A mortgage calculator is one of the most commonly used tools by prospective homebuyers looking for Burnaby homes for sale. The mortgage calculator offered by Real Estate Burnaby is designed in such a manner that it takes various factors that are likely to affect your purchasing power. Keeping these factors under consideration, the mortgage calculator provides you with the following estimates:
- Amount of monthly payments you will make to the lender over the repayment period
- The number of payments you will make over the repayment period
- Total interest that you will pay over the repayment period
The values that you need to enter into the calculator in order to generate the results include the following:
- Purchase amount or the value of the property you want to buy
- Interest rate
- Down payment you are able and willing to make
- Payment interval. There are four different payment intervals available, including weekly, bi-weekly, monthly, and bi-monthly.
- Mortgage term in years
- Closing cost either in percentage or in dollars