This mortgage rate comparison calculator helps to answer all of your home financing questions in one place. You can try various down payment amounts, select various amortization amounts, see the calculated land transfer tax, understand the amount of cash you will require, and work out your monthly expenses. There is a pull-down menu for understanding your interest rate risk. This is an important consideration for a home buyer as the mortgage rate you pay today might be substantially different from the mortgage rate that is available when it comes time for you to renew your mortgage.
To use this calculator, start by picking the correct tab for you, either “Purchase” or “Renewal or Refinance”. Then enter the total price of the property purchased. Next select as many down payment scenarios as you want to check out. Then enter the amortization payments you want to test. Next enter the payment frequency you are interested in. Click on the “Get Rate” button and pick the one you want to test. For your Profile, add in the location of the property. You can then review your cash required, examine various monthly expense scenarios based on the amount of down payment and see what your interest rate risk is.