Calculators

calculator icon Calculators  |  Kingston Real Estate

Here is a small collection of calculators.  If you don’t prefer to do your own calculations, drop me a line, and I’ll be happy to help. I’ve developed some of my own calculation tools to help make the right decisions when it comes to important investments.

Comprehensive Mortgage Calculator

This is one of the better mortgage calculators I have seen online.  It will determine your mortgage payment, and provide you with a payment schedule in table and graph formats.  It also shows how much money and how many years you can save by making prepayments.  You can also compare the savings you will achieve by changing the frequency of payments.  Try this calculator.

Do I qualify for a Mortgage?

This calculator helps you determine whether or not you can qualify for a home mortgage based on income and expenses.

How Much Home Can I Afford?

When you’re buying a home, mortgage lenders don’t look just at your income, assets, and the down payment you have.  They look at all of your liabilities and obligations as well, including auto loans, credit card debt, child support, potential property taxes and insurance, and your overall credit rating.  Use this calculator to determine how much of a mortgage you may be able to obtain.

Rent vs Buy Tool

With interest rates near forty year lows, the decision to rent versus buy becomes difficult.  Use this calculator to help determine which makes the most sense for you.

Bi-weekly Payment Comparison 

It may surprise you that banks and mortgage companies collect two to three dollars for every dollar that you borrow.  However, you can accelerate mortgage payoff by going to more regular payments.   The result is a net effect of paying an extra payment toward principal each year!  Compare the difference.

Mortgage Term Comparison Tool

Different mortgage terms and rates can make the loan selection process confusing, especially if you don’t plan on keeping the loan for the full term. Use this calculator to determine the total cost in today’s dollars of various mortgage alternatives, taking into account your ‘opportunity cost of money’.

Mortgage Penalty Calculator

On a fixed-rate closed mortgage, you will normally incur a penalty if you pay off the principle faster than scheduled.  Most of the time, the penalty is equal to the greater of 3 months’ interest or the Interest Rate Differential (IRD).  The interest rate differential compensates the bank if they cannot re-lend that principle amount to someone else at the same or higher interest rate.  I found the calculator on the Canadian Mortgage Trends site was very helpful.