Simple mortgage calculator can show what monthly payments someone should expect to pay to return full loan.
This mortgage calculator should be used in Canada only as mortgage interest calculation is different from other countries. Check this mortgage calculator if you reside in United States.
In Canada mortgage interest is compounded semi-annually, while in US it compounded monthly. That is the reason why monthly payments in Canada are lower then in US.
Mortgage amount – how much money you need to borrow. Check mortgage affordability calculator if you don’t know how much $ you can borrow.
Mortgage term – for how long you need to take loan.
Interest rate – the rate you expect to get loan for.
Below are listed the best closed term fixed rate mortgage in Canada.
Tangerine offers 3.54% – the best 5 year fixed rate mortgage
First Nations Bank of Canada offers 3.74% – 5 year fixed rate
Royal Bank of Canada also offers 3.74% fixed mortgage rate
This is a list of closed term fixed rate mortgages currently available in Canada. This mortgage rate table is updated monthly and rates are subject to change without notice, so use rates in this… Continue reading