Our mortgage payment calculator calculates your monthly payment and shows you the corresponding amortization schedule. If you are purchasing a home, our payment calculator allows you to test down payment and amortization scenarios, and compare variable and fixed mortgage rates. Contact our agents to get an accurate calculation.
You also need to determine if you have enough cash resources to purchase a home. The cash required is derived from the down payment put towards the purchase price, as well as the closing costs that must be incurred to complete the purchase. Amazon Mortgage Centre agents can help you estimate these closing costs. Please contact us.
Mortgage Affordability Calculator
When browsing real estate listings for a new home, the first step is to figure out how much you can afford. Affordability is based on the household income of the applicants purchasing the house, the personal monthly expenses of those applicants (car payments, credit expenses, etc.), and the expenses associated with owning a home (property taxes, condo fees, and heating costs). The calculator below will show you the maximum purchase price that you can afford. Contact our agents to get an accurate calculation.
- Mortgage Default Insurance or CMHC Insurance
Mortgage default insurance, which is commonly referred to as CMHC insurance, is mandatory in Canada for down payments between 5% (the minimum in Canada) and 19.99%. Mortgage default insurance protects lenders, in the event a borrower ever stopped making payments and defaulted on their mortgage loan. Contact us to get accurate amount.
- Mortgage Refinance Calculator
Use Amazon Mortgage Centre agents to determine if a mortgage refinance is right for you. There are two main reasons you’d consider doing a refinance, the first to lower your existing mortgage rate and the second to access the equity (or cash) you’ve built in your home.
- Debt Consolidation Calculator
Of the 10% of Canadians who refinanced their mortgages last year, 62% cited debt consolidation or repayment as the main reason for their refinance. This is because consolidating high interest debt – like credit card balances and auto loans – into a low interest mortgage can save you thousands in interest payments. Mortgage loans come with the lowest interest rates because they are securitized; or in other words, they are backed by an asset – your home. If you were unable to make your mortgage loan payments, the bank has a claim on your house, and this makes your loan less risky. Contact us to determine how much money you can save by consolidating your debts.
- Mortgage Penalty Calculator
Please note that your current Mortgage Lender may charge penalty for paying off your mortgage before the end of your term. Our results are estimates based on our most up-to-date information sourced from lenders’ publicly stated methodology and first-hand accounts of our clients. This information is subject to change. The results do not include special offers, such as cash back incentives, or any discharge, registration, reinvestment or transfer fees you may also incur. For an exact penalty calculation, contact your lender directly.
- Investment Property Analyzer – Rental Property ROI Calculator
The Investment Property Analyzer will take the complex work out of evaluating the return on investment for any residential property investment. Just provide us with a few numbers such as acquisition costs, rental income, interest rate, property and tax rate of any investment property and get back the expected 5 year return on your cash invested. Contact us directly to evaluate potential investment property options. This way we can fine-tune based on your specific situation or any local variations.
- Blended Rate Mortgage Loan Calculator
Find the effective interest rate of multiple mortgages, loans or lines of credit at the same time. The rate is weighted depending on the current outstanding balance of each debt. Note that this value is for the current time period with current balances only! As the balances change the effective rates will change. Contact us for accurate results.
- Land Transfer TAX
Land transfer tax (LTT) is often overlooked when considering the total cost of purchasing a home. All provinces have a land transfer tax, except Alberta and Saskatchewan, who instead levy a much smaller transfer fee. In most provinces the tax is calculated as a percentage of property value, using asking price as a close estimate. Homebuyers in Toronto, however, also incur an additional municipal tax. Contact us directly to get accurate numbers based on the location and type of your purchase.