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

Beautiful Brand New Freehold Townhome In The All New Emerald Crossing Project By Fieldgate Homes. This Spacious 3 Bed, 3 Bath Includes Hardwood Flooring Throughout, Smooth 9' Ceilings, Laundry On Second Level, Main Floor With Formal Combined Living / Dining, Gourmet Style Kitchen Combined With Breakfast Bar, Electrical Fireplace In The Living Room, And Plenty More Upgrades.**** Extras **** Tentative Occupancy Spring 2023. Last Appointment For Upgrades / Colour Selection Of Kitchen Cabinets / Flooring August 8Th, 2022!! (Id:23934)
CALL1.877.896.6727
Property Price
$1,199,900
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$239,980
Mortgage Insurance ($)
$0
Mortgage Required ($)
$959,920
Best Mortgage Rate (%)
2.70%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$20,473
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$261,953
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$257,953
Monthly Payment
$4,396
Brand New!!! 2021 Custom Guildcrest Built Bungalow With A 10 Year ( Builder) Warranty On 1.3 Acres Of Land Features A 1452 Square Ft Main Floor With Luxury Flooring Throughout, Cathedral Ceilings Looking Out To A Beautiful View And Attached Double Garage. Highlighted By Smart Design And Quality Finishes, The Bright Open Living Space Has Soaring Ceilings, Large Windows With Views That Deliver Magnificent Sunsets, High-End Gas Fireplace, Custom Kitchen With Quartz Countertops All This To Create An Environment That's Sure To Impress. Three Main Floor Bedrooms With Large Closets And Large Windows With An Amazing View. 9 "" Ceilings In The Basement With Additional 1400 Plus Square Feet. Steps To Curley Lake**** Extras **** Propane Tank $125/ Year. Dishwasher, Stove, Culligan Systems ( Water Softener), Washer, Dryer, Fridge, Microwave, All Electrical Lighting Fixtures. Hrv System. (Id:23934)
CALL1.877.896.6727
Property Price
$950,000
Minimum Down Payment (%)
7.37%
Minimum Down Payment ($)
$70,000
Mortgage Insurance ($)
$35,200
Mortgage Required ($)
$915,200
Best Mortgage Rate (%)
2.70%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$15,475
Mortgage Insurance PST
$2,816
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$89,791
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$85,791
Monthly Payment
$4,191
Welcome Home To This Bright & Spacious 1+Den Condo Conveniently Located Next To Leslie Subway Station! Functional Layout With Large Den That Can Be Used As Home Office Or 2Nd Bedroom. 9Ft Ceiling & Floor To Ceiling Windows Allowing Lots Of Natural Light.Rare 2 Full Bathrms. Boutique & Intimate Building With Only 11 Storeys. Great Amenities Include: Gym / Exercise Room, Pool, Common Rooftop Deck & Concierge. Close To Bayview Village, Ikea, Hwy 401 And Dvp / 404.**** Extras **** Fridge, Stove, Dishwasher, Washer, Dryer, All Existing Light Fixtures. (Id:23934)
CALL1.877.896.6727
Property Price
$599,900
Minimum Down Payment (%)
5.83%
Minimum Down Payment ($)
$34,990
Mortgage Insurance ($)
$22,596
Mortgage Required ($)
$587,506
Best Mortgage Rate (%)
2.70%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$8,473
Mortgage Insurance PST
$1,808
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$46,771
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$42,771
Monthly Payment
$2,691
Fabulous Rivercity Condos! You Must See These Incredible Views In This Sun-Filled Suite Features 9Ft Ceilings, Floor To Ceiling Windows, Modern Upgraded Finishes, Stone Counters,Hardwood Floors. State Of The Art Amenities With An Outdoor Pool & Fitness Room. Steps To King Streetcar & Walking Distance To The Distillery District, St Lawrence Market, Restaurants, Coffee Shops, Stores, Parks & Major Downtown Attractions. Minutes To Gardiner & Dvp**** Extras **** Stainless Steel(Fridge, Stove, Built-In Dishwasher, Built In Microwave), Washer / Dryer, All Electric Light Fixtures. One Bike Storage Space Included. (Id:23934)
CALL1.877.896.6727
Property Price
$489,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$24,450
Mortgage Insurance ($)
$18,582
Mortgage Required ($)
$483,132
Best Mortgage Rate (%)
2.70%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$6,255
Mortgage Insurance PST
$1,487
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$33,692
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$29,692
Monthly Payment
$2,213
Once In A Lifetime Opportunity To Own This Huge 1 / 2 Acre Lot In Highland Creek With 2 Separate Dwellings. Very Secluded & Private With Lots Of Trees. Detached Garage / Workshop & Parking For 20 Vehicles. 52 Solar Panels Generating $11,000 / Year Income With Ontario Power Authority. Property Has Potential For Severance To Build 2 Houses Buyer To Do Own Due Diligence With City. Vendor Take Back Financing Available, Speak To Listing Agent.**** Extras **** 4 Fridges, 2 Freezers, 3 Stoves, 3 Microwaves, 3 Dishwashers, 2 Washing Machines, 2 Dryers, 1 Tankless Water Heater & 1 Hot Water Heater, Above Ground Pool, Hot Tub, Tiered Deck And Gazebo, Detached 1.5 Car Garage / Workshop, 2 Sheds & Greenhouse. (Id:23934)
