Canadian Mortgage Calculators at a Glance

Canadian mortgage calculators are pretty much the same as the US or European mortgage refinancing or amortization calculators. The biggest differences are with the insurance policies and taxes. However, Canadian mortgage calculators work the same way as with any other mortgage calculator. On simple Canadian mortgage calculators you are required to input the number of payments; if it's a 30 year loan where you pay monthly installments as opposed to yearly where you would put 360 (30 years times 12 months). Canadian mortgage calculators also require you to input the Canadian interest rates which are usually (but not always) based on the prime rate set by the Royal Bank of Canada plus the local bank's mark up.

Current prime rates in Canada are about 6 percent and the average mortgage rate runs at about 6.65 to 9.15 percent depending on your credit history. The Royal Bank of Canada, however, does not officially set credit card or mortgage rates, therefore some Canadian mortgage calculators can give you rates below the prime rate. Sub-prime rate mortgage rates are usually incentives so that homes can be purchased by the average Canadian.

Mortgage Calculators are very useful tools and Canadian mortgage calculators are no exception. They can be used to analyze everything from payment amounts (using different interest rates) to finding out the effects of prepayment on a particular loan…etc. There are many types of loan information tools available to a Canadian. Among these are mortgage calculators, prepayment analyzers, rent vs. buy calculators, just to name a few.