Mortgage Calculator
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Enter the amount that you are planning on paying for the property
STEP 1
Enter property purchase price
Haven't found a property to purchase yet?
Option #1
Option #2
Option #3
Option #4
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Enter the amount that you will pay upfront
toward the property to obtain a mortgage
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CMHC mortgage insurance is required on all
mortgages with down payment less than 20%
+
$19,000
$13,950
$11,900
$0.00
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Total mortgage amount is calculated by subtracting
the down payment from the property price and adding
CMHC mortgage insurance (if applicable)
=
$494,000
$463,950
$436,900
$400,000
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Amortization period is length of time that it would take
the mortgage holder to pay off the mortgage in full
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Please select the province where you are planning
on taking out the mortgage, as mortgage rates can
vary in different provinces
AlbertaBritish ColumbiaNew BrunswickNewfoundland and LabradorNova ScotiaNorthwest TerritoriesOntarioPrince Edward IslandSaskatchewan
STEP 2
Select province to get current
mortgage rates
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Mortgage type specifies whether the interest
rate is variable or fixed
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Mortgage term is the duration of time that you
are committed to a lender, rate and conditions
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Mortgage rate is the interest rate that you will
be paying on the outstanding balance for the
duration of the mortgage term
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Please select how often you would like
to make your mortgage payments.
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Mortgage payment is the amount that you will be
required to pay based on your mortgage terms
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This is an estimate of how much you should expect
to spend upfront in order to make this purchase
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
+
–
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Total Cash Needed
=
$28,020*
$52,616*
$77,457*
$101,500*
* Plus Land Transfer Tax, please select province to calculate Land Transfer Tax
Mortgage Calculator Examples
Enjoy Country Living And The Best Arran Lake Has To Offer. This Beautiful 4-Season Home / Cottage Is On A 100'X 165' Lot With No Neighbors On Either Side! Utilize The Public Lake Access Perfect For Boating, Fishing, And Watersports, Or Walk The Endless Trails Nearby. A Year-Round Road Means You Can Enjoy This Winter Wonderland Of Snowmobiling, Ice-Fishing, And More. This Renovated 1320Sf. Home Has Had Many Updates Including The Addition Of A 16' X 20' Solarium Featuring Sightlines Of The Water And Trees No Matter Which Way You Look. A Brand-New Deck With A Gazebo, Perfect For Entertaining Or Watching The Sunset. A New Single-Car Garage And An Insulated 1000Sf Garage / Basement For All Your Toys. This Home Is Freshly Painted And Offers Tons Of Natural Light And An Open-Concept Design. The Kitchen Features Custom Cabinetry And Top-Of-The-Line Stainless Steel Appliances. The Living Room Is Bright And Open, With Tons Of Room For The Entire Family. This Is A Must-See, And Trust Me, Life Is Better At The Lake!**** Extras **** Steel Roof, Propane Fireplace, 65' Bored Well, And R60 / R20 Insulation Throughout. Central To All The Attractions Of Bruce Peninsula, And Just 15-20 Mins To Southampton, Port Elgin, Sauble Beach, And 30 Min To The Bruce Powerplant. (Id:23934)
CALL1.877.896.6727
Property Price
$875,000
Minimum Down Payment (%)
7.14%
Minimum Down Payment ($)
$62,500
Mortgage Insurance ($)
$32,500
Mortgage Required ($)
$845,000
Best Mortgage Rate (%)
4.69%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$13,975
Mortgage Insurance PST
$2,600
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$80,575
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$76,575
Monthly Payment
$4,767
