Simplii Financial Mortgage Calculator in Canada in 2023. How to calculate a mortgage yourself? How to work with a mortgage calculator? Mortgage rates. What can I find out using a mortgage calculator? How to calculate a mortgage yourself?
In this section you will see the calculation of the monthly mortgage payment amount
Here is a breakdown of the total amount of payment for the loan body and interest for the use of credit funds
Apply anywhere with our quick and stress-free online mortgage application. Enjoy low rates, ongoing guidance from MogoMortgage Team
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We have prepared for you an analytical block to help you compare the financial advantages of renting and taking out a mortgage loan. With the help of this chart, you can figure out whether, at the moment, it is more profitable to rent a property or to buy it. The data is relevant for January 2023 of the year and does not consider inflation and the rise in the price of real estate.
Use the mortgage loan matching configurator. Select the necessary parameters and click on the "Show" button
It might be a good idea to figure out how much you can spend before applying for a mortgage, as your monthly payment will be your most significant expense. For your convenience, we designed a user-friendly mortgage payment calculator that takes into account many factors, for example, your insurance costs and interest deduction.
Check out the Simplii Financial mortgage options available in Canada in January, 2023. The system will select the most relevant offers according to the results of your calculation.
To assess the mortgage loan approval probability, we recommend you check your credit score through our website. It is free. The minimum rating required for a mortgage with a traditional lender is 680. If your rating is lower than 680, we could recommend you a mortgage broker.
Buying a house is one of the most important money moves you'll ever make. It might be helpful to check if you owe money to someone before starting your house-hunting journey. To do it, you could use our debt-checking service. It's free. Banks tend to favor debt-free customers; therefore, if you see yourself in arrears, you’d better pay off all your debts before applying for a mortgage loan.
If your credit score is at least 680 and you don't have any outstanding debts, we recommend you start the application process. To apply for a mortgage, you can go to the bank's website by clicking the corresponding button in the offers listed above. Alternatively, you can use our mortgage application form.
Mortgage experts of the selected bank will assess your credit score and legal and financial risks associated with your application. After that, you will receive the decision on your application.
After your credit limit is approved, you can start looking for a home. If you need help figuring out where to start, you could take advantage of real estate websites such as REALTOR.ca, centris.ca, and zolo.ca to find your dream house.
If you decide to apply for a mortgage loan, we recommend that you read the articles in this section. This is the minimum set of information that you need to do everything right.
Simplii Financial offers mortgage solutions at both fixed and variable rates. Fixed-rate mortgages are available for terms of 2 to 5 years, with APRs up to 5.54% depending on the chosen term. Variable-rate mortgages are available for a 5-year term at a 5.20% APR. The maximum amortization period can be up to 25 years.
To apply for a mortgage from Simplii Financial, schedule a call with a mortgage specialist by filling out the form on the website.
If you are wondering what your monthly mortgage payments could be, you can use the mortgage payment calculator. Along with calculating your monthly payment based on your mortgage parameters, the mortgage payment calculator can illustrate how you can pay off your mortgage faster.
Simplii Financial has several online mortgage calculator tools on its website:
Mortgage affordability calculator to get an idea of how much you can afford to borrow based on your annual household income, the down payment amount, mortgage term, APR, and amortization period
Mortgage payment calculator to estimate your monthly payments based on the purchase price, down payment amount, mortgage term, APR, amortization period, and payment frequency
Mortgage prepayment charge calculator to identify penalties you may face when exceeding the allowed prepayment amounts or paying off your mortgage before the maturity date
Here is what the mortgage payment calculator can help you with:
Calculating your monthly payments for a new mortgage, given the purchase price, down payment amount, mortgage term, APR, amortization period, and payment frequency
Calculating your monthly payments in case you renew or refinance your mortgage, given the existing mortgage amount, mortgage term, APR, amortization period, and payment frequency
Figuring out faster repayment options like adding lump-sum payments to save on interest or increasing regular payments once a year
To calculate your monthly mortgage payment, enter the values for the home price, down payment amount, mortgage term, APR, amortization period, and payment frequency into the designated fields in the mortgage payment calculator. For example, if your purchase price is $120,000, you make a $7,000 down payment, and you opt for a 5-year fixed closed mortgage with a 5.45% APR, 25-year amortization period, and monthly payments, your regular payment will be $692. You will also see the principal and interest amounts of $12,158 and $29,384, respectively, paid by the end of the term. You will also see the suggestion to switch to bi-weekly payments of $346 and save $16,512 in interest throughout the mortgage term.
If you want to review the faster repayment options, you can enter the values for the annual prepayment, lump-sum prepayment, or payment increase into the mortgage payment calculator. Say, if you want to make an extra annual prepayment of $12,000, the interest paid over the term will decrease from $29,384 to $18,807. If you want to increase your regular payments by $130, your monthly payment will grow to $822, and the interest paid over the term will reduce to $17,657.
By adjusting the key loan parameters in a mortgage calculator, you can compare various mortgage options in terms of regular payments or interest paid throughout the term.
