Calculate your new mortgage payments in Canada with our free mortgage renewal calculator. Compare rates and save money!
It can be tricky to figure out your monthly mortgage payments. But at Asim Ali, our mortgage renewal calculator makes it simple. You can try out different interest rates to see which one saves you the most money. This helps you plan your budget and avoid surprises.
Use the Asim Ali mortgage renewal calculator in Canada to help manage your budget. Here’s a simple guide:
This is the amount of money you still owe on your loan. You will have to type the full amount in the box. For example, if you owe $700,000, then type 700000.
Amortization means the number of years it will take you to fully pay off the loan. Now, type the number of years in the box. If you plan to pay it off in 25 years, type 25.
In the first rate box, enter the current variable rate. Here, you have to enter it as a percent without the percent sign. For example, if the rate is 4.3%, then you need to type 4.3.
In the second rate box, enter the current prime or fixed rate. Enter it the same way, without the percent sign, like the previous one. For instance, for 4.95%, type 4.95.
The monthly payment for each rate will appear below the box. This number will tell you how much you will pay each month with that rate.
Filling in each box helps you see what your new monthly payment will be. Learn the meaning of each field:
The calculator gives you two monthly payment amounts. Each amount is based on the rate you entered. Follow this guide to understand the results:
Lower Rate Example: $3,796.86 x 12 x 25 = $1,139,058
Higher Rate Example: $4,051.33 x 12 x 25 = $1,215,399
With the lower rate, you would save $76,341 over the 25 years.