Beautifully Renovated 2 Bedroom Unit With So Much To Offer! Modern Kitchen With Stainless Steel Appliances & Large Island With Breakfast Bar. Spacious Primary Bedroom Featuring A 2Pc Ensuite Bathroom, Double Closet. A Perfect Open Concept Floor Plan & Large Balcony Overlooking Green Space. All Utilities Included In Maintenance Fee. Well Maintained Building Situated At The End Of A Quiet Court & Overlooking Ravine.**** Extras **** Fridge, Stove, Dishwasher, Washer & Dryer. (Id:23934)
CALL1.877.896.6727
Property Price
$499,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$24,995
Mortgage Insurance ($)
$18,996
Mortgage Required ($)
$493,901
Best Mortgage Rate (%)
4.69%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$6,473
Mortgage Insurance PST
$1,520
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$34,488
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$30,488
Monthly Payment
$2,786
Beautiful 1 Bedroom + 1 Den With 2Nd Bathroom In The Historic Film Work Lofts In The Heart Of Downtown. Spacious 17 Foot Ceilings With Large Bedroom, Walkin Closet And Ensuite Bathroom. New Flooring, Light Fixtures In Den, New Window In The Living Room, New Kitchen Cabinet Lighting And Upgraded Bathroom Fixtures. Close To Hamilton General Hospital, Hamilton Police Services, Grocery Stores, Parking And Public Transit With A Walk Score Of 99. (Id:23934)
CALL1.877.896.6727
Property Price
$440,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$22,000
Mortgage Insurance ($)
$16,720
Mortgage Required ($)
$434,720
Best Mortgage Rate (%)
4.69%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$5,275
Mortgage Insurance PST
$1,338
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$30,113
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$26,113
Monthly Payment
$2,452
Situated In The Highly Sought After Neighbourhood Of West Oakville, This Exquisite 5 Bedroom Custom Built Home Is Fitted With Luxury Finishes & Tons Of Natural Light Throughout. The Sleek Modern Kitchen Is The 'Heart Of The Home' With Stone Countertops, Huge Island & High-End Integrated Appliances. Main Floor Office With Custom Built-In Bookshelves & Juliet Balcony That Overlooks Lush Private Backyard With Salt Water Pool. 10 Ft Ceilings On Main & 2Nd Floor. Natural Oak Floors, 4 Skylights & Spa Like Bathrooms. Basement With 2 Piece Bath, Wet Bar, Fireplace & A Walk-Up Separate Entrance. Spacious Open Concept Floor Plan That Flows Seamlessly To The Backyard Makes This The Perfect Home To Entertain Or Just Escape And Relax With The Family! Convenient Location, Close To All Amenities, Great Parks And Trails, The Lake Ontario Waterfront, Exceptional Schools And Highly Coveted Restaurants. Close Proximity To The Bronte Go Station And To The Qew. (Id:23934)
CALL1.877.896.6727
Property Price
$3,298,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$659,600
Mortgage Insurance ($)
$0
Mortgage Required ($)
$2,638,400
Best Mortgage Rate (%)
4.69%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$68,925
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$730,025
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$726,025
Monthly Payment
$14,883
Introducing An Incredible Opportunity To Build Your Dream Home On A Premium Lot Located In The Prestigious Neighbourhood Of Bronte West In Oakville. This Exceptional Lot Measures 72 Feet By 111 Feet, Offering A Generous Canvas To Create A Custom Home That Meets All Of Your Needs And Desires. Working Alongside An Experienced Builder, You'll Have The Freedom To Design Your Ideal Home, Choosing Finishes, And Features. The Builder Is Known For Their Exceptional Craftsmanship And Attention To Detail, Ensuring That Your New Home Will Be Built To The Highest Standards.**** Extras **** Don't Miss This Opportunity To Create The Home Of Your Dreams! (Id:23934)
CALL1.877.896.6727
Property Price
$3,398,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$679,600
Mortgage Insurance ($)
$0
Mortgage Required ($)
$2,718,400
Best Mortgage Rate (%)
4.69%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$71,425
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$752,525
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$748,525
Monthly Payment
$15,334
