What is a Halifax mortgage calculator?
Unlike in Toronto or Mississauga, where house prices often exceed $1 million, the average property price in Halifax is $499,900. Still, Halifax's median household income after taxes is $59,166, which is one of the lowest values across benchmark cities. The average home price is 8.5 times the yearly income, so home buyers are shopping around for a competitive interest rate.
In Halifax, you can get a mortgage at a range of financial institutions:
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Banks like Laurentian Bank, Equitable Bank, CIBC, TD Bank, HSBC, Canadian Western Bank, BMO, Simplii Financial, National Bank of Canada, RBC, Scotiabank, Manulife, Motusbank, and Tangerine Bank.
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Credit unions like Desjardins.
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Mortgage brokerage firms like Dominion Lending, Nesto, and True North Mortgage.
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Non-bank lenders like Canada Life, CMLS, and Investors Group.
Mortgages in Halifax are available at fixed and variable rates for 1 to 10 years. The interest rates for 5-year fixed-rate mortgages range from 5.14% to 6.14%, with an average rate being 5.64%.
Suppose you are wondering how much your mortgage repayment will cost you monthly. In that case, you can determine your regular payment amount based on the essential mortgage parameters with the help of a Halifax mortgage calculator.
How to use a Halifax mortgage calculator?
To identify the estimated mortgage payment amount, fill out the required fields in a Halifax mortgage calculator with the key parameters of your mortgage.
For example, you are financing a property that costs $480,000 and making the $100,000 down payment; the amortization period is 20 years, payment frequency is monthly, and the interest rate is 5.15% for a 5-year term. Once you enter these values into a calculator, you will get a monthly payment of $2,328. Along with the regular payment, you will see the total payments of $139,702 made over the term, including the principal of $57,411 and interest of $82,291.
Benefits of a Halifax mortgage calculator
With a Halifax mortgage calculator, you can estimate what payments you can expect upon closing the mortgage. In addition, you can play with the input values like the down payment amount, interest rate, or amortization period to see how changing this or that parameter may impact your payments.
