Mortgage Calculator

?
Enter the amount that you are planning on paying for the property
Property Value
STEP 1
Enter property purchase price
Haven't found a property to purchase yet?
Option #1
Option #2
Option #3
Option #4
?
Enter the amount that you will pay upfront
toward the property to obtain a mortgage
Down Payment
?
CMHC mortgage insurance is required on all
mortgages with down payment less than 20%
Mortgage Insurance
+
$19,000
$13,950
$11,900
$0.00
?
Total mortgage amount is calculated by subtracting
the down payment from the property price and adding
CMHC mortgage insurance (if applicable)
Mortgage Required
=
$494,000
$463,950
$436,900
$400,000
?
Amortization period is length of time that it would take
the mortgage holder to pay off the mortgage in full
Amortization Period
?
Please select the province where you are planning
on taking out the mortgage, as mortgage rates can
vary in different provinces
Select Province
STEP 2
Select province to get current
mortgage rates
?
Mortgage type specifies whether the interest
rate is variable or fixed
Mortgage Type
?
Mortgage term is the duration of time that you
are committed to a lender, rate and conditions
Mortgage Term
?
Mortgage rate is the interest rate that you will
be paying on the outstanding balance for the
duration of the mortgage term
Mortgage Rate
?
Please select how often you would like
to make your mortgage payments.
Payment Frequency
?
Mortgage payment is the amount that you will be
required to pay based on your mortgage terms
Mortgage Payment
?
This is an estimate of how much you should expect
to spend upfront in order to make this purchase
Cash Needed
Down Payment
$25,000
$50,000
$75,000
$100,000
Mortgage Insurance PST
+
$0
Lawyer Fee
+
$1,000
$1,000
$1,000
$1,000
Title Insurance
+
$500
$500
$500
$500
Land Transfer Tax
+
Total Cash Needed
=
$28,020*
$52,616*
$77,457*
$101,500*
* Plus Land Transfer Tax, please select province to calculate Land Transfer Tax

