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In the face of an increasing cost of living, it can be tempting to give up on the monthly grind of saving - whether for your down payment or to pay down your mortgage faster - and instead use that money for something that will bring you satisfaction right now. For example, did you know that Canadians spend more time planning their vacation than their mortgage? A mortgage may not be as exciting, but it is something you'll be living with for years. And if you take the time to figure it out, you may be able to afford to travel more in the future.

Every mortgage calculator you run across on the internet is going to be slightly different – and they're not all created equal! Let's be honest: a calculator is a great way to get you to spend time on the website and it probably gets you excited for the possibilities around buying or refinancing your property. But you also want the calculator to provide you with an accurate idea of the size of mortgage you qualify for and what your payments will be. That all comes down to knowing what information you will need to enter.