Should you pay off your mortgage early? + MORE Dec 17th

Whether you’re a first-time home buyer or a seasoned home owner looking for your next place, you’ll need to determine how much your monthly mortgage payments will be so that you can budget accordingly. Online mortgage payment calculators are a quick and easy way of doing that—just input a few key numbers and the calculator does the rest. 

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quoteI’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.

But have you ever wondered how mortgage payment calculators work? We break down the math to help illustrate why you end up with that specific payment amount.

Maybe you’d like to run the numbers the ol’ fashioned way with a pen and paper (or the calculator app on your phone), or maybe you’d just like a better understanding how the number that your monthly budget likely revolves around is determined…

These days, being a first-time home buyer in British Columbia, or anywhere else in Canada for that matter, is not easy. For years, Canadian housing prices experienced a steady upward trajectory, but the pandemic has resulted in an unprecedented surge in prices. 

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quoteI’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.

If you’re a regular reader of housing news and trends, you might be under the impression that it’s impossible to become a homeowner in B.C., but that’s a misconception. Just look at Sarah, a public employee, and her partner, who bought a three-bedroom, two-bathroom townhouse in Victoria, B.C., last year. The couple knew that buying a home anywhere in B.C. would be a challenge, so they set about the process of becoming first-time home buyers with a methodical determination.

For many first-time home buyers, especially those located outside of Metro Vancouver, homeownership is still within reach…

For those with 20%+ equity, HELOCs are just about the most popular product in the prime mortgage market. Over 2 million Canadians have one.

Let’s face it, we all dream of a debt-free life, and paying off your mortgage can be a big part of that. Even if it’s a distant goal, it’s fun to imagine the financial freedom that comes with settling one of life’s biggest loans—your mortgage.

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quoteI’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.

That’s just one of the reasons paying off mortgage debt should be on every homeowner’s priority list. It can also save you tons of money in interest fees. That doesn’t mean you don’t have other potentially lucrative options, though. To determine if you should prioritize your mortgage debt, you’ll need to consider both the pros and the cons of paying off your mortgage. Is it better to pay on your mortgage now to save on fees later, or to invest your money instead?

To help, take a read of these scenarios…