CALL1.877.896.6727
Property Price
$2,400,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$480,000
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,920,000
Best Mortgage Rate (%)
2.70%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$46,475
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$527,975
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$523,975
Monthly Payment
$8,793
Location, Location, Location!! Great Property On A Huge 402 Ft Deep Lot In Prestigious Highland Creek Community! Beautiful Mature Trees With A Unique Chalet Feel To The Home. Private Backyard Oasis With Pool. Industrial Style Garage Workshop With 12 Ft Ceilings With 2 Oversized Large Garage Doors. Close To 401, Schools, Parks, Shopping, Uoft, Centennial College & Much More.**** Extras **** Fridge, Stove, Washer & Dryer. House, Pool & Garage All In As-Is Condition. (Id:23934)
CALL1.877.896.6727
Property Price
$1,599,900
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$319,980
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,279,920
Best Mortgage Rate (%)
2.70%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$28,473
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$349,953
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$345,953
Monthly Payment
$5,862
Location!!! Location !!! Location !!! Fully Upgraded Beautiful 4 Level Backsplit In Doon On A Big Lot 60 X 139 !! This Executive Home Features Solid Engineered Hardwood Flooring, Custom Built Fireplace In The Separate Living And Dinning Room, Brand New Custom Kitchen With Stainless Steel Appliances, California Shutters, Family Room With Custom Built Fireplace 3Pc Master Ensuite With Second Bed. Lower Level Is Finished With New Laminate Flooring And With In-Law Potential. Brand New 200 Amp Electrical Panel , Metal Roof And Sprinkler System. Beautiful Backyard With Kidney Pool, Patio's, And Mature Trees. Minutes From The 401 And Walking Distance To Conestoga College. This House Is A Must See.**** Extras **** Washer, Dryer, All Appliances, Stove, And All Existing Light Fixtures (Id:23934)
CALL1.877.896.6727
Property Price
$1,175,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$235,000
Mortgage Insurance ($)
$0
Mortgage Required ($)
$940,000
Best Mortgage Rate (%)
2.70%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$19,975
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$256,475
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$252,475
Monthly Payment
$4,305
Wow! Can You Believe This Price For This Trendy Reno Loft Living In Sought After Queen West Triangle, Bright & Spacious 2 Bedroom Apartment, Approx. 650 Sf + Balcony. New Vinyl Flooring Th / O, Large Floor To Ceiling Windows, Exposed Concrete Ceilings & Ductwork. Open Concept Kitchen With Granite & Stainless Steel Appliances, New Backsplash. Enjoy Parks, Eateries, Nightlife, Grocery & 24Hr Ttc All In Walking Distance. On Site Fitness, Pool, Visitors Parking, Guest Suites & Pet Friendly. Mins To Core And Waterfront.**** Extras **** All Kitchen Appliances: Fridge, Stove, Dishwasher, Range Hood With Built In Microwave; Washer & Dryer, All Electric Light Fixtures. One Locker #18 On P3. Pls Note Floorplan Attached Does Not Include Any Cabinetry. (Id:23934)
CALL1.877.896.6727
Property Price
$599,000
Minimum Down Payment (%)
5.83%
Minimum Down Payment ($)
$34,900
Mortgage Insurance ($)
$22,564
Mortgage Required ($)
$586,664
Best Mortgage Rate (%)
2.70%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$8,455
Mortgage Insurance PST
$1,805
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$46,660
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$42,660
Monthly Payment
$2,687
Rare Premium Lot Home On A Quiet Cul-De-Sac, Backing Onto Ravine! Desirable Inspiration Community Famous For High Ranking Schools And Parks. Deep Pool Size Lot Fully Landscaped With Variety Of Mature And Rare Trees, Shrubs And Perennials. Home Is Recently Renovated, 9 Ft Ceil Crown Moulding On Main Floor, High End Upgrades, Huge Wardrobe Room With Own Laundry In Primary Suite Recently Finished Basement, New Bathrooms, Rough-In For Kitchen In Basement, Heated Floors Bathrm And Bedroom, Tons Of Storage, Large Interlock Patio, Hardwood And Smooth Ceil Throughout.**** Extras **** Gas Stove, Fridge, Range Hood, Bosh Dishwasher, All Window Coverings, All Chandeliers And Light Fixtures (Many With Chrystal), Central Vacuum And Attachments, Garage Door Opener+2Remotes, Gazebo, Samsung Washer And Dryer, All Built In Bookcases / Cabinetry. (Id:23934)