Contact Us

First Name
Last Name
Email
Phone
Message (Optional)
OR CALL
1.877.896.6727

Mortgage Calculator Examples

Fantastic Location With Tons Of Opportunity To Build Or To Live On A Huge Piece Of Land. Property Is Currently Being Used As Offices For The Owners Business. The Owner Has Plans To Build Two New Structures On The Lot. Plans Are Available To Review.**** Extras **** Do Not Walk The Property Without An Agent Present. Business Is Still Operating Daily. (Id:23934)
CALL1.877.896.6727
Property Price
$450,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$22,500
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$5,475
Mortgage Insurance PST
$1,368
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$30,843
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$26,843
Monthly Payment
$1,989
Beautiful 4 Bedroom Home Situated On A Quiet Cul-De-Sac In Desirable Neighbourhood. This Home Boast 3098 Square Ft, Double Door Entry, Formal Living & Dinning Room. Cozy Family Room With Fireplace. Spacious Eat-In Kitchen With Island & Stainless Steel Appliances. Mudroom With Access To Garage, Second Floor Laundry Room. Walk-Out To Deck That Overlooks Private Fully Fenced Backyard & The Nottawasaga River. No Neighbours Behind!**** Extras **** Fridge, Stove, Dishwasher, Washer& Dryer. All Electrical Light Fixtures, All Window Coverings. (Id:23934)
CALL1.877.896.6727
Property Price
$799,900
Minimum Down Payment (%)
6.87%
Minimum Down Payment ($)
$54,990
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$12,473
Mortgage Insurance PST
$2,384
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$71,347
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$67,347
Monthly Payment
$3,467
Ultra Luxe Condo With Floor To Ceiling Windows Overlooking Lush Ravine In Boutique Shane Baghai Building. Only The Finest In Finishes & Design With No Detail Over Looked. Gourmet Kitchen, Caesarstone Counters, Hand Crafted Cabinetry, Hardwood, Marble & Porcelain, 6"" Baseboards, Custom Mouldings. Office Nook, Spa-Like Ensuite With Huge Walk-In Shower & ""Hair Bar"". Custom Closet Organizers. Enter By ""Private"" Elevator Directly To Suite Or Via 2 Staircase Entries.**** Extras **** Sub-Zero Fridge, Stainless Steel Oven / Cooktop With External Exhaust, Miele D / With Stacked With D, All Electrical Lighting Fixtures, Central Vacuum. 2 Parking+Huge Locker 16'X5'. Transit At The Door ,10 Mins To Finch Subway.Earl Haig District.Only 40 Suites In The Building.Very Quiet & Private. (Id:23934)
CALL1.877.896.6727
Property Price
$899,900
Minimum Down Payment (%)
7.22%
Minimum Down Payment ($)
$64,990
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$14,473
Mortgage Insurance PST
$2,672
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$83,635
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$79,635
Monthly Payment
$3,885
Location!! Enjoy All Lake Eugenia Has To Offer With This Newly Renovated 2 Bedroom Cottage On Large Lot That Is 289' Deep. Open Concept Main Floor Boasts Newer Kitchen Cabinetry, Counter-Tops, Breakfast Bar, Propane Gas Fireplace, Laminate Flooring, California Knock Down Ceilings & Pot Lights. Steel Roof. New 20' X 40' Well Built Workshop. 12' High Ceilings In Shop. Close To Snowmobile / Atv Trails. 5 Mins From Beaver Valley Ski Resort. 25 Mins To Blue Mountain**** Extras **** Virtual Video Tour Https://Vimeo.Com / 380058570 (Id:23934)
CALL1.877.896.6727
Property Price
$449,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$22,450
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$5,455
Mortgage Insurance PST
$1,365
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$30,770
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$26,770
Monthly Payment
$1,985
Large, Clean Townhouse In Prime Area In Aurora. Large Family Room That Overlooks The Garden Area, Perfect For Family Barbeque's. Spacious Master Bedroom With Wall-To-Wall Closets With 2 Additional Bedrooms Great For The Growing Family. Schools In Walking Distance, Easily Accessible To Transit.**** Extras **** Fridge, Stove, Washer, Dryer, Hot Water Tank. Pls Exclude: Window Coverings And 2 Ceiling Fans (Id:23934)
CALL1.877.896.6727
Property Price
$370,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$18,500
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$4,025
Mortgage Insurance PST
$1,125
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$25,150
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$21,150
Monthly Payment
$1,636
Stunning Fully Renovated 2 Bedroom Corner Unit In The Heart Of North York! Sleek & Modern Kitchen With Stone Countertops, Hardwood Flooring, Custom Entertainment Unit With Electric Fireplace, Stone Feature Wall In Master & Custom Closet Organizers. Amenities Include: Visitor Prkg, Guest Suites, Gym, Party Room, Concierge, Electric Car Charging Stations + Fibre Optic Internet. Steps To Yonge / Sheppard Subway, Hwy 401, Shops, Groceries, Parks & Ttc. Superb Location!**** Extras **** Stainless Steel Fridge, Stove, Built-In Microwave, Dishwasher, Washer & Dryer. All Electrical Light Fixtures, All Window Coverings. Tandem Parking For 2 Cars. All Furniture / Accessories Negotiable For Sale. (Id:23934)
CALL1.877.896.6727
Property Price
$769,900
Minimum Down Payment (%)
6.75%
Minimum Down Payment ($)
$51,990
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$11,873
Mortgage Insurance PST
$2,297
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$67,660
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$63,660
Monthly Payment
$3,341
:** Walk-Out With A B S O L U T E * B E A U T Y No Carpet In The House* New Flooring Upstairs, Extended Kitchen Height Kitchen Cabinets, Solid Oak Staircase To The Basement, Hardwood Flooring On The Main Floor. 9 Foot Ceilings On Main Floor, Painted In Designer Colours. Family Size Kitchen With Upgraded Appliances. Master Bedroom Retreat With Cathedral Ceiling And Bathroom With Corner Soaker Tub And Seperate Shower.**** Extras **** Stainless Steel Refrigerator, Stove, Washer, Dryer, Built In Dishwasher, Central Air Conditioning. Possession Date To Be Arranged (Id:23934)
