First Calgary Financial Mortgage Calculator
Haven't found a property to purchase yet?
Newfoundland and LabradorConception Bay South257Grand Falls-Windsor178Mount Pearl186Paradise247St John's1,010
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 First Calgary Financial Mortgages
The mortgage market...many people have different views and mixed feelings about this industry, but did you know it all begins with the lender that the home buyer chooses to work with for a mortgage loan? First Calgary Financial (a merged credit union of several credit unions) is member owned, which translates into unique financial options for members by members. Credit unions are known for its tight-knit association with its customers who are members and the board, which is also made up of members, so a far more community-friendly banking institution. When you are considering utilizing home equity, renewing your mortgage, taking out a new mortgage, renovating, or refinancing, First Calgary Financial has the mortgage options you are searching for. To help you along the way (especially for first time home buyers), the First Calgary Financial mortgage calculator is a highly beneficial tool to get you started. Navigating through certain pieces of information would otherwise feel complicated, but the First Calgary Financial mortgage calculator is simple, easy to use, and found on their website. While using this tool, there are other useful mortgage tools and information that can further your scope of knowledge regarding mortgages such as mortgage types, mortgage rates, and mortgage terminology.
Over time (and with the right mortgage product in place designed for you), the principal of the loan and the interest will start to lower, which reduces the total amount owing. The mortgage team at First Calgary Financial can sit down with you and explain how each mortgage product that you qualify for works. You will learn about the differences between a closed mortgage and an open mortgage, the pros and cons of a variable rate mortgage versus a fixed rate mortgage, as well as how a down payment benefits you and your mortgage and why interest rates vary between mortgage products. The one thing to remember is, the longer the amortization schedule is (the number of years you wish to borrow the money for), the more interest payments you will make over that time frame. To save some money, you can consider cutting back on a lengthy amortization by increasing the payment frequency each month (instead of making one payment once a month, maybe investigate your affordability of weekly or bi-weekly payments). A mortgage calculator is a good way to get started, but it is when you are ready to step into the preapproval process, it is then that you will gain a clearer perspective on the perks to working hard on your mortgage loan at the start, then dragging it out over many years to keep the monthly payment lower.