Top Reasons to Use a Mortgage Calculator
Mortgage calculators are online tools that can help you save a lot of money on your home loan. Some free mortgage calculators are simple: Just enter your mortgage amount, loan length, and interest rate to get a general idea of what your monthly payments will be. Others give you much more information but require you to enter much more detail about your loan. Here are some good reasons to use one of these free online tools for your mortgage in Canada.
1. Use mortgage calculators to help you decide how long to repay your loan. When you enter your information, the calculator will show you how much interest you will pay over the life of your mortgage. The longer your mortgage is amortized, the more you will pay in interest. As you use the calculator, you will be able to change the length of your mortgage to determine what will result in payments you can afford and in having a mortgage for the shortest possible time.
2. Use one of these free mortgage calculators to help you choose between a variable or fixed rate. While a fixed rate may be better for you if you don’t like any risk, a variable rate tends, when used responsibly, to make more of your payments go against the principle of the loan and free you from a mortgage. faster than with a fixed rate mortgage. By using a calculator, you can decide whether you want to opt for a fixed rate or a variable rate.
3. Use one of the online mortgage calculators to prepare for the mortgage application process. By using one of these free calculators, you can find out how much you can really afford (and how much lenders will let you borrow), whether a variable or fixed rate is better, and how to pay off your mortgage soon. It is important to be informed about this important financial decision you are making.
4. Use mortgage calculators to help you compare offers from different lenders. With all the different aspects of a mortgage (rate, duration, payment options, etc.), it can be difficult to determine the best deal. By using a calculator to help you with this decision, you can be sure you know exactly what the best deal is, there’s no guesswork involved, just simple numbers.
In short, by using a mortgage calculator, you will be a more informed mortgage consumer. You’ll become more aware of your options and how small differences can make a big difference in the length of time you have a mortgage. Get informed and free yourself from the mortgage faster!