CALL1.877.896.6727
Property Price
$749,900
Minimum Down Payment (%)
6.67%
Minimum Down Payment ($)
$49,990
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$11,473
Mortgage Insurance PST
$2,240
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$65,203
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$61,203
Monthly Payment
$3,257
Fully Renovated 2 Bedroom 2 Bathroom Condo In Prime Location! Modern Kitchen With Stainless Steal Appliances, Stone Countertops & Backsplash. Spacious Living Room & Dinning Room With Walk-Out To Balcony. Large Master With 2Pc Ensuite & Walk-In Closet. Ensuite Laundry. Located Mins To Ttc, Restaurants, Shops, Schools & Highways.**** Extras **** Fridge, Stove,Dishwasher, Washer & Dryer, All Electrical Light Fixtures, All Window Coverings.1 Parking & 1 Locker (Id:23934)
CALL1.877.896.6727
Property Price
$399,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$19,995
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$4,474
Mortgage Insurance PST
$1,216
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$27,184
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$23,184
Monthly Payment
$1,768
Large Freehold End Unit Townhome, With Second Level Family Room Including A Fireplace. Generous Sized Eat In Kitchen, Hardwood Floor Dining And Living Room With Walk Out To Raised Deck, Second Level Laundry Room And A Basement Sauna Unit. Neighbourhood Is Connected To Walking Trails And Immediate Access To Highway 407.**** Extras **** Fridge, Stove, Microwave, Washer Dryer, Existing Electrical And Light Fixtures, Existing Window Coverings, Second Level Gas Fireplace. (Id:23934)
CALL1.877.896.6727
Property Price
$784,999
Minimum Down Payment (%)
6.82%
Minimum Down Payment ($)
$53,500
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$12,175
Mortgage Insurance PST
$2,341
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$69,516
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$65,516
Monthly Payment
$3,404
Convenient Location! Spacious 3 Bedroom Townhouse In Prime Location! Family Sized Eat In Kitchen Plus Dining Room. Walk Out From The Ground Floor In-Law Suite With En-Suite Bathroom To A Privately Fenced Yard.Freshly Painted + Access To Garage From Inside House. Walking Distance To Lawrence East Rt Station, Ttc, Shopping, Etc. Location! Location! Location! Don't Miss This Opportunity!!**** Extras **** Fridge, Stove, Washer & Dryer, All Electrical Light Fixtures, All Window Coverings. (Id:23934)
CALL1.877.896.6727
Property Price
$699,900
Minimum Down Payment (%)
6.43%
Minimum Down Payment ($)
$44,990
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$10,473
Mortgage Insurance PST
$2,096
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$59,059
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$55,059
Monthly Payment
$3,048
Absolutely Gorgeous !!Upgraded!! 4 Spacious Bedroom Semi-Detached Home, Facing Park On A Quiet Street. Large Family Room With Media Niche Off Kitchen With Dble Sided Gas Fireplace. Large Modern Kitchen With Breakfast Area & Pantry Walk-Out To Patio & Yard. Spacious Open Concept Living & Dining Rms. Impressive Master Bedroom With Walk-In Closet & 4Pce Ens High Demand Area Churchill Meadows. Newly Renovated Finished Basement. Offer Presentation Jan 31St, 8Pm**** Extras **** List Of Upgrades: Garage Door (2020) Bamboo Hardwood Floors ( 2018) Furnace( 2019) Roofing(2018) Air Conditioner( 2019) Kitchen (2019) Over 50K Spent On Upgrades As Per Seller. Water Tank Rental $29.72 / Month.Open House Jan 26Th 2Pm-4Pm. (Id:23934)
CALL1.877.896.6727
Property Price
$849,000
Minimum Down Payment (%)
7.06%
Minimum Down Payment ($)
$59,900
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$13,455
Mortgage Insurance PST
$2,525
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$77,380
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$73,380
Monthly Payment
$3,672
Rarely Offered! New York Boutique Style Condo Townhouse In Prestigious Yonge And Sheppard Area. Professionally Renovated Custom Kitchen + Shelving + Bathroom With Porcelain Tiling Including Foyer. $$$ Spent On Upgrades - Kitec Plumbing Replaced And Certified. Walk To Yonge Subway In Minutes. Smart Home- Nest Thermostat And Ring Walk-In-Fi Door Bell. Rare Large Terrace With Raised Garden And Allow Barbeque. All Utilities Included In The Maintenance Fee!**** Extras **** Included: Fridge, Stove, Dishwasher, Washer, Dryer, All Elf's All Window Coverings. 1 Owned Parking Spot #162 One Rented Parking Spot ($120 / Month) #38, 1 Owned Locker. Ac And Furnace. Hot Water Tank $40 / Month Excluded: Espring Water Filter (Id:23934)
CALL1.877.896.6727
Property Price
$529,000
Minimum Down Payment (%)
5.27%
Minimum Down Payment ($)
$27,900
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$7,055
Mortgage Insurance PST
$1,604
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$38,059
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$34,059
Monthly Payment
$2,332
Gorgeous Two Storey ""Doll House"" Located In South Welland, Broadway And Prince Charles. First And Second Floors Completely Renovated. Air Conditioning Unit Replaced 2018. Full Unfinished Basement Awaits Your Finishing Touches. Quiet, Family Friendly Neighborhood.**** Extras **** Stainless Steel Fridge, Stove, Microwave / Rangehood, Dishwasher, Full Sized Stacked Washer And Dryer, Gas Dryer, Washer And Laundry Tub In Basement. (Id:23934)
CALL1.877.896.6727
Property Price
$379,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$18,995
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$4,174
Mortgage Insurance PST
$1,155
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$25,823
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$21,823
Monthly Payment
$1,680

