“It would be much lighter on the pocketbooks of home buyers if interest didn’t exist, but as we all know, there is no getting around it. There is a bright side though! As part of the planning process, you can EASILY calculate how much you could expect the interest on your mortgage to cost you each month.
How you ask?
CLICK HERE to use Ronin Mortgage’s convenient Canadian online mortgage calculator.
All you have to do is enter:
- Your principal amount
- The length of your financing (amortization months)
- Your interest rate
You can also change your payment frequency, if need be.
It will then show you exactly how much you would pay in interest every month over the entire term of your loan. This can also enable to you know if you should be saving more before getting the actual mortgage so that you don’t end up getting in over your head.
You can also use this tool to see how much a shorter, or longer, financing length will impact the amount of interest you pay.
Call our professional mortgage team with any questions you have about interest on mortgages today!