Mortgage Calculator2023-03-08T15:48:47-08:00
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IMI calculator

IMI Financial Group has created a mortgage calculator to help people understand the true cost of owning a home. IMI Financial Group provides an example of how this can be used if you were looking at purchasing a new house and wanted to find out what kind of a mortgage payment you would be looking at and also how long it will take for you to pay off your mortgage.

We’ve created a mortgage calculator to help people understand the true cost of owning a home IMI Financial Group provides an example of how this can be used if you were looking at purchasing a new house and wanting to find out what kind of a mortgage payment you would be looking at and also how long it will take for you to pay off your mortgage loan.

  • Total amount: is the total mortgage amount excluding the down payment
  • Down payment: is the total down payment you wish to apply to your home purchase
  • Interest rate: is the rate you estimate your approval will be.
  • Amortization period: is the length of your mortgage term.
  • Calculate your loan Term
  • Buying a home is a big investment so it is in your best interest to get the lowest rates available. Even a slightly larger interest rate can affect your total payment by hundreds of dollars.
  • The location of your purchased home can affect your mortgage interest rate and payments.
  • Fixed vs variable interest rates are important to understand. With a fixed rate your mortgage payments will stay the same for the term of your mortgage. This offers stability in making payments. With variable rates, the rate is tied to the current prime rate with your current lender. This means that if the rates change then so will your payments! Your payments could rise and fall with this option.
  • If you have personal loans like a car payment, student loan and even maxed out credit cards, consider paying them off first before trying to submit a mortgage application. This will help your debt to income ratio and improve your chances of getting approved.
  • Take into account your total housing payments for example don’t forget the property taxes and utilities. Try to keep them less then your gross income.
  • Decide how much you can put for a down payment. Keep in mind that a down payment of less then 20% will require mortgage default insurance.
  • Take a look at your credit score and history as it can impact the principal amount that mortgage lenders will approve you for.
  • learn more about how to get approved for a home loan in 4 simple steps
  • Take advantage of lump sum payments towards your mortgage. even in small amounts this can add up and will reduce the principle balance which will also reduce the time to pay off the mortgage loan and save you some interest.
  • Another way is to choose a shorter amortization period on your mortgage which will increase your mortgage payment but will ultimately reduce the interest on the mortgage. Depending on your type of mortgage, you can even increase your payments throughout the term of the mortgage as well.
  • Choosing a shorter amortization period ensures that your equated monthly installments end in a shorter period of time.

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Tina Roux

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Am I ready to get a mortgage?

The mortgage calculator will help you determine whether you are financially ready to take on the responsibility of a mortgage. It takes into account your income, debts, and other financial obligations to give you an estimate of what you can afford.

If you’re not quite sure whether you’re ready for a mortgage, this calculator can help you get a better idea. Just enter your information and hit “Calculate.”

 

How to get approved for a mortgage

One of the first things you’ll need to do is get your finances in order. This means getting a handle on your debts, your income, and your expenses.

Not all mortgage lenders are created equal. You’ll want to find a mortgage lender who fits your needs and who you feel comfortable working with.

Getting pre-approved for a mortgage loan is a good way to show mortgage lenders that you’re serious about buying a home. It can also help you get a better idea of what kind of loan you’ll qualify for.

When you’re ready to buy a home, you’ll need to have money saved up for a down payment. The size of your down payment will vary depending on the type of mortgage you get, but it’s typically around 10% to 20% of the purchase price.

Mortgage lenders like to see borrowers with a solid employment history. This means having a job that you’ve held for at least two years.

Your credit score is one of the most important factors in getting approved for a mortgage. You’ll want to make sure your credit is in good shape before you apply for a loan.

Our Company Average

98%

Approval Rate

Higher Approval Rates Than The Average Broker

88%

Savings

More Options Means More Savings For Our Happy Clients

99%

Customer Satisfaction

4.9 Star Rating With Over 140 Google Reviews.

Chris Debt Consolidation and mortgage refinance testimonial

“I was diagnosed with a brain tumor and was in the hospital for months. Before that I was self employed so the bank wouldn’t help me because of my income statement. My credit cards all had high balances. IMI Financial Group was able to consolidate my credit and save me from my monthly payments of $2207.46 and get me $50k to do renovations for my home.”

Chris

Learn More About Mortgages

  • When does it make sense to refinance a mortgage loan

When does it make sense to refinance a mortgage loan

By |February 23rd, 2023|Categories: Home Equity Loan, Mortgage, Mortgage Refinance|Tags: , , , , , , , , |

If your mortgage loan has a higher interest rate than the current market …

Thinking about mortgage refinance or buying your first home?

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“Our previous broker told us we were out of luck because of our consumer proposal. Had the chance to speak to the team at IMI and they were able to get us a private mortgage to pay off our consumer proposal early and got us a great rate despite our situation!.”

Ivy

Business Owner

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