![]() ![]() The calculator will use these figures to give you an estimated total interest savings and the new period of time it will take to pay off your loan.Choose the time at which you will make the lump sum repayment, keeping in mind that the earlier into the loan this is done, the more money you may save.Choose the frequency with which you repay your loan, keeping in mind that more frequent mortgage repayments will reduce the interest paid as well as the life of your loan.This calculator will help you to measure the impact that a lump sum repayment made at a certain period into the loan will have on the length of your mortgage and the total interest paid. Making a lump sum payment, particularly in the early years of your loan, can have a big effect on the total interest paid on the loan. Much like extra repayments, a lump sum payment can have a significant impact on the life of your home loan and the amount of money you can save. Rate is subject to change or may be withdrawn without notice at any time.What impact will a lump sum payment have on your home loan? You may be required to pay additional fees which would increase your APR. The APR is for a mortgage of $100,000 with monthly payments and a 25 year amortization. The annual percentage rate (APR), compounded semi-annually, not in advance. All applicants must meet the Vancity lending criteria. ¤ Only available to members with less than 20% down payment, a residential property with a purchase price under $1,000,000, the amortization is 25 years or less, owner occupied, and who are eligible for and purchase mortgage default insurance. Rate is subject to change or may be withdrawn without notice at any time. Available to Vancity members on new and renewing mortgages where the amortization is 25 years or less, and residential property with a purchase price under $1,000,000. ![]() Available to Vancity members on new and renewing mortgages where the mortgage loan-to-value is less than 75% and the amortization is 25 years or less. Mortgage default insurance is mandatory for down payments between 5% and 19.99% of the purchase price. For mortgage approval you will typically need at least 5% of the purchase price as a down payment. You may qualify for a larger mortgage amount based on other sources of income such as rental income. Mortgage prepayments may be subject to a prepayment charge. Actual mortgage rates may fluctuate and are subject to change at any time without notice. ![]() Vancity will not be liable for any losses or damages arising from any errors or omissions in any information or results, or any action or decision made by you relying on any information or results. Vancity does not make any express or implied warranties or representations with respect to any information or results in connection with this calculator. The applicability and accuracy of the calculations are not guaranteed. These calculators are for illustration purposes only and any examples are hypothetical. To get a better estimate of what you could qualify for when using the Affordability calculator, complete your calculation by completing “enter your own rate” using 5.25%. As of June 1, 2021, this minimum qualifying rate is either 5.25% or your interest rate plus 2%, whichever is higher. * You must qualify for a mortgage using a minimum qualifying rate set by the federal government to show you’ll be able to afford payments at an interest rate typically higher than the actual rate of your mortgage contract. ![]()
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