CALL1.877.896.6727
Property Price
$2,249,900
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$449,980
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,799,920
Best Mortgage Rate (%)
2.70%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$42,723
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$494,203
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$490,203
Monthly Payment
$8,243
Cute As A Button! Great Home With Tons Of Upgrades In Central Oshawa. Inviting Living Area With Large Window Overlooking Front Yard, Pot Lights & Laminate Flooring. Renovated Kitchen With Stainless Steel Appliances & Cozy Breakfast Area That Leads To Private Backyard. No Neighbors Behind! Newer Asphalt Driveway That Fits 6 Cars. Conveniently Located Just Steps From Public Transit, Restaurants, Schools, Parks & The Tribute Center. Minutes Away From The 401 & The Shopping Center.**** Extras **** New Stainless Steel Appliances: Fridge, Stove, Dishwasher. Washer & Dryer. Garden Shed With 30 Amp Service. 2 Cameras & Motion Sensors. Ac, Roof, Electrical, Plumbing, Drywall & Bat Insulation 4 Years Old. Windows 3 Years Old. (Id:23934)
CALL1.877.896.6727
Property Price
$599,900
Minimum Down Payment (%)
5.83%
Minimum Down Payment ($)
$34,990
Mortgage Insurance ($)
$22,596
Mortgage Required ($)
$587,506
Best Mortgage Rate (%)
2.70%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$8,473
Mortgage Insurance PST
$1,808
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$46,771
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$42,771
Monthly Payment
$2,691
Nestled In Lakeport Village & Just Steps To Lake Ontario This Charming Home Is Situated On A Huge Private Double Lot With Tons Of Mature Trees (Pear & Apple!) Main House Features New Laminate Floors, Eat-In Kitchen With Oak Cabinets & New Countertops. Tin Roof'21, Wood Pellet Stove (Newer Chimney Liner), & Covered Back Deck. The Bunkie Offers 1 Bedroom, 1 Bathroom With Living / Kitchen Area (Unfinished). Close To Wicklow Beach With A Public Boat Launch, Keeler's Wharf Heritage Site With Swimming. Mins To The 401 & Hwy 2, Village Of Grafton & Colborne.**** Extras **** Fully Furnished. Fridge, Stove, Microwave, Washer & Dryer. Portable Car Shelter, 2 Sheds. Septic 12 Yrs Old. (Id:23934)
CALL1.877.896.6727
Property Price
$429,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$21,495
Mortgage Insurance ($)
$16,336
Mortgage Required ($)
$424,741
Best Mortgage Rate (%)
2.70%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$5,073
Mortgage Insurance PST
$1,307
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$29,375
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$25,375
Monthly Payment
$1,945
A Wonderful Opportunity To Own A Beautiful 3 Year Old Home In Norwood! This Bright And Spacious Home Is Located In A Quiet Family Friendly Subdivision. Featuring An Open Concept Kitchen With Stainless Steel Appliances & Island. Walk-Out To Large Deck Perfect For Summer Entertaining. Primary Bedroom With Double Door Entry, Walk-In Closet And 4Pc Ensuite. Enjoy Your Privacy While Facing Open Fields & A Large Fenced In Backyard. 5 Min Walk To Grocery Store, Gas Station & Parks. 7 Min Drive To Rice Lake For Fishing & Camping.**** Extras **** Fridge, Stove, Dishwasher, Washer & Dryer. Hot Water Tank Rented (Id:23934)
CALL1.877.896.6727
Property Price
$749,900
Minimum Down Payment (%)
6.67%
Minimum Down Payment ($)
$49,990
Mortgage Insurance ($)
$27,996
Mortgage Required ($)
$727,906
Best Mortgage Rate (%)
2.70%
Mortgage Type
5 Years Variable
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
$3,334
Perfect Starter Home!!! 3 Bedroom, 1 Bath Home Is Within Walking Distance Of Downtown Shelburne And All Amenities. Amazing Lot Size 74X 149 . Newly Renovated Eat In Kitchen With Walk-Out To Yard & Tastefully Decorated With Newer Countertops, Ceramic Backsplash & Modern Colors This Is A Perfect Home For First Time Home Buyers With Lots Of Backyard Space.**** Extras **** Washer, Dryer, Stove, Fridge, All Appliances, Elf . Hot Water Tank Rental $14.99 / Month Furnace Rental $49.95/ Month (Id:23934)
CALL1.877.896.6727
Property Price
$689,999
Minimum Down Payment (%)
6.38%
Minimum Down Payment ($)
$44,000
Mortgage Insurance ($)
$25,840
Mortgage Required ($)
$671,839
Best Mortgage Rate (%)
2.70%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$10,275
Mortgage Insurance PST
$2,067
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$57,842
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$53,842
Monthly Payment
$3,077

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 than 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 need 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.