For many home buyers, figuring out how much they can afford is an essential part of purchasing property. While creating household budgets and accounting for debt obligations can be helpful when it comes to analyzing finances, determining the costs of home loans can be more complicated. Fortunately for these individuals, CanEquity has recently upgraded its mortgage calculators, refining them with client feedback to make them bigger, better and more beneficial.
It’s easy to understand why CanEquity’s mortgage calculator was rated the best by The Globe and Mail, as well as why it’s used by both mortgage lenders and brokers.
Mortgage Affordability Calculator
CanEquity’s Mortgage Affordability Calculator uses the same guidelines as lenders and brokers to help home buyers determine the maximum mortgage amount they can qualify for.
This calculator combines monthly income, down payment availability and credit score to give home buyers a clearer picture of their financial situation. Additionally, elements like mortgage rates, term lengths, amortization, property taxes, heating costs and other monthly payment obligations are taken into account.
For buyers interested in purchasing a condo, the fees associated with such a purchase can also be calculated.
CanEquity’s Mortgage Calculator allows borrowers to receive a detailed breakdown of up to two mortgages side-by-side. Information such as the amount of the mortgage, mortgage rates, term length, amortization, payment schedule and pre-payment amount will give home buyers a thorough examination of both their monthly and yearly payment amounts over the full amortization period of the mortgage.
The mortgage summary will detail the number of payments, as well as payment amounts necessary depending on the length of the loan. This calculator also features a full amortization table that can be anywhere from 1 to 35 years or higher. Home buyers can also examine changes to their mortgage dependent on pre-payments and lump sums.
Buyers can also compare specific mortgage rates, as well as different payment schedules, whether they be monthly, weekly or bi-weekly. Insurance fees associated with purchasing a property can also be calculated.
In addition to a detailed summary, buyers can analyze various graphs that cover everything from amortization of principal to interest paid.
Mortgage Refinancing & Equity Calculator
CanEquity’s Mortgage Refinancing & Equity Calculator can help current homeowners looking to lower their monthly interest rates, tap the equity in their homes or consolidate their debt.
Using property value, current mortgage balance, current mortgage rate, term of length remaining, payment amount, payment schedule and pre-payment penalty, the calculator will show borrowers how long it would take to pay off their current mortgage, how much equity they have built up in their property and how much it will cost to pay the pre-payment penalty.
This calculator also allows homeowners to compare their current mortgage details and those of their new mortgage side-by-side, giving a better idea of how changes will affect monthly payments and remaining interest.
The detailed mortgage summary covers all pertinent details of the refinancing process and allows homeowners to experiment with how they might want to change their current mortgage.
This calculator can also help homeowners determine how beneficial it would be to consolidate their debt into their mortgage at a lower interest rate.
No matter what type of mortgage calculator consumers use, CanEquity provides fast and accurate tools with printer-friendly, easy-to-use interfaces that can help mortgage borrowers make an informed decision.