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

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.**** 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
$1,299,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$259,800
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,039,200
Best Mortgage Rate (%)
1.40%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$22,455
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$283,755
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$279,755
Monthly Payment
$4,106
Exceptional 4 Season Waterfront Residence With Aprox. 1,015' Of Coveted Shoreline On Paudash Lake! Situated On 2.23 Acres Of Pure Privacy Featuring Timber Frame Interior, Whirlpool Tub Overlooking Great Room & An Exquisite Staircase. Tons Of Windows Allows For Panoramic Water Views. Beautiful Southerly Sun Exposure. In Flr Heat Provides Warmth Throughout. Covered Boat Slip With Docking For 3 Boats, Upper Deck & Boathouse / Bunkie. Truly An Architectural Masterpiece!**** Extras **** Beautifully Landscaped With Limestone Walkways & Stairs. Designed & Executed With The Utmost Attention To Finest Of Details. Fridge, Stove, Built-In Microwave, Dishwasher, Washer & Dryer, All Elf, All Window Coverings. (Id:23934)
CALL1.877.896.6727
Property Price
$3,500,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$700,000
Mortgage Insurance ($)
$0
Mortgage Required ($)
$2,800,000
Best Mortgage Rate (%)
1.40%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$73,975
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$775,475
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$771,475
Monthly Payment
$11,062
Great Opportunity To Enter The Market, Cheaper Than Rent! Cozy 2 Bedroom Detached Home Situated On A 30 X 120 Lot. Ample Parking For Up To 4 Cars. Walk-Out Off Of Living Room To Yard Thats Fully Fenced. Located Steps To Costco Shopping Centre , Dining Room.S.J. Phillips Public School , O'neill Collegiate , Parks And Public Transit.**** Extras **** Fridge, Stove, Dishwasher, Washer And Dryer. (Id:23934)
CALL1.877.896.6727
Property Price
$459,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$22,995
Mortgage Insurance ($)
$17,476
Mortgage Required ($)
$454,381
Best Mortgage Rate (%)
1.40%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$5,673
Mortgage Insurance PST
$1,398
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$31,566
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$27,566
Monthly Payment
$1,795
Show Stopper !!! One Of The Most Unique Custom Built House To Hit The Market !!! Located In The Middle Of Amesbury. Great Family Neighborhood Minutes Away To Major Highways And Walking Distance To Amesbury Park, Schools And Amenities. 5 Bedrooms Above Grade With En Suite And 4 Bedroom Basement Apartment Generating $3450/ Month . This Is A Must See Property, Perfect For Large Families And Let The Basement Income Pay Your Mortgage !!! Do Not Miss Out**** Extras **** Washer, Dryer, Dishwasher, Fridge, Stove, Oven And Microwave. All Elf. (Id:23934)
CALL1.877.896.6727
Property Price
$1,998,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$399,600
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,598,400
Best Mortgage Rate (%)
1.40%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$36,435
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$437,535
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$433,535
Monthly Payment
$6,315
Welcome To Updated 2Br Detached Home With Finished Basement & Detached Garage On A Quiet Street. Open-Concept Kitchen / Dining / Living With High Ceilings, New Wooden Counter, Walkout To Covered Deck & Fully Fenced Backyard Oasis, Great For Bbqs & Entertaining. Includes 2-Piece Wr On Main. Lower Level Offers Bright & Flexible Multi-Functional Space With Kitchen & 4-Piece Wr. Close To Ttc, Eglinton Lrt, Cedarvale Ravine, Schools, Shopping & Dining At St Clair West Village.**** Extras **** Included. All Electrical Lighting Fixtures, 2 Fridges, 2 Stoves, 2 Microwaves, 1 Dishwasher, 2 Clothes Washers,2 Clothes Dryers. All Included Appliances & Fixtures Sold As Is. Roof (2012). He Boiler. Exclude: Kitchen Island, Tv&Tv Mount, Storage Cabinets In Washrooms. (Id:23934)
CALL1.877.896.6727
Property Price
$899,000
Minimum Down Payment (%)
