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It’s often helpful to know how much extra interest you’ll pay with a higher rate, a bigger mortgage, shorter compounding and/or a longer amortization. Now, the Spy makes that easy with an all-new monthly payment calculator.
This tool lets you:
- Compare three different mortgages
- Instantly find the lowest cost option
- View interest cost over the term and amortization
- Check your balance at maturity.
Perhaps the handiest feature is the stress tester at the bottom. It shows what your payments will look like if rates jump two and three percentage points by the time you renew. Rates may not actually rise that much, but if they do you’ll be prepared. That’s key because if you can’t afford your mortgage with a two percentage point rate hike, you can’t afford your mortgage.
2 Comments
Just wanted to drop a line to say that these calculators have been invaluable in my mortgage research. Appreciate all the tools and resources you’re providing for mortgage shoppers. Cheers, Richard
Our pleasure indeed! Appreciate you writing in Richard!