What is the Vancity Mortgage calculator?
Mortgage Calculator is an information tool designed to determine loan affordability and minimal fees. This instrument allows you to define the advantages and disadvantages of different mortgage products, payments, payback periods, and the amount you can borrow.
It is worth calculating different scenarios and estimating your payments using preliminary numbers associated with a mortgage loan to avoid financial bubbles and personal budget hardship and make balanced decisions.
Vancity Mortgage calculators
Four Vancity mortgage calculators model the impact of lending on your financial life over the life of the mortgage loan.
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The Mortgage Affordability Calculator shows acceptable loan amount given your household income and expenses, including loan servicing, taxes, utilities, etc. However, the results should not be taken as professional investment advice.
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The mortgage amortization calculator allows you to see, depending on the mortgage product, how much interest you will pay and the potential savings before repayment for a given amortization period.
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The mortgage comparison shows you the impact of three scenarios with different mortgage amounts, amortization periods, and payment intervals. You will see which option offers the optimal payment to choose an affordable mortgage for your budget.
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The mortgage payment calculator shows you the borrowing costs you will bear, including the possible savings on early repayment over time.
Why do you need the Vancity mortgage calculator?
The mortgage calculator is designed to help you make a preliminary selection of a suitable mortgage product for your household budget. You can use it to prepare for an appointment with a mortgage specialist and assess your payments and chances for various loan amounts from a loan servicing perspective.
How to use the Vancity mortgage calculator
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The mortgage affordability calculator requires you to enter your household's annual income, down payment, amortization period, type of mortgage product, and monthly expenses (taxes, utilities, loans).
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The mortgage amortization calculator asks you to enter the mortgage amount, loan type, payment, and early repayment.
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The mortgage comparison calculator requires mortgage amount and the same volume of information and offers three scenarios to show the best option.
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The mortgage payment calculator uses the same initial data, including the mortgage amount as above, to calculate your mortgage charge over the life of the loan.
