Using a Canadian mortgage calculator can ease the worry and stress often associated with making long term investments like purchasing your first home, or changing your residence with a move to the Oakville, Ontairo area. Tools like these help new home buyers plan their yearly budget and make a realistic determination as to how much they can afford to pay for a new mortgage every month, while taking into consideration other living expenses such as groceries, electricity, telephone service, in an area such as Oakville, Ontario.
How to Use Canadian Mortgage Calculators
Using a mortgage calculator to help you determine your yearly expenses is fairly easy. Once you have been approved for a new home loan and have talked with a real estate agent, you can enter in the amount of the loan and the estimated interest rate into the calculator. Then, choose how many payments per year you want. Most new home owners prefer to pay their monthly mortgage payments on a monthly basis, however others may prefer to pay them weekly, bi-weekly, or even annually. How you choose to make your payments is up to you and your financial situation. You can try using an online Canadian mortgage calculator here.
Every mortgage calculator is different. The information mentioned above is the basic information that many mortgage calculators request in order to help you determine your mortgage payments. However, there are other mortgage calculators that may request additional information, such as how much you plan to pay as a down payment, as well as an estimate of your monthly property taxes, heating bills, and other fees that may be involved. These mortgage calculators are very helpful for new home buyers as they offer more valuable, and slightly more accurate information to help you make an informed financial decision.
Regardless of which mortgage calculator you choose to use, you will be given an estimate of how much you can expect to pay on your mortgage. It is important to remember that the figures provided by the calculator are only estimates. The real figures may vary slightly, depending upon other factors involved. Additionally, you can help reduce the amount of time it takes to pay off your mortgage, and possibly lower your interest rate by making extra payments.
Why Use a Mortgage Calculator
Keeping a close eye on your monthly budget is important. The last thing you want to do is fall behind on your bills, or underestimate the number of bills you will have when you make an investment such as buying a new home. Knowing what your monthly income is, as well as how much your expenses will be based on the average cost of living in the Oakville, Ontario area will help you stay on top of your finances before the bills begin to pile up. Using a Canadian mortgage calculator before you’ve even paid the down payment on a home will help you with all of this, and help you keep your finances under tight control.
Buying a new home in Oakville is a rewarding, as well as an often stressful, decision. One important factor that every new home buyer should consider is whether buying a new home is within their financial means. Using tools such as Canadian mortgage calculators can help new home buyers plan their expenses before-hand, giving them piece of mind years after the sale is finalized.
Click here to download a FREE digital copy of the real estate investing book, Income For Life for Canadians.
Downloaded by over 26,354 Canadians since 2007. Grab your copy by clicking here now.
The Rock Star Real Estate Team after a game of Trampoline Dodge Ball in Mississauga, Ontario.
You can contact anyone on our team by going to their profile pages by clicking here.