How are mortgages compounded
How Much Can You Afford to Pay for your next home ?
The terms and interest rates available to you are heavily dependent upon your credit rating. For information on credit scoring and how this may affect you please refer to our page on Understanding Credit Rating .
If you already have a mortgage and want to know how much you still owe on it, then our Amortisation Calculator may be of help to you.
Try the income based payment calculator to see how much you can afford in monthly payments. Then use this mortgage calculator to figure out how much you can afford to spend on your new home. There are two ways to use this calculator:
- Enter the amount of a mortgage in the 'Mortgage Amount' field
and click on the 'Calculate Payments' button to determine the monthly payments for the home.
- Enter the amount of monthly payment you want to pay in the 'Monthly Payments' field and click the 'Calculate Amount' button next to it to determine the mortgage you can afford.
Caution. This mortgage calculator is for mortgages in Canada. Mortgages in Canada differ in small but important ways from mortgages in many other countries. For example, in Canada, compounded mortgages are required to be calculated semi-annually, not in advance. The results you get from this mortgage calculator should therefore only be considered approximate for a lender operating in Canada and offering a mortgage in Canada. Your lender's calculations are the final authority since the terms of your mortgage may vary in small but important ways.Source: www.dotturner.com