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A guide to mortgage calculators
– moneysense.ca
To get a clear picture of how a home purchase impacts your finances, you’ll need to determine what purchase price you can afford and how it affects your housing costs. Fortunately, mortgage calculators let you model this information, helping you make sound financial decisions about what will likely be the most important purchase of your lifetime.
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Why should you use a mortgage calculator?
You wouldn’t buy a car without knowing what the monthly payment is, and you shouldn’t buy a home without an accurate idea of how it will impact your finances, either.
Owning a home involves more than a monthly mortgage payment, and mortgage calculators can help you figure out these extra costs, such as property and land transfer tax, insurance and utilities…