Bank of Montreal Mortgage Payment Calculator
Get a sense for your mortgage payments, the cash you'll need to close and the monthly carrying costs with Ratehub.ca’s mortgage payment calculator.
How to Estimate Payments
To estimate your BMO Bank of Montreal mortgage payments, you’ll need four pieces of information. If you’re purchasing a new property, you’ll need its purchase price. But if you’re renewing your mortgage, you’ll need the renewal amount of your mortgage. You’ll also need the amount of your down payment (if you’re purchasing a new property), the amortization period and the mortgage rate. Once all information has been gathered, you can input it all into the mortgage calculator to generate your estimated mortgage payment.
About BMO’s Mortgage Rates
BMO Bank of Montreal offers solutions for first-time homebuyers, people who are new to Canada, and those looking to renew, refinance, or purchase a first or second property.
The 5-year BMO Smart Fixed Mortgage is listed as one of BMO’s mortgage special offers. The BMO Smart Fixed Mortgage is a “no-frills” mortgage offering a lower posted rate, amortization periods up to 25 years, and flexibility in early renewal and refinancing to other BMO mortgages.
There’s also the BMO Eco Smart Mortgage, which geared toward people who have energy efficient features in their home. It aims to reward homeowners who make eco-friendly choices. The mortgage rate for this eco-friendly option is only made available by calling BMO for further details. If your home qualifies for the ECO Smart Mortgage, you should still compare rates with other lenders as they may provide you with a lower rate.
How to get lower payments
Even though BMO has some of the lowest posted rates among the big banks, you might be able to get a better mortgage rate by using a mortgage broker. A mortgage broker can help you get more desirable mortgage features and rate by comparing rates available from multiple providers.
If you’ve already found your ideal mortgage provider but are still looking to reduce your mortgage payment, consider increasing the size of your down payment, or increasing the amortization period of your mortgage. Both of these strategies can help you reduce your mortgage payment.
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