Mortgages In Canada

What Is A Mortgage Calculator?
Simply put, a mortgage calculator is like a manual calculator with the exception that it is automated and found on many bank, credit union, and third party websites on the Internet. A mortgage calculator can be used by anyone for free and multiple times, of which this calculator determines the outcome when specific mortgage related information is entered. As you will quickly discover, there is a basic mortgage calculator that requires minimal information, such as the dollar amount of the total mortgage (including any down payment made & mortgage default insurance if warranted), the number of months or years the mortgage will be carried, and the interest/mortgage rate.
The calculation will provide a basic payment amount, and you will see how making a down payment (not to mention the interest rate) affects the outcome of the calculation. By using the mortgage calculator more then once and 'playing with the numbers', you will get a better sense of how certain scenarios can raise or lower your payments (shortening and lengthening the number of years before the mortgage will be paid off in full with interest can really be an eye opener).
What Exactly Is A Mortgage Rate?
A mortgage rate or an interest rate is basically the percentage charged up and over the amount of money you need to borrow, so in other words, it is what the lender charges you for loaning you the money. Mortgage rates can differ between lenders and yes, it is financially ideal to get the lowest mortgage rate possible, but there are certain aspects that needs to be in place to get that lower rate.
There are two basic types of borrowers: the people that are financially stable & prepared to take on a mortgage (typically these people are offered a lower rate to gain their business), and the people that are less prepared financially to take on a mortgage (typically these people are offered a higher rate to offset any risks to the lender). There are various types of lenders (such as major banking institutions) who can offer lower mortgage rates and private lenders who deal in high risk mortgages and offer higher mortgage rates.
Why Are There So Many Different Types of Mortgages?
Each mortgage type/product performs differently, and they are all designed to work hard for both the lender and the borrower’s personal financial situation. Just as borrowers themselves vary, so do the kinds of mortgages that are offered by lenders. There are mortgages that are designed to work well for people that have already held & paid off a mortgage or are currently paying on a mortgage, and then there are mortgage types that are designed for first time mortgagees.
The top three most popular mortgages are a fixed rate mortgage (the interest rate is ‘fixed’ for an agreed-upon set term of time), a variable rate mortgage (the interest rate is dictated by the prime rate, with any changes reflecting on the principal, not the fixed payments), and an adjustable rate mortgage (the interest rate is dictated by the prime rate; any changes reflect on the payments which are ‘adjusted’).
There is also a hybrid mortgage (or a 50/50 mortgage), which combines a fixed rate & variable rate mortgage together. Learning about all the mortgage types available (through a mortgage professional) provides borrowers with an upper hand to make sound decisions.
Mortgage Terminology
You are not the only one who may find certain terms regarding mortgages a bit head-spinning, so let’s clear up some of the basic wording that you will see when diving into the mortgage market.
Amortization Period
The total number of months or years it will take for you to completely pay off your mortgage.
Amortization Schedule
The breakdown of the payments for your mortgage (how much you pay, how much of that goes towards the principal amount, how much goes towards the interest, and the balance remaining).
Mortgage Term
The length of time that the interest rate is set or fixed; the end of this term is when the mortgagee can renegotiate a new mortgage or pay the balance of the mortgage in full.
Mortgage Renewal
When the term of your mortgage comes to an end, you will have the option to discuss the possibility of a new mortgage, its terms, and its interest rate.
Mortgage Refinancing
The act of switching to a new lender to arrange a new mortgage or to renegotiate an existing mortgage.
Mortgage Prepayment
There are mortgage 'deals' that are sweetened by the ability to either double up on payments, increase the percentage paid on monthly payments, or pay off a certain percentage of the principal annually (without any penalty).
Closed Mortgage
When a mortgage is closed, this means that the mortgage rate and the mortgage contract are locked in and non-negotiable for a set period of time.
Open Mortgage
With no worries of any penalties and being completely flexible with no set term, you can pay off your mortgage at any time with this type of mortgage.
Mortgage Insurance
This is a specific type of insurance which protects the lender in the event you should default on your mortgage for any reason (typically mortgage insurance is required if a borrower is deemed a higher risk and is only offered a high ratio mortgage).
Down Payment
Generally, a borrower must have saved a down payment to invest in the home/property upfront (the down payment cannot be borrowed), of which the payment itself is the monetary difference between the value of the mortgage loan and the purchase price of the home/property.
Home Equity Line of Credit (HELOC)
Tied directly to a mortgage, borrowers can sometimes gain access to a certain percentage of funds to borrow against the assessed value of the home/property. There is an interest rate imposed onto this type of loan, not to mention that it is set to keep pace with the prime rate, but there is flexibility as to payments and payoff.
Mortgage Maturity
This is the date that your mortgage term ends, presenting you with the option to pay off the mortgage in full, or renew your mortgage for another term.
Mortgage Affordability
The concept of a lender considering your ability (or affordability) to be able to pay a mortgage monthly via the total household income, the mortgage payments, and monthly expenses/overhead.
Mortgage Principal
This is the amount left outstanding on the mortgage itself.