How to calculate mortgage payments
When you’re buying a home, there’s a lot to balance in your budget - it’s hard to sort out all the costs! Our new Mortgage Comparison and Mortgage Payment Calculators can do it for you.
![Woman uses calculator and laptop](https://cdn.prod.website-files.com/631a0aa3e3d9ea23ef57fd0e/6687fc9a0cf517ff5ec1fd36_Woman-uses-calculator-and-laptop.jpg)
When you’re buying a home, there’s a lot to balance in your budget - it’s hard to sort out all the costs! Our new Mortgage Comparison and Mortgage Payment Calculators can do it for you.
Wondering what it’ll cost to own a home? Don’t leave it up to chance. Instead, use our new mortgage calculators to get the numbers straight and make informed decisions.
Our calculators are designed to make it easier to budget for your next home. With these tools, you’ll know exactly what you’re getting into before you buy a house.
Here’s how to use our mortgage calculators!
Determine your estimated mortgage payment amount and interest costs.
Check out our Mortgage Payment Calculator and experience home buying made easy! First, you need to plug in the numbers. That includes:
This is the total amount of money you’ll need to borrow to purchase your home.
How will different mortgage types affect your payments? Use the calculator to see exactly how your costs will change with different options.
Keep learning about the differences between fixed and variable rate mortgages.
Rates are always changing, but with our Best Rate Guarantee, you can lock in your rate for up to 120 days. That means you can shop around for the perfect home and enjoy peace of mind that you’re guaranteed the best rate!
Here, you can select the amount of time it’ll take to pay your mortgage in full. Learn more about mortgage terms and amortization periods.
Most people make monthly mortgage payments, but you can choose to make them more often - semi-weekly, bi-monthly, or weekly!
Changing your payment frequency can reduce the interest you pay over time.
To see just how much you can save, try switching between each payment frequency, and notice how the “Interest paid” lowers when you make payments more often. It’s one way to pay your mortgage faster!
With a Cambrian mortgage, you can prepay up to 20% of your original mortgage balance every year! That saves you money on interest in the long run.
Now that you’ve added all your information, you can get a clear idea of what your mortgage will cost each month (and find out how to calculate mortgage interest).
With the calculator, you can see what portion of your payment will go towards interest (the cost of borrowing money) and principal (the amount of money you initially borrowed).
This calculator also illustrates the impact that making prepayments has on your mortgage. By paying off more of the mortgage principal sooner, you’ll pay less interest - and those savings only compound as time goes on!
Is your mortgage payment lower or higher than you expected? When you’re making your monthly budget, keep in mind that you’ll face other unexpected costs from owning a home, too.
Calculate and compare your estimated mortgage payment amounts and interest costs for two mortgage options.
Trying to pick between two different homes? Not sure whether you should go with a fixed or variable rate? That’s what our Mortgage Comparison Calculator is for!
With this calculator, you’ll need to the same information you used for the previous calculator - that includes your mortgage amount, interest rate, etc.
The difference here is that you enter information for two different houses or mortgages to compare what each payment would look like.
If you’re having trouble deciding between two properties, this calculator can help you envision what your budget will be with either.
Comparing the two payments side by side can help you separate emotional attachments and focus on the numbers. Realistically, which option would work best for your budget?
Still have questions? That’s what our advisors are here for! Our advisors can meet you where it’s most convenient for you - they’re available online on evenings and weekends.
Let’s talk about how you can afford your first (or your next) home. Book a meeting today!
We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.