Mortgage calculators help you make important financial decisions. Knowing the potential monthly mortgage payment, insurer’s premium, or land transfer tax helps you determine if a loan size or property price is feasible.
Using the calculators available, plug in different numbers to see how various down payment amounts, amortization periods, and property prices affect your purchase, refinance, or mortgage renewal decisions.
The Importance of your Down Payment
Your down payment affects your mortgage payment the most. The more money you put down, the less mortgage insurance you pay. You also lower the principal payment owed each month. Lower principal payments and mortgage insurance equal a lower mortgage payment. This affects your overall affordability. If you’re unsure of how much you’ll put down on a home, use the following calculators to help.