Mortgage Calculators

BestMO’s online mortgage calculators provide estimates within 95-98% accuracy when you input correct information. However, they may not account for all fees like legal costs, home inspections, or specific lender fees. For precise figures, consult with a mortgage professional who can factor in all variables specific to your situation.

You’ll typically need to provide: the purchase price or home value, down payment amount, interest rate, amortization period (usually 25-30 years), payment frequency (monthly, bi-weekly, etc.), and property location for accurate tax calculations. Some calculators may also ask for your income and monthly expenses for affordability assessments.

Different calculators may show varying results due to: different calculation methods for interest (monthly vs. semi-annual compounding), inclusion or exclusion of CMHC insurance, varying property tax estimates, different default insurance premium rates, and whether they include additional costs like utilities or condo fees.

While mortgage calculators can estimate affordability based on income and expenses, they cannot determine actual qualification. Lenders consider additional factors like credit score, employment history, debt service ratios, and stress test requirements that calculators cannot fully assess.

Most modern Canadian mortgage calculators include the stress test calculation, which requires you to qualify at either the Bank of Canada qualifying rate or your contract rate plus 2%, whichever is higher. Always verify if the calculator you’re using applies current stress test rules.

Recalculate whenever interest rates change significantly (by 0.25% or more), your income changes, you take on or pay off significant debt, you plan to buy within 6 months, or market conditions shift substantially. Regular updates ensure realistic expectations.

Yes, but note that investment property mortgages typically require a 20% minimum down payment and may have higher interest rates. Some calculators have specific settings for investment properties that account for rental income and different lending criteria.