7.22%
Minimum Down Payment ($)
$64,900
Mortgage Insurance ($)
$33,364
Mortgage Required ($)
$867,464
Best Mortgage Rate (%)
1.40%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$14,455
Mortgage Insurance PST
$2,669
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$83,524
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$79,524
Monthly Payment
$3,427
Extraordinary Opportunity To Own Over 100 Acres And Almost 4,000Ft Of Frontage On Beautiful Albion Lake. This Amazing Tranquil Property Is Being Offered For The First Time, And Consists Of 3 Parcels In One Listing; An Updated Winterized Cottage With 4 Bedrooms; Large Bunkie, And A Lakeside Boathouse. Albion Lake Is Located 15 Minutes West Of Downtown Bancroft. Fish Species Include Splake And Small-Mouth Bass. There Is 20% Crown Land Surrounding The Lake. (Id:23934)
CALL1.877.896.6727
Property Price
$1,999,999
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$400,000
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,599,999
Best Mortgage Rate (%)
1.40%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$36,475
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$437,975
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$433,975
Monthly Payment
$6,321
Gorgeous Semi-Detached Property Features A Bright Open Concept Main Floor, Combining Living And Dining Rooms. The Kitchen Features Ceramic Flooring, Tons Of Cabinets. A Master Bedroom Featuring Plenty Of Natural Light, A 4 Piece Ensuite Bathroom And A Walk-In Closet. A Large Basement Will Even More Comfort For The New Owner. The Kitchen French Door Will Lead You To A Spacious Deck And Beautiful Garden In A Comfortable Backyard! Minutes Away To Hwy And Walmart**** Extras **** Fridge , Stove, Dishwasher, Washer, Dryer, Rental Hot Water Tank (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 (%)
1.40%
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
$2,876
Welcome Home To A Sun Filled And Spacious 2 Bedroom, 2 Bathroom Suite. Floor To Ceiling Window In Kitchen Most Unique Floor Plan. Almost 1000 Square Feet Of Livable Space Freshly Painted, Flooring Done Last Year. A Must See Gem Of A Unit Great View Of South West And Downtown Toronto. On A Clear Day You Can Easily See Lake Ontario. 24Hr Concierge On Duty. Lots Of Amenities Available Too Many To List...**** Extras **** Super Close To Costco, Steps To Grocery, Transit, Restaurants, Minutes To Highway 401. All Window Coverings And Appliances Fridge, Stove, Built-In Dishwasher Stacked Washer And Dryer Are Included Along With One Parking Spot And A Locker Unit. (Id:23934)
CALL1.877.896.6727
Property Price
$579,900
Minimum Down Payment (%)
5.69%
Minimum Down Payment ($)
$32,990
Mortgage Insurance ($)
$21,876
Mortgage Required ($)
$568,786
Best Mortgage Rate (%)
1.40%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$8,073
Mortgage Insurance PST
$1,750
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$44,313
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$40,313
Monthly Payment
$2,247
Spectacular 2-Storey Corner Suite With 22 Foot Ceilings In Luxury Downtown Residence! Jaw Dropping Walls Of Windows For A Spectacular Light & Airy Feel & An Abundance Of Natural Light. Open Staircase With Glass Railings Leads To Master Oasis With Rare 6-Piece Ensuite, Custom Walk-In Closet & Den.Easy Access In & Out Of Building Through Side Entrance(No Waiting For Elevators!) Phenomenal Location,Only Steps To Bloor Subway, Groceries,Yorkville ,U Of T & Rosedale Ravine.**** Extras **** Fridge, New Dishwasher,New Microwave, Ceramic Cooktop, Built-In Oven. Washer / Dryer. All Elf, All Window Blinds. Tv Mount In Master. 1 Parking & 1 Locker.Fab Amenities: Rooftop Patio / Barbeque, Gym, 24Hr Concierge,Media / Games Room,Sauna& Visitor Parking. (Id:23934)
CALL1.877.896.6727
Property Price
$905,000
Minimum Down Payment (%)
7.24%
Minimum Down Payment ($)
$65,500
Mortgage Insurance ($)
$33,580
Mortgage Required ($)
$873,080
Best Mortgage Rate (%)
1.40%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$14,575
Mortgage Insurance PST
$2,686
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$84,261
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$80,261
Monthly Payment
$3,449

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.