Mortgage Payment Calculator

Before you use our Mortgage Payment Calculator below there are a few thing you should consider when applying for a mortgage in addition to the interest rate.

While the mortgage interest rate is an important factor in choosing a lender it is not the only criteria which determines the overall cost of the mortgage.

Take the following example as an illustration.
Mortgage is a $195,000 and closing costs are $5000, being like most people, you also decide to add the closing costs to your loan balance. Now the $200,000 loan @ 6% over 30 years will have a monthly payment of $1,199 with lender A.

Lender B has no closing costs so mortgage is a $195,000 @ 6% over 30 years will have a monthly payment of $1,169. That's a $360 a year saving or more than $10,000 over the life of the mortgage.

Sometimes a higher interest rate will add up to greater savings when all the fees and costs that are incurred in each step are factored in. So when you use the mortgage payment calculator instead of focusing on lenders with the lowest interest rates or "no upfront costs" look at the actual monthly repayment from each when all the costs are factored in.

Mortgage Payment Calculator - Apply to a number of lenders to get a fair comparison of the rates and terms.


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