Mortgage Calculator Mortgage | Broker London Ontario
“When you use the Right Mortgage Broker, you get the Best Mortgage Rate”
Available 24/7, Call or Text 519-860-2102.
The following Mortgage Calculator can be used to figure out your monthly mortgage payment, including Principal and Mortgage Interest. It also goes over other costs related to purchasing a home. These includeclosing costs, tax payments and home owners insurance.
As a rule of thumb it is always better to anticipate closing costs will equal 1-1.5% of the price of the mortgage.
However, this will typically be less if you are a First Time Home Buyer. Indeed, if you are a First Time Home Buyer you will qualify for the First Time Home Buyers’ (FTHB) Tax Credit, and receive a $5,000 non-refundable tax credit.
When calculating your monthly mortgage payment remember that in Ontario CMHC requires that at 5% be used as a down payment for any home purchase.
If you have any questions about your monthly mortgage payments please call or text me at 519-860-2102.