March 31, 2011
Our friends at RateHub.ca, who run a terrifically helpful site that allows Canadians to compare mortgage rates, announced today that they’re launching a new generation of mortgage calculators that will help first-time home buyers determine the true cost of home-ownership.
Often, existing mortgage calculators ignore certain costs associated with purchasing a home, like, say, mandatory CMHC insurance or the land transfer tax. RateHub.ca’s new calculators will apparently take these overlooked factors into account and will allow users to select from current mortgage rates and compare down payment levels, amortization periods, and payment frequencies in multiple columns, thus allowing different financing scenarios to be easily compared.
Further, users can approach calculations in two ways: the Mortgage Payment Calculator lets home-buyers enter a property price and then evaluate monthly payments; the Affordability Calculator takes a variety of inputs into account to ascertain what, exactly, a particular home-buyer can afford.
We’re sold – click here to start crunching the numbers!