Thunder Bay Mortgage Calculator

How the Mortgage Calculator works

For those who don't know what a mortgage is, It is basically a loan that a bank or mortgage lender provides you to help in financing the purchase of a house in Thunder Bay. It is most advisable to borrow somewhere around 80% of the value of the house or less.

Getting a home loan is one of the most stressful parts of the home buying process – but in this page, we try to make the task simple and easy by providing you with the necessary tools that can help you find the correct home loan and understand what you can afford to borrow.

The Mortgage calculator we have is a simple tool for anyone looking to buy a house in Canada. If you are interested on knowing how much a home loan would cost you, you can give our Mortgage Calculator a try. If you wish to know how much loan you can take out based on your income and expenses, you can use the mortgage calculator to figure out your borrowing power.

For the tool to calculate how much your mortgage repayment will be, it needs to know the home loan's amount, interest rate, and time period. You also have to present the frequency of your mortgage repayments: in this case, yearly. If you are going to pay monthly, weekly, or fortnightly? I will suggest other tools. The calculator in this page, analyzes yearly payments.Take note that this calculator assumes that you will be paying principal and interest. If you want to go in more detail., try using RateHub .

Your mortgage repayment schedule is essential as it influences the total repayments you will make and the total interest your loan will accumulate. A monthly repayment schedule means you have to pay every chosen day in a month. If you opt to pay fortnightly, it means you will have to settle your home loan repayment every 14 days or two weeks. You can also ask your lender if you can pay on a weekly basis.

So, let's say that you pay $3,000 monthly, this means that every fortnight, you pay $1,500. If you go with a monthly schedule, you would have paid $36,000 for the whole year. Changing your schedule to every fortnight, however, would let you pay $39,000 for the entire year.

While our calculators do not give you all the solutions to your queries, it aims to help you assess your financial capacity and borrowing power before even applying for a home loan.

It is still a smart idea for you to consult a financial expert to evaluate your situation thoroughly, which you can do for free here.