How to Use RateShop’s Mortgage Calculator in 3 Easy Steps
Planning to buy a home or refinance a mortgage loan? One of the most powerful tools at your disposal is a mortgage calculator. RateShop’s mortgage calculator is designed to help you estimate monthly payments, compare best mortgage rates, and make informed decisions about your home loan. Whether you’re exploring Canada mortgage lending rates or looking for the lowest Canadian mortgage rate, this guide will walk you through using RateShop’s mortgage calculator in just 3 easy steps.
Step 1: Enter Your Loan Details
Start by inputting the basics:
Loan Amount: Enter the total amount you plan to borrow.
Interest Rate: Use current mortgage rates and Canada trends or check RateShop for the best mortgage rates in BC Canada or cheapest mortgage rate in Ontario.
Amortization Period: Choose how long you’ll take to repay the loan (typically 25-30 years in Canada).
Payment Frequency: Select monthly, bi-weekly, or weekly payments.
Pro Tip: If you’re unsure about the interest rate, use RateShop’s tools to compare lowest mortgage rates and find the best option for your needs.
Step 2: Include Additional Costs (Optional)
RateShop’s mortgage calculator allows you to factor in extra costs, such as:
Property Taxes: Annual taxes based on your location.
Home Insurance: Protect your investment with the right coverage.
CMHC Insurance: If your down payment is less than 20%, this is mandatory.
Pro Tip: If you’re considering a Canada home equity line of credit or refinancing a house loan, you can also input these details to see how they impact your payments.
Step 3: Review Your Results
Once you’ve entered all the details, the calculator will provide:
Monthly Payment: Your estimated mortgage payment, including principal and interest.
Total Interest Paid: The amount you’ll pay over the life of the loan.
Amortization Schedule: A breakdown of how your payments are applied over time.
Pro Tip: Use the results to compare different scenarios, such as refinancing a mortgage loan versus sticking with your current plan or exploring pre-approval for a home loan.
Why Use RateShop’s Mortgage Calculator?
Compare Rates: Easily compare best mortgage rates in BC Canada, cheapest mortgage rate in Ontario, and more.
Plan for Refinancing: Whether you’re exploring refinancing a mortgage or a home equity line of credit, the calculator helps you make informed decisions.
Save Time: Get accurate estimates in seconds, so you can focus on finding the right home or loan.
Final Thoughts
RateShop’s mortgage calculator is a must-have tool for anyone navigating the complexities of Canada mortgage lending rates. Whether you’re a first-time homebuyer, considering refinancing mortgage loans, or looking for the lowest Canadian mortgage rate, this calculator simplifies the process.
Ready to take the next step? Try RateShop’s mortgage calculator today and take control of your home financing journey!
