how much of your income goes to each type of homeowner costs.

INCOME QUALIFIER SUMMARY

This includes a:

  1. Income Qualifier Summary which shows the general purchase price you can qualify for based on your household income and homeowner costs, as well as the maximum mortgage and mortgage payment for that purchase price.  The Debt Service Ratio allowable is 39% with solid credit.
  2. Monthly Income & Expense Chart shows how much of your income goes to each type of homeowner costs.

PAYMENT CALCULATOR

This Mortgage Calculator determines the mortgage payment for a given loan amount and interest rate, as well as showing interest paid over the term and full length of the loan (amortization).

PREPAYMENT CALCULATORS

This page has links to individual institution's penalty calculators.  Penalties vary significantly between lenders, and it's important you know this before choosing your lender and mortgage product!

CALL or Email now with any questions or to sit down with me and walk through these calculations and scenarios together!

604-996-7701 or email patricia@patriciacollins.ca

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