What is a Simplii Financial mortgage calculator?
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 mortgage calculators
Simplii Financial has several online mortgage calculator tools on its website:
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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
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Mortgage payment calculator to estimate your monthly payments based on the purchase price, down payment amount, mortgage term, APR, amortization period, and payment frequency
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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
Why do you need a Simplii Financial mortgage calculator?
Here is what the mortgage payment calculator can help you with:
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Calculating your monthly payments for a new mortgage, given the purchase price, down payment amount, mortgage term, APR, amortization period, and payment frequency
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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
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Figuring out faster repayment options like adding lump-sum payments to save on interest or increasing regular payments once a year
How to use a Simplii Financial mortgage calculator?
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.
How to compare Simplii Financial mortgages using the mortgage payment calculator?
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.
