Your mortgage specialist is your best source for learning what your mortgage means to you on a monthly basis, but starting with the calculator will give you a ballpark idea of the kind of mortgage loan you can afford.
To use the mortgage calculator, you will need the following information:
1.Mortgage amount (this is the property price minus the down-payment)
2.Mortgage term (the length of the mortgage you’re considering, usually 15 or 30 years)
3.Interest rate (the interest rate will vary by day and especially by location; you can find a table of current rates at https://www.avrusmortgage.com on the right hand sidebar.)
4.Mortgage start date (and remember that preapproval has a time limitation on it!)