A blended mortgage provides a strategic way to refinance your existing mortgage without incurring penalties for breaking the current agreement. This type of refinancing involves combining the interest rate of your existing mortgage with the rate of a new mortgage, allowing you to adjust your loan terms while avoiding the cost of early termination. The Blended Mortgage calculator is an essential tool in this process, as it helps you determine the new blended interest rate and terms by factoring in your current mortgage amount, its interest rate, and the terms and rates of the new mortgage. This allows you to understand how your payments and overall mortgage conditions will be affected by the refinancing.
Blended Mortgage Calculator
The new blended mortgage interest rate will be somewhere between the interest rate on your current mortgage and the rate on the new mortgage.
The extending mortgage option, facilitated by this Blended Mortgage calculator, results in a new interest rate and extends the duration of your mortgage. By considering both the current mortgage details and the proposed new terms, the calculator provides a clear picture of how the blended rate will impact your monthly payments and total interest over the life of the loan.
Blended Mortgage Calculator is also available in French
A holistic view helps homeowners make informed decisions about whether refinancing under these terms is beneficial compared to other options that might involve penalties or less favourable terms. Discover more mortgage calculators including:
• Mortgage Calculator
• Mortgage Affordability
• Mortgage Cash Back
Blended Mortgage Calculator
Calculators are available in English and French.
Blended Mortgage Calculator for Financial professionals
For financial advisors, using a blended mortgage calculator is a strategic tool for guiding clients through the refinancing process. It enables advisors to offer data-driven recommendations based on the client’s current mortgage situation and financial goals. By using the calculator to illustrate how blending and extending the mortgage can result in more favourable terms or lower payments, advisors can help clients make well-informed decisions that align with their long-term financial plans. This personalized approach not only enhances the advisory relationship but also supports effective financial planning by presenting clients with clear, actionable insights into their refinancing options.
The calculator can be viewed for free up to five (5) times on this site.
To use the full-featured versions of these calculators in FreshPlan, please contact us.
Companion Infographic
For most Canadians, their home will likely be the biggest purchase they’ll ever make. That’s why it’s so important to protect their investment with products like mortgage insurance and term insurance.
Many lenders will offer to sell mortgage insurance (life insurance on the mortgage) right at the time of settling on the mortgage. While this is convenient, term life insurance is another option to help ensure the mortgage is paid off. It’s a good idea consider which type of protection is the best fit. Learn more with infographics.
Features
Consumer-facing
These consumer-facing financial calculators can be embedded in your web site quickly and easily and complies with web accessibility standards
Responsive
Calculators are easy-to-use and fully responsive on any device – phone, tablet, laptop or desktop.
Full Branding
Calculators can be fully branded according to your branding style guide. You’ll be up and running with a quick turnaround. This calculator is also available in FreshPlan software.