London On The Esplanade! This Fabulous 1 Bedroom Unit (With Parking!) Features Floor To Ceiling Windows Offering Exceptional South Views With Views Of The Lake. Super Functional Layout With No Wasted Square Ft. Open Concept Living Area Flows Easily To The Kitchen With A Island Finished In Granite & Stainless Steel Appliances. Steps To Financial District, St. Lawrence Market, Union Station With Up Express, The Path, Berczy Park, Eaton Centre, Restaurants & More (You're Literally In The Heart Of It All!) Well Maintained Luxury Condo With Low Maintenance Fees & A Host Of Amenities To Fit Your Lifestyle. Gym, Library, Outdoor Pool, Outdoor Terrace With Barbeque's, Theatre Room, Guest Suites, Party Room, Billiards Room, Meeting Room, Yoga Studio, Steam Room & Concierge. Truly Downtown Living At It's Finest.**** Extras **** Heat Pump Is Owned (Id:23934)
CALL1.877.896.6727
Property Price
$639,990
Minimum Down Payment (%)
6.09%
Minimum Down Payment ($)
$38,999
Mortgage Insurance ($)
$24,040
Mortgage Required ($)
$625,031
Best Mortgage Rate (%)
4.69%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$9,275
Mortgage Insurance PST
$1,923
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$51,697
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$47,697
Monthly Payment
$3,526
Live In Style With This Beautiful And Bright 2 Bedroom, 2 Washroom Upgraded Condo In Toronto's Vibrant Waterfront. Enjoy Stunning Water Views From The Great Sized Balcony, Ample Natural Light, And 24 / 7 Security. With A Theatre, Rooftop Deck / Garden, And Easy Access To Union Station Connected To The Path System, This Unit Has It All. Don't Miss Your Chance To Experience The Ultimate Downtown Luxury Living In The Financial & Entertainment District!**** Extras **** Stainless Steel Appliances: New Stove, Fridge, Built-In Dishwasher, Microwave. Washer And Dryer, New Electrical Light Fixtures, New Patio Tiles, Built-In Security System. (Id:23934)
CALL1.877.896.6727
Property Price
$749,000
Minimum Down Payment (%)
6.66%
Minimum Down Payment ($)
$49,900
Mortgage Insurance ($)
$27,964
Mortgage Required ($)
$727,064
Best Mortgage Rate (%)
4.69%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$11,455
Mortgage Insurance PST
$2,237
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$65,092
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$61,092
Monthly Payment
$4,101
Stunning 5+1 Bedroom Home Nestled In Prestigious Bayview Meadows Within Steps To Rick Hansen P.S. Upon Entering The Home, You'll Be Greeted By A Warm & Inviting Ambiance With Tons Of Natural Light. The Open Floor Plan Seamlessly Connects The Living Room, Dining Area, Kitchen & Family Room, Making It An Ideal Space For Entertaining. Well-Appointed Eat-In Kitchen Is A Chef's Dream, Featuring Sleek Stainless Steel Appliances, Ample Cabinet Space & A Convenient Breakfast Bar. Dedicated Main Floor Home Office, For All Your Work Or Study Needs. Crown Moulding, Hardwood Floors, Pot Lights, Smooth Ceilings & Coffered Ceilings. Main Floor Laundry Room With Access To Garage. Spacious Primary With Sitting Area, 5 Piece Ensuite And Walk-In Closet. The Basement Offers A Living Area, A Well-Equipped Kitchen, Bedroom & 3 Piece Bathroom. With Its Own Private Entrance, This Basement Offers Flexibility And Endless Possibilities. Outside The Backyard Is An Oasis With A Large 2 Tier Sundeck & Garden Shed.**** Extras **** Located In A Desirable Neighbourhood, This Home Is Close To Parks, Walking Trails, Schools, Shopping, And All Amenities! (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 (%)
4.69%
Mortgage Type
5 Years Fixed
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
$7,220
Location !! Location !!!! Renovated Open Concept Townhome With Tons Of Sunlight And Brand New Engineered Hardwood Flooring Throughout With Attached Garage. Don't Miss This Opportunity To Live In Port Credit! Walk To Parks, Lakefront Trails & Transit, Restaurants, Shops & Nightlife, Schedule A Showing Today! Maintenance: Hi Speed Internet, Cable Tv, Water, Snow Removal And Grass Cutting An Easily Accessible Street Unit, With Lots Of Extra Storage Space In A Built In Garage. New Roof, Tankless Water Heater, 17 "" Attic Insulation.**** Extras **** Washer, Dryer, All Appliances And Electrical Lighting Fixtures. (Id:23934)
CALL1.877.896.6727
Property Price
$819,999
Minimum Down Payment (%)
6.95%
Minimum Down Payment ($)
$57,000
Mortgage Insurance ($)
$30,520
Mortgage Required ($)
$793,519
Best Mortgage Rate (%)
4.69%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$12,875
Mortgage Insurance PST
$2,442
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$73,816
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$69,816
Monthly Payment
$4,476
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.