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! Very Secluded & Private With Lots Of Trees. Detached Garage / Workshop & Parking For 7+ Vehicles. 52 Solar Panels Income Generating 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
Best Mortgage Rate (%)
1.99%
Mortgage Type
5 Years Fixed
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
$4,395
Excellent Opportunity To Move In Or Expand This Charming 2.5 Storey Detached Home In Sought After Wychwood! Generous Living & Dining Rms With Soaring Ceilings. Exposed Brick & Vaulted Ceilings In Master. Massive Spa Like 5Pc Bathroom With Sauna. Separate Entry To Basement With Kitchenette.Upgraded Plumbing & Electrical'17. Spacious Yard Facing South. Endless Possibilities + Laneway House Potential! Steps To Transit,Highly Rated Hillcrest School & Artscape Wychwood Barns.**** Extras **** Fridge,Cook Top ,Double Oven, Dishwasher, Washer & Dryer. All Electrical Light Fixtures, All Window Coverings. Owned Hot Water Tank. Add Value & Income Through Building Possible Laneway House! 3D Walk Tour Available! (Id:23934)
CALL1.877.896.6727
Property Price
$1,749,900
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$349,980
Best Mortgage Rate (%)
1.99%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$31,473
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$382,953
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$378,953
Monthly Payment
$5,921
This Is Your Chance To Own A Fully Operational Investment Property. This 6 Bedroom, 2 Bathroom, 2 Story Home Just Steps Away From Mcmaster University. The Location Is Amazing! This Home Has Been Well Maintained And Rented Every Year By Incredible Students. Over $3200 Of Rental Income Monthly. Do Not Miss Your Chance To Own This Incredible Money Making Property.**** Extras **** All Appliances Included: Fridge, Stove, Electrical Light Fixtures. Driveway 2019, Deck & Sod 2018, Waterproofed Basement 2018, Waterline 2015, New Owner Hot Water Tank 2015, Back Flow Valve 2015, Roof 2009. (Id:23934)
CALL1.877.896.6727
Property Price
$649,999
Minimum Down Payment (%)
6.15%
Minimum Down Payment ($)
$40,000
Best Mortgage Rate (%)
1.99%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$9,475
Mortgage Insurance PST
$1,952
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$52,927
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$48,927
Monthly Payment
$2,683
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
$419,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$20,950
Best Mortgage Rate (%)
1.99%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$4,855
Mortgage Insurance PST
$1,274
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$28,579
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$24,579
Monthly Payment
$1,751
Heathwood's Popular Lilac Model. Approx 2000 Square Feet. With 9Ft Ceilings- Granite Counter In Kitchen, Ceramic Floors, Extra Large Master Bedroom. Finished Basement With Full Size Second Kitchen, Washroom And 2 Bedrooms! Extra Wide Driveway And 4 Car Parking. Three Large Bedrooms Upstairs And An In-Law Suite On The Lower Level. Air Filter System, Central Vac And Garage Door Openers. Beautiful Court With Park. Great Place To Call Home .**** Extras **** Existing Refrigerator, Stove, Washer (2020), Dryer (2020), Gas Fireplace, All Window Dressings And Blinds, Fixed Light Fixtures And Ceiling Fans (Id:23934)
CALL1.877.896.6727
Property Price
$845,000
Minimum Down Payment (%)
7.04%
Minimum Down Payment ($)
$59,500
Best Mortgage Rate (%)
1.99%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$13,375
Mortgage Insurance PST
$2,514
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$76,889
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$72,889
Monthly Payment
$3,455
Open Concept, 2-Storey Condo Townhouse Allows Plenty Of Natural Sunlight. Great For First Time Buyers Or Down-Sizers! Quiet And Friendly Neighbourhood. Main Floor Boast 9'Ceilings, Engineered Hardwood And Neutral Finished. Modern Kitchen And Combined Living-Room / Dining Room Open To The Backyard. Quick Access To Highway, Shopping And Parks.**** Extras **** Includes Elf's, Stainless Steel Fridge, Stainless Steel Stove, Stainless Steel Dishwasher, Stainless Steel Microwave. Washer & Dryer. Condo Fee Include: Grass Cutting & Snow Removal. Rentals: Hot Water Tank & Ac (Id:23934)
CALL1.877.896.6727
Property Price
$515,000
Minimum Down Payment (%)
5.15%
Minimum Down Payment ($)
$26,500
Best Mortgage Rate (%)
1.99%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$6,775
Mortgage Insurance PST
$1,563
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$36,338
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$32,338
Monthly Payment
$2,149
