Why calculate your monthly mortgage payments?
Do you want to know the amount of the term of your loan? For that, you will have to carry out a simulation of monthly payments. This tells you the amount of your monthly payment (credit and mortgage loan insurance).
By simulating your monthly payments, you will know the total cost of your mortgage (interest and insurance). This burden is not to be taken lightly. Your monthly payments depend on your debt ratio. The amount you can borrow is calculated on your income. To know your real estate purchasing power, you can calculate your borrowing capacity.
Use of the mortgage calculator
This mortgage loan calculator allows you to immediately calculate your monthly mortgage loan .
By entering the desired loan amount, you get an estimate of the monthly payment of the loan to be repaid, the loan insurance, and the calculation of the cost of your loan over its total duration.
This home loan calculation is based on an average credit rate recorded over the desired duration; Depending on your project, you can refine your real estate loan simulation with the sliders available to you in this credit calculator.
You can modify the duration of the credit between 7 and 30 years but also the real estate rate excluding insurance. The longer the term of the mortgage, the more interest you pay back. Your monthly payments are reduced but the overall cost is higher.
To illustrate, here is an example with this mortgage calculator. With a loan of 131,000 USD with insurance at 0.36%, the monthly payments are:
- 847 USD over 15 years, for an overall cost of 21,460 USD. (loan rate: 1.40%)
- 677 USD over 20 years, for a total of 31,480 USD. (property rate: 1.60%)
- 585 USD over 25 years, with 44,500 USD to be reimbursed to the bank. (credit rate: 1.85%)
- 554 USD over 30 years, for a total of 68,440 USD of interest to be reimbursed. (borrowing rate: 2.45%)
The insurance rate displayed is the annual loan insurance rate, calculated based on the amount you wish to borrow. Its constant amount is added, within the monthly loan, to the repayment of principal and interest.
What property rate for my project?
The home loan rate is a key element for your credit calculation. It can vary according to the borrower profiles ( minimum rate granted to the best profiles or average rate) and the duration of the loan . A mortgage broker negotiates the best interest rate for you with its banking partners. The real estate rate therefore determines your monthly mortgage loan. To compare loan offers as effectively as possible, the annual percentage rate (APR) is an essential indicator. The latter includes the bank rate and credit-related costs (administration fees, insurance premiums, etc.)
But it is not the only element to take into account. The amount of home loan insurance is also a determining factor. Indeed, depending on the profile of the borrower, it can represent more than 30% of the overall cost of the loan. For example: a loan of 150,000 USD taken out over 15 years at a property rate of 1.38% and a borrower insurance rate of 0.41%. The overall cost of the loan is 25,371.16 USD with 9,225 USD of insurance. His monthly payments will be 974.28 USD including 51.25 USD of mortgage credit insurance. In this case, insurance represents 36% of the total cost of the loan.
Example of a monthly mortgage loan calculation
Good lender borrow 253,000 USD over 20 years to purchase their new home. The interest rate on their home loan is 1.60%.
Their monthly payment is therefore 1308 USD / month including 76 USD of mortgage loan insurance with an insurance rate of 0.36%. The total cost of their loan is then 60,920 USD with 18,216 USD of insurance.
Also perform the other mortgage calculations
In addition to this monthly mortgage loan calculator, you can also, for example, simply view with 1 click with our real estate calculator the amortization table evolution of the proportion of capital and interest reimbursed. With this simulation you will know the capital remaining due, the amortized capital, the amount of interest and the cost of insurance each year and this, throughout the duration of the mortgage. You can also display the monthly detail of your amortization schedule.
You can also use the real estate loan calculator specific to the zero rate loan which informs you of your rights associated with the loan that you are considering, which will allow you to reduce the cost of your credit.
You can also calculate the notary fees for this loan, depending on the amount and age of the property, in order to plan all of your financing.
As mentioned above, you can calculate your borrowing capacity by entering your income as well as that of your co-borrower. This step is decisive for your real estate acquisition project, whether it is the purchase of a main or secondary residence or a rental investment.
Find all of our mortgage loan simulation tools .
What to do after using this immo calculator?
Has the use of this property credit calculator reinforced your desire to materialize your desire for acquisition? After your mortgage calculation, do you want to embark on a project? A mortgage broker compares the offers of banks for you in order to offer you the best rate on the market. Save time for you since you do not need to go to all the banks to obtain financing.