Mortgage Calculator

You can use below Mortgage Calculator for estimate your pricing and its applications. Variables are described below:

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Home Value: the selling price of the home
Down Payment: the amount of money the buyer pays upfront to obtain a mortgage. The minimum down payment in Canada is between 5% and 10%, depending on the purchase price of the home.
Loan Amount: the amount of money that an individual borrows from a bank or money lending company at a certain rate of interest to be paid with the EMI (Equated Monthly Installment) every month.
Interest Rate: the annual percentage rate (APR) charged on the loan
Loan Term: the amortization period of the loan in years, or the amount of time you have to pay back the loan. Usually 25 or 30 years for common loans. The maximum amortization is 25 years for down payments under 20%.
Property Tax: annual property tax payment
PMI: Property Mortgage Insurance as a percent (typically between 2.80% and 4.00%, though unneeded if a 20% down-payment is used).
Home Insurance: annual cost of a homeowner's insurance policy
Monthly HOA: monthly dues for being part of a homeowners association.

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