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The Benefits of Using a Mortgage Calculator in Thornhill

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How Much of a Mortgage Can You Afford?

 
A mortgage calculator in Thornhill can provide a reasonable approximation of the mortgage payments that can be expected given the following information:
  • Mortgage amount – simply enter an amount for the mortgage.  If you know the price of a house you are interested in, enter that amount here.  It is advised to enter an amount that you will be able to repay comfortably.
  • Mortgage amortization period –the length of the mortgage term.  Typical lengths are 20 years or 25 years, but most calculators will allow you to enter almost any length of time from 1 year to 30 or more years for reference.
  • Interest rate – enter the interest rate.  Most calculators will default to an interest rate, but you can enter any interest rate that is relevant to you.
  • Payment frequency type – choose the frequency of the payments.  Common options include monthly or bi-weekly payments, but most calculators will provide the choice of a variety of payment options.
Simply make a change to one of the variables and instantly see the effect it has on the payment amounts and the interest paid.  For instance, many homeowners debate over whether to take a 20 year or 25 year amortization period.  A mortgage calculator provides visual evidence of the lower payments possible with the longer period, but it also shows the resultant cost in additional interest paid.  The same holds true for other important variables such as mortgage amount, interest rate and payment frequencies.
 

Are Mortgage Calculators Accurate?

 
Mortgage calculators are a type of online tool that allows people to gain an understanding of how the different mortgage terms affect important variables such as the mortgage payments and the total interest paid over the life of the mortgage.  They are especially useful for prospective first time homebuyers, but they can also be very useful for existing homeowners.
 
It is important to understand that a mortgage calculator will only provide a reasonable approximation of what payments to expect given the information that is entered. They are not an accurate representation of the cost of ownership of a home, but they can be useful when creating a budget.
 

Other Types of Calculators

 
There are new types of mortgage calculators that have been specifically developed for people who have existing mortgages.
 
Perhaps you have extra money to put towards your regular mortgage payment amounts or you have a lump sum to put down.  A mortgage payoff calculator will take the existing mortgage information entered and show just how much these extra payments will affect the total amount paid for the mortgage and the interest savings that are possible.
 
A mortgage refinancing calculator is an excellent informational tool for people who are considering refinancing their existing mortgage.  With interest rates at historically low levels, more people are refinancing older mortgages to take advantage of the interest savings that are possible.  A refinancing calculator will provide an estimation of these savings.
 
When you are ready to go beyond the preliminary information available from a mortgage calculator in Thornhill, a CAAMP member and qualified mortgage lender will be able to help you further realize your unique mortgage goals with a full range of mortgage services including the following:

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