Canadian Mortgage Calculator is like any other Mortgage calculator which enables the Canadians to determine their eligibility on their own for getting a home loan or any other mortgage loans. Apart from knowing the eligibility of getting the loans, Canadian Mortgage Calculator helps the Canada Nationals to know their number of repayments for the loan which they are willing to take, the rate of interest they are paying for their home loan or any other mortgage loans.
What is a Mortgage Calculator?
Mortgage Calculator is an electronic device which facilitates the people to persuade monthly repayments of a mortgage or loan. Mortgage Calculator helps the people to determine their eligibility for getting a home loan or any mortgage loan.
Canadian Mortgage Calculator Uses:
The Mortgage calculator has a number of uses for example:
- Canadian Nationals who intend to take a home loan or any other mortgage loans, depending on their property value and their annual income they can calculate their eligibility for getting the loan on their own by using the online mortgage calculator.
- By using the Canada mortgage calculator, Citizens of Canada can even know or determine their monthly EMI which is affordable or not.
- By using the Canada mortgage calculator, residents of Canada can check which bank is offering loan at low rate of interest and they can choose the best loan opportunities on their own.
How to Use a Canadian Mortgage Calculator online in a Simple way?
Here we are giving some simple tips to use the Canadian Mortgage Calculator in a simple and easy way. To use the Canadian Mortgage Calculator or any other Mortgage Calculator, first you have to know or decide the Principal amount, the second thing is the term or period or duration of the mortgage or a home loan or any other loans, third and the last thing is the Interest rate. By using these three things you can simply calculate the monthly payment for the Mortgage or loan, Total repayment and the total interest which you have to pay the mortgage during the term.
Simple Procedure for Using a Canadian Mortgage Calculator Online:
- Enter the Mortgage amount or Loan amount which you are willing to take from the Bank in the first field.
- Enter the term or duration or period for which you want to repay the Mortgage or home loan or any other loan in the second field.
- Enter the rate of interest which was prescribed by the Bank in the third field.
- After entering all the above-mentioned details the Canadian Mortgage Calculator will display the following things:
- Monthly repayment or monthly payment of the mortgage or loan.
- Total payment throughout your mortgage or loan term.
- Total Interest to be paid on the Mortgage or home Loan.
How to Calculate Mortgage Manually?
Before the existence of the Mortgage calculator, there is a formula by using that formula people used to calculate. By using this below mentioned formula any Canadian National can calculate the number of repayments and their eligibility and the rate of interest etc. For using this formula you can choose the principal amount how much you are willing to take as a loan, depending on the rate of interest and the principal amount you can calculate the number of payments and the amount to be paid on every month.
In the above formula, where
M – Is monthly payment.
P – Is Principal amount.
r– Stands for Rate of Interest.
n – Stands for the number of payments.
Simple Procedure for Calculating the Mortgage Manually:
- Substitute the Mortgage amount or Loan amount which you are willing to take from the Bank in ‘P’.
- Substitute the rate of interest which was prescribed by the Bank in ‘r’.
- Substitute the number of payments or repayments in ‘n’.
- After substituting the Principal amount in ‘P’, the rate of interest in ‘r’ and number of payments in ‘n’ in the above formula, you can get the ‘M’ is the monthly payment which you have to pay for the Bank.