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Mortgage payment calculator
– moneysense.ca
For the majority of Canadians, buying a home will be the single biggest purchase they ever make, and getting a mortgage is an essential part of this process. According to a National Bank of Canada report, the majority of variable-rate-fixed-payment mortgage borrowers who signed onto between 2020 and 2022 have hit their trigger rates this year. What is a trigger rate? That’s when the interest rate hits a level when the entire mortgage payment goes toward interest, and not paying down the mortgage. But how do you ensure you get a mortgage that you can actually afford over the long term? That’s where a mortgage payment calculator comes in.
Why use a mortgage payment calculator?
Just how much a home mortgage will end up costing you over the long haul can be hard to fully grasp, especially when you factor in interest. A mortgage payment calculator is an indispensable tool that will help you understand what your payments will be over time. It also gives you a more accurate sense of what you can afford…
