Mortgage Affordability Estimator | Mortgage Comparison
If you’re thinking of buying a home or transferring or refinancing your existing mortgage, use these handy calculators to:
- Figure out how much you can afford to spend on a home.
- Determine what your mortgage payments will be.
- Compare different ways of paying your mortgage off faster.
- Add lump sum or top-up payments to your mortgage calculation.
- See your amortization schedule (which provides a breakdown of principal and interest payments for the life of the mortgage)
A mortgage is one of the biggest financial commitments you can make, so it pays to shop around. Even if you have an excellent relationship with your bank, there’s no harm in exploring the option of obtaining financing from another company.
Many homebuyers have found financing online, whether it’s through a mortgage finding service or a bricks-and-mortar institution. You don’t have to leave your home to do it, and you can shop 24/7. The downside of doing it online is that lacks a personal touch – you may miss out on an option that you might have come across by talking to someone in person.
If you’re pressed for time, a mortgage broker can do your “shopping around” for you, and find the best rate available. Before choosing a broker, make sure he or she isn’t affiliated with a specific bank or lending institution.