Desjardins Mortgage Calculator
Haven't found a property to purchase yet?
Newfoundland and LabradorConception Bay South193Grand Falls-Windsor123Mount Pearl121Paradise191St John's674
Enter the amount that you are planning on paying for the property
Enter property purchase price
Enter the amount that you will pay upfront
toward the property to obtain a mortgage
CMHC mortgage insurance is required on all
mortgages with down payment less than 20%
Total mortgage amount is calculated by subtracting
the down payment from the property price and adding
CMHC mortgage insurance (if applicable)
Amortization period is length of time that it would take
the mortgage holder to pay off the mortgage in full
Please select the province where you are planning
on taking out the mortgage, as mortgage rates can
vary in different provinces
Select province to get current
Mortgage type specifies whether the interest
rate is variable or fixed
Please select how often you would like
to make your mortgage payments.
About Desjardins Mortgages
Home buyers that are trying to execute a little self-educating about new mortgages may have come across references to a mortgage calculator, but what exactly is it, and how does it work to the advantage of the home buyer? A Desjardins mortgage calculator can be found on Desjardins or any banking website and some alternative websites; it is free to use and can be used repeatedly. The Desjardins mortgage calculator requires the home buyer to enter accurate information into the fields provided, and it will sum up how much your mortgage loan payable will amount to each month (based on the information you provide at the time of use). This part of the mortgage calculator fields will need home purchasing information. The purchase price information (the price) is the amount of the down payment, the term & type of the mortgage (an open or fixed rate mortgage, as examples), the anticipated interest rate, the amortization in years, the payment frequency (weekly, accelerated weekly, every 2 weeks, accelerated bi-weekly, or once a month), the annual prepayment, and any additional amount that you would make on top of your regular payments. The next step is easy; you just click 'calculate', and you will quickly be able to determine the monthly payment amount.
The Desjardins mortgage calculator will also break down whether this monthly amount includes a mortgage insurance premium or the savings of interest over the amortization period (if you shorten the number of months or years you will carry the loan for, your savings will have a significant increase...who doesn't want to save as much money as possible). Home buyers can use this calculator to repeatedly change any part of the information entered, which provides an advantage to 'tweaking' the numbers until your personal 'affordability zone' has been met. Many people are surprised at just how much the interest rate and the payment frequency each month can affect how much more or less their loan will cost over time. The benefits to using this and other mortgage related calculators is unsurpassed when home buyers have a budget in mind and want to stick with it. Buying a home and possibly property brings new out of pocket expenses like home repairs or renovations, additional utilities like water & sewage/septic, land taxes, and so on. Being proactive is being prepared, and by the time you approach your lender about a mortgage loan, you will be more knowledgeable about mortgages. Having a general idea of how a monthly payment amount is derived can show you how interest rates can hugely affect your finances.