10 must use online calculators

Just about any mortgage calculator will give you an amortization schedule. These calculators will help you budget and save on your house purchase.



Online only.


Most of us know what calculator to use for that basic mortgage calculation—the amount you pay each month in relation to the home price, your amortization period and term and the prevailing interest rate.

But what about those more complex calculations, such as the cost to break your mortgage or the ability to compare three mortgage options while determining your effective interest rate (that’s the rate you actually pay when you factor in compounding interest over the term of the loan)?

I’ve compiled a list of 10 online calculators that will help you with the more complex or difficult calculations associated with home ownership. But, if, after scanning this short list, you notice that one of your favourite calculators isn’t listed here, then please add it to the list or email me directly at: romana.king@moneysense.rogers.com.

1)            Will refinancing save you money?

Want to know how much you’ll save, overall, if you refinance your mortgage? Then use this calculator from Industry Canada. But you’ll need to know the penalty charge you’ll have to pay before you can sort out how much you’ll save. If you don’t know, use the penalty calculator (below). If you do know the cost of breaking your mortgage, then simply input all the data into the Industry Canada calculator to determine if you’ll really save by refinancing. Go to: Save Money Refinancing.

2)            Penalty calculation.

Whether your moving and you need to terminate your current mortgage before the end of your term, or you want to break your current loan arrangement to get a better rate, you’ll need to factor in the penalty cost for breaking the mortgage. That’s where a powerful calculator from RateSuperMarket.ca comes in—it works with both variable rate mortgages (where the penalty is typically the equivalent of three months interest) as well as fixed rate mortgages (where the calculation can be quite complex, and quite expensive). Go to: Mortgage Penalty Calculator.

3)            Compare mortgages.

Want to compare how the terms and rates of three different mortgages will impact your payments? Use this effective comparison calculator from TaxTip.ca. The added bonus is that you can calculate your effective interest rate—your nominal, or quoted, interest rate adjusted for the loan term and compounding interest—so you can really see how much your paying for that mortgage. Go to: Compare calculator.

4)            Variable rate speculation.

Leaning towards a variable rate mortgage, but want to get an idea of how potential interest rate increases would impact your payments and final balance at the end of the term? Then use this calculator from Interest.com. While it’s an American  calculator—so there’s no cap on compounding, which can result in higher payment amounts—it can give you a good idea of what to expect. Go to: Adjustable Future Comparison.

5)            Actual monthly costs.

Want to know how much you’ll actually spend each month after purchasing a home? Use this calculator by DebtFreeby43.com. Designed as a downloadable Excel spreadsheet (no macros), this calculator lets you input your household budget (add up all your cable, phone, food, etc. costs and input as one lump sum) along with property taxes, water, heat, condo and other fees. Based on these fees, the calculator gives you the required down payment (based on 5%, 10%, 15%, and 20% increments), the mortgage insurance fees (where applicable) and the maximum mortgage you’d qualify for. Go to: Home Purchase Budget Calculator.

6)            Rent vs. buy.

Are you still renting and want to know whether or not you should dive into the housing market? Then try this rent vs. buy calculator, conveniently housed on the NY Times websites. Go to: Rent vs. Buy.

7)            Will refinancing save you money?

Want to know how much you’ll save if you refinance your mortgage? Then use this Industry Canada calculator. But before you can figure out your savings, you’ll need to calculate the penalty you’ll pay to break your mortgage. Go to: Refinance Savings calculator.

8)            How much can you afford?

Want to get a rough estimate of how much mortgage you could get from the bank? Use this tool from Dinkytown.net. Go to: Pre-qualify Mortgage Amount. Or try Ratehub.ca’s Affordability Calculator, which asks you to input income, expenses and debt payments.

9)            Down payment impact.

Want to compare what your monthly payment would be based on the size of your downpayment? Then use Ratehub.ca’s Mortgage Payment Calculator. This simple calculator allows you to enter one purchase price and then calculates the total mortgage you will borrow, including mortgage insurance fees, based on your down payment.  Go to: Down payment Impact.

10)            Land transfer tax.

If you live in anywhere but the provinces of Alberta and Saskatchewan then you’ll need to include the land transfer tax into your closing cost calculations. Use the calculator from Ratehub.ca. Go to: Land Transfer Tax.

43 comments on “10 must use online calculators

  1. There is noticeably a bundle to learn about this. I assume you made certain nice factors in features also.


  2. Pingback: Check out my facebook profile

  3. Good work, It’s posts like this that keep me coming back and checking this blog regularly, thanks for the info!


  4. hi everyone! i’m from newcastle but am living in monachium at the moment


  5. i have begun to visit this blog a couple of times now and i have to tell you that i find it quite nice actually


  6. Pingback: Fathers Day Gift

  7. Pingback: poly mva

  8. Pingback: christmas cards

  9. Pingback: microwave ovens

  10. Pingback: How to Remove Cellulite

  11. Pingback: The Microwave Ovens

  12. Pingback: Vacuum cleaners info

  13. Pingback: Waterkettle

  14. Pingback: Married Dating

  15. Pingback: vacuumcleaners

  16. Pingback: Scrap Gold Buying

  17. Pingback: http://www.palmyraproperty.com/fr

  18. Pingback: Mauritius Villas

  19. Pingback: Mauritius Self Catering Villas

  20. Pingback: stretch mark cream

  21. I really enjoy looking at on this site, it contains fantastic content.


  22. Pingback: roofing sacramento

  23. Pingback: roofing company atlanta

  24. Pingback: hardiplank houston

  25. Pingback: Best Online Dating Sites

  26. Pingback: Location Villa Ile Maurice

  27. Pingback: Whole Life Insurance Rates

  28. Pingback: Self Catering Mauritius

  29. Pingback: Black Friday Ads

  30. Pingback: custom home builders

  31. Pingback: Stair Lift Prices

  32. Pingback: Boot Camps Ma

  33. Pingback: to sell a business

  34. Pingback: Cheap Car Insurance Quotes Online

  35. Pingback: replacement windows dallas

  36. Pingback: Personal Secured Loans

  37. Pingback: Credit Card Consolidation

  38. Pingback: personal injury lawyers bronx

  39. Pingback: google mail

Leave a comment

Your email address will not be published. Required fields are marked *