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Mortgage Payment Calculator

Buying a Home with MortgageWant to buy a home? Before you take out home loans, you should know exactly what you can afford and what you will pay.

When looking to buy a home, one of the most important Real Estate tools at your disposal is a mortgage payment calculator, which allows you to obtain an estimate of how much your mortgage payments will be for the home you are considering purchasing. This comes in handy when shopping for home loans and comparing mortgage rates.

How does the Mortgage Payment Calculator Work?

Home LoansTo determine your estimated monthly mortgage payment when looking to buy a home, simply input the purchase price, your estimated interest rate (also called mortgage rates), down payment, amortization term (length of your loan), and estimated monthly taxes and insurance (homeowners). After inputting the information and clicking "calculate," the mortgage payment calculator will provide you with an estimate of your monthly mortgage payments if you buy the home you are considering.

 

Other Ways to Use a Mortgage Payment Calculator

Along with using a convenient mortgage payment calculator to help determine your mortgage payment in the event that you buy a home that you are looking to purchase, you can also use the calculator to help you determine by how much a lower interest rate affects your monthly mortgage payment as well as decide how much of a home you can afford.

Knowledge, after all, is power – the power to buy the right home for you and your family.

Mortgage RateIn order to compare mortgage rates, you simply input all the information for the home you are looking to purchase and put the first mortgage rate into the calculator and hit calculate. Write that number down. Then, put the same information in and then add the second mortgage rate. Write that number down. Then do simple subtraction to determine how much money lower mortgage rates will save you per month.

The same method can be used to help determine how much of a home you can afford. For example, you can input $200,000 into the "purchase price" portion of the calculator and fill out the remainder of the information.

If this monthly payment is too high, then simply keep reducing the "purchase price" until you find the price that just fits within your budget.

When looking to buy a home through obtaining home loans and comparing mortgage rates, a mortgage payment calculator is an invaluable tool. When determining the monthly mortgage payments for home loans (taking into consideration mortgage rates, purchase price, down payment, taxes and insurance, and loan duration), utilize CENTURY 21 DREAMS INC.'s mortgage calculator to quickly obtain the information you desire.

With CENTURY 21 DREAMS INC. and our convenient mortgage calculator, you can arm yourself with knowledge for home loans – and succeed!

Real Estate Statistics
Local Housing Market Update
May 2017
CENTURY 21 Dreams Inc., Brokerage*
(905) 338-1515
  • Oakville, ON
  • May 2017
  • May 2016
  • % Change
  • No. of Residential Sales
  • Tooltip
  • 243
  • 409
  • -40.6%
  • Down
  • Average1 Sale Price
  • Tooltip
  • $1,270,295
  • $1,051,881
  • +20.8%
  • Up
  • Median2 Sale Price
  • Tooltip
  • $1,045,000
  • $930,500
  • +12.3%
  • Up
  • Milton, ON
  • No. of Residential Sales
  • Tooltip
  • 115
  • 124
  • -7.3%
  • Down
  • Average1 Sale Price
  • Tooltip
  • $793,835
  • $653,928
  • +21.4%
  • Up
  • Median2 Sale Price
  • Tooltip
  • $745,000
  • $631,000
  • +18.1%
  • Up
The information provided herein is deemed accurate but not guaranteed. Source: Local Real Estate Boards
Real Estate Statistics
Local Housing Market Update
May 2017
CENTURY 21 Dreams Inc., Brokerage*
(905) 338-1515
  • Mississauga, ON
  • May 2017
  • May 2016
  • % Change
  • No. of Residential Sales
  • Tooltip
  • 1071
  • 1321
  • -18.9%
  • Down
  • Average1 Sale Price
  • Tooltip
  • $760,645
  • $653,861
  • +16.3%
  • Up
  • Median2 Sale Price
  • Tooltip
  • $685,000
  • $601,800
  • +13.8%
  • Up
  • Toronto, ON
  • No. of Residential Sales
  • Tooltip
  • 3926
  • 4638
  • -15.4%
  • Down
  • Average1 Sale Price
  • Tooltip
  • $899,728
  • $782,051
  • +15%
  • Up
  • Median2 Sale Price
  • Tooltip
  • $675,000
  • $595,000
  • +13.4%
  • Up
The information provided herein is deemed accurate but not guaranteed. Source: Local Real Estate Boards
Real Estate Statistics
Local Housing Market Update
May 2017
CENTURY 21 Dreams Inc., Brokerage*
(905) 338-1515
  • Burlington • Hamilton, ON
  •  
  • May 2017
  • May 2016
  • % Change
  • No. of Residential Sales
  • Tooltip
  • 1745
  • 1777
  • -1.8%
  • Down
  • Average1 Sale Price
  • Tooltip
  • $618,868
  • $497,792
  • +24.3%
  • Up
  • Median2 Sale Price
  • Tooltip
  • $542,349
  • $447,841
  • +21.1%
  • Up
The information provided herein is deemed accurate but not guaranteed. Source: Local Real Estate Boards
Real Estate Statistics
Local Housing Market Update
May 2017
CENTURY 21 Dreams Inc., Brokerage*
(905) 338-1515
  • Kitchener • Waterloo, ON
  •  
  • May 2017
  • May 2016
  • % Change
  • No. of Residential Sales
  • Tooltip
  • 730
  • 694
  • +5.2%
  • Up
  • Average1 Sale Price
  • Tooltip
  • $499,833
  • $500,248
  • -0.1%
  • Down
  • Median2 Sale Price
  • Tooltip
  • $490,083
  • $479,223
  • +2.3%
  • Up
The information provided herein is deemed accurate but not guaranteed. Source: Local Real Estate Boards

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This is the number of residential
properties sold in the area(s).
  1. The average home price is found
    by adding the value of all sales and
    dividing by the number of homes.
  1. The median sale price is the
    midpoint of all sales.