How to Use the Mortgage Calculator in Saskatchewan: A Beginner’s Guide

• Enter the Purchase Amount: This is the total cost of the farm. For example, if it costs $300,000, type 300000 without any commas. Note: Ensure you include the full cost, not just the amount you wish to borrow.
• Place Your Down Payment: This is the cash you pay upfront. If a farm costs $300,000 and you pay $50,000. Our Remax mortgage calculator will calculate it based on the remaining $250,000.
• Enter Your Interest Rate: It is what the lender charges you for borrowing money. You can ask your bank or check online for current rates. 
• Enter Closing Costs (Optional): It is the extra fees known as closing costs. You can enter this as a dollar amount or as a percentage of the farm price.  Note: If you don’t know this cost, you can leave it blank or at 0.
• Place the Mortgage Term (Years): This is how long it will take to pay off the loan. Common terms are 15, 20, or 25 years. Note: A longer term means smaller monthly payments but more total interest paid.
• Choose Your Payment Interval: Pick the schedule that works for your budget. The mortgage payment calculator will adjust the results based on it. You can choose from monthly, bi-weekly, or weekly options.

• Click the Green "Calculate" Button: After you’ve filled in everything, click "Calculate." Our online mortgage calculator will give you clear results in seconds.

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Here's a guide for you to understand the results:

• Loan Amount ($250,000): This is the amount you’re borrowing. It’s the farm price minus your down payment.
• Interest Rate (3.50%): It is your yearly cost of borrowing money.
• Payment Interval (Monthly): This shows how often you will make a payment. In this case, you will make one payment each month.
• Mortgage Term (25 Years): It is how long you will make payments to finish the loan.
• Payment ($1,248.18): This is how much you’ll have to pay each month.
• Total Payments (300.0): According to this, you’ll make 300 payments in total (12 per year × 25 years).
• Total Amount Paid ($424,452): This is the full amount you’ll pay, with interest. 
• Total Interest Paid ($124,452): It shows how much extra you’re paying the lender. It’s not part of the farm’s price.

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The graph gives you a visual breakdown of your mortgage over time.

• Red Line (Debt: What You Still Owe): It starts high and goes down to zero. This shows you how your loan gets smaller with every payment.
• Yellow Line (Interest Paid): This line starts low and rises over time. You will know how much money you’re paying in interest. 
• Green Line (Equity: What You Own): This will start at zero and grow over time. It shows how much of the farm you actually own. Every payment you make increases your equity.