Estimate your CIBC mortgage payments
Applying for a mortgage involves a lot of math. With a lot of information to consider and numbers to crunch, it is easy to get overwhelmed and sidetracked. To help you stay in focus and effectively deal with issues and numbers that matter, CIBC offers a range of mortgage calculators that can help you easily and quickly determine:
- The mortgage that you can afford.
- The right mortgage that suits you best.
- The exact amount that you can borrow.
- The most practical payment frequency.
- The charges that you may incur if you opt to pre-pay the mortgage.
- The difference between rental payments and mortgage payments.
- The amount of home equity if you’ll choose to buy your own house instead of renting or picking other forms of home purchase.
Whether you’re looking to purchase, refinance, or simply want to pay off your existing mortgage debt, CIBC mortgage calculators can be handy in helping you compare, estimate, and calculate mortgage payments. With these easy-to-use tools, you will have at your disposal an all-in-one-place solution that enables you to come up with the right purchasing decision.
Remember that finding out the exact mortgage payments can help you effectively choose what price tag suits your budget. This is important to be able to manage your finances and avoid being locked in a bad mortgage.
Mortgage payments are determined by the following factors:
- The purchase price
- Down payment
- The amortization period
- Your mortgage rate
Home purchase requires a major decision. Invest wisely by being equipped with the right information. Estimate your mortgage payment now. Start using the CIBC mortgage calculator by entering the pertinent numbers.
To use CIBC mortgage calculator, begin by entering the amount of mortgage. Determine the term (duration of your loan) and type of the loan (which can be closed variable or fixed). The interest rate section automatically reflects the annual percentage rate (APR). Identify your amortization or the number of years the loan has to be paid, followed by the frequency of payment. Include other possible payments like one-time and annual payments. You can also determine how much you can save by filling the Increase Payment By section.