Mortgage calculator globe and mail

The Globe and Mail offers a mortgage calculator that allows you to estimate your mortgage payments based on various factors such as the purchase price of the property, down payment, interest rate, and amortization period. Here's how to use the calculator:

1. Go to The Globe and Mail's website and navigate to the "Mortgage" section.
2. Click on the "Mortgage Calculator" button.
3. Enter the following information:
   • Purchase price of the property
   • Down payment (as a percentage of the purchase price)
   • Interest rate (as a percentage)
   • Amortization period (in years)
   • Property taxes (as a percentage of the purchase price)
   • Insurance (as a percentage of the purchase price)
4. Click the "Calculate" button to generate a mortgage payment estimate.
5. The calculator will provide you with a breakdown of your estimated monthly mortgage payments, including:
   • Principal and interest
   • Property taxes
   • Insurance
   • Total monthly payment

Some additional features of the Globe and Mail's mortgage calculator include:

• The ability to compare different mortgage scenarios, such as different interest rates or amortization periods.
• A breakdown of the total cost of owning a home, including property taxes and insurance.
• A feature that allows you to adjust the down payment and see how it affects your mortgage payments.

Here's an example of how to use the calculator:

Let's say you're looking to purchase a $500,000 home with a 20% down payment ($100,000). You're expecting an interest rate of 3.5% and want to know how much your monthly mortgage payments will be.

1. Enter the purchase price: $500,000
2. Enter the down payment: 20% ($100,000)
3. Enter the interest rate: 3.5%
4. Enter the amortization period: 25 years
5. Enter the property taxes: 0.5% of the purchase price
6. Enter the insurance: 0.5% of the purchase price
7. Click the "Calculate" button

The calculator will provide you with an estimated monthly mortgage payment of $2,434. This includes $1,833 in principal and interest, $51 in property taxes, and $50 in insurance.

Keep in mind that this is just an estimate, and your actual mortgage payments may vary depending on a variety of factors, including your credit score and the lender you choose. It's always a good idea to consult with a mortgage professional to get a more accurate estimate of your mortgage payments.