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Mortgage Calculator Canada - How To Save $10,000+ in Interest

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Published on Nov 19, 2019

Mortgage Calculator link: https://www.ratepal.ca/mortgage-calcu...
Mortgage App Android: https://play.google.com/store/apps/de...
Mortgage App IOS: https://apps.apple.com/ca/app/mortgag...

In this short video, I will show you how you can possibly save over $10,000 in interest payments on your mortgage over the next 5 years.
My name is Dennis Sabitoff, I am a mortgage broker at Invis and one of the founders of RatePal.ca. To perform following calculations, I will use our interactive mortgage calculator that was developed by our team and can be found on our website at ratepal.ca or the app store.
Let’s assume that you are buying a property for $650,000. Let’s say the down payment is 10% and since this will be insured mortgage the CHMC insurance premiums will add up to $18,135 , so your total mortgage amount will be $603,135. Now, let’s compare and see how much you will pay over the next five years in principal, interest, and what the amount of outstanding balance will be at the end of the 5-year mortgage term.
Our best 5 Year fixed, closed, high ratio mortgage rate as of November 17, 2019 is 2.49%. Let’s have a look what mortgage interest rates some major banks have to offer. RBC’s 5 year fixed closed rate is 3.24%, CIBC’s 5 year fixed closed rate 3.04% and BMO’s 5 year fixed closed rate 2.87%. Now, lets input all the rates into our mortgage calculator.
The monthly mortgage payments can be seen here, and if you scroll down to the amortization schedule, you will see interest and principal that will be paid over the 5 year term as well as the remaining balance at the end of the term. You can switch between the columns in this dropdown field of the calculator.
The calculations I’ve used from our mortgage calculator clearly demonstrate the savings over 5 year term. You will pay $10,778 more in interest with BMO, $15,616 more with CIBC and $21,319 more with RBC over the 5 year term.
You can find our mortgage calculator at ratepal.ca There you can also check & compare mortgage rates and sign up for special rate notifications. If you have mortgage related questions, please do not hesitate to give us a call or a text at 1-855-957-1777. Thank you for watching, and please subscribe to our YouTube channel.

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