Attention Builders! City Approved Drawings And Permits Issued! Premium Corner Lot With Park View Located In The Heart Of Richmond Hill! Prestigious Neighbourhood Of Multi Million $$ Properties. Minutes To Transit & Go Station! Home Is Well Maintained & Move-In Ready! Main Floor Features Large Living / Dining, 3 Bedrooms, Full Washroom & Laundry. Separate Entrance To Spacious 2 Bedroom Basement Apartment! Large Attic Can Also Be Converted To More Living Space.**** Extras **** Approved Architectural Drawings And Permits! 2 Fridges, 2 Stoves, 2 Hood Fans, Microwave, 2 Sets Of Washer And Dryer, All Electrical Lighting Fixtures, Hot Water Tank Is Owned. (Id:23934)
CALL1.877.896.6727
Property Price
$1,249,900
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$249,980
Best Mortgage Rate (%)
1.99%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$21,473
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$272,953
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$268,953
Monthly Payment
$4,229
Oozing With Potential! Wonderful Opportunity To Make This 3 Bedroom Semi Detached Your Dream Home In One Of The Quietest Pockets Of South Danforth! Enclosed Front Porch, Large Principle Rooms + Mudroom That Leads To Back Deck. Deep Lot. 2 Car Garage With Tons Of Parking. Just Steps To The Danforth, Main Street Subway Station, Go Train, Shops, Grocery Stores, Parks & Schools.**** Extras **** Washer, Dryer, All Electrical Light Fixtures. Newer Roof (Id:23934)
CALL1.877.896.6727
Property Price
$999,900
Minimum Down Payment (%)
7.50%
Minimum Down Payment ($)
$74,990
Best Mortgage Rate (%)
1.99%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$16,473
Mortgage Insurance PST
$2,960
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$95,923
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$91,923
Monthly Payment
$4,069
Cute As A Button! This Adorable Semi Features A Glorious Front Porch, Eat-In Kitchen With Walk-Out To Deck & Bonus Studio Space That's Fully Insulated With Electricity, Heat & Wifi.... Hello Home Office! Newly Finished Basement. Situated Near The End Of A Cul-De-Sac, Across From Community Garden. Enjoy Swimming At Monarch Park, The Off Leash Park, Ice Rink & Stadium. Quiet & Family Friendly Yet Moments To Transit (12 Min Walk To Greenwood Station) Shops & Restaurants.**** Extras **** Fridge, Gas Stove, Dishwasher, Washer & Dryer, All Electrical Light Fixtures, All Window Coverings, Ecobee Thermostat, Sump Pump. Roof 2018. New Windows In Basement. Ample Street Parking! (Id:23934)
CALL1.877.896.6727
Property Price
$799,900
Minimum Down Payment (%)
6.87%
Minimum Down Payment ($)
$54,990
Best Mortgage Rate (%)
1.99%
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
$3,277
Modern Designer Home With Over 3,500 Square.Ft. Of Luxury Living Space Featuring Engineered Hwd Flooring & Led Lighting Throughout! Stainless Steel & Glass Railings! Chef's Kitchen With Centre Island, 36"" Gas Stove & Quartz Counters! Master Bedroom With Large Walk-In Closet & Ensuite Retreat Featuring Double Vanity, Glass Shower & Free Standing Tub! Fully Finished Basement With Separate Entrance, Kitchen, 2 Large Bedrooms & 4 Piece Washroom!**** Extras **** Stainless Steel Appliances: Fridge, Stove, Dishwasher, Washer And Dryer; Stainless Steel Hood Fan; Front Door, Front, Side & Rear Yard Surveillance Cameras With Hd Dvr Unit And Monitor, Garage Door Opener & Remotes (Id:23934)
CALL1.877.896.6727
Property Price
$1,149,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$229,800
Best Mortgage Rate (%)
1.99%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$19,455
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$250,755
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$246,755
Monthly Payment
$3,888
Gorgeous Custom Built Home, Over 3,500 Square Feet Of Living Space Featuring Hardwood Flooring, Led Lighting; Wainscotting, Coffered Ceiling, Crown Mouldings, Large Windows & An Abundance Of Natural Light! Beautiful Kitchen With Quartz Counter And Centre Island! Master Bedroom Features Large Walk-In Closet And Spa Like Ensuite With Dbl Vanity, Jacuzzi & Glass Shower With Body Spray Unit; Fully Finished Basement With Separate Entrance, 2 Bedrooms, Full Washroom & Kitchen**** Extras **** Stainless Steel Samsung Appliances: Fridge, Stove And Dishwasher, Washer And Dryer; Stainless Steel Hood Fan; Front Door, Front Yard And Rear Yard Surveillance Cameras With Hd Dvr Unit And Monitor, Garage Door Opener & Remotes, (Id:23934)
CALL1.877.896.6727
Property Price
$1,149,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$229,800
Best Mortgage Rate (%)
1.99%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$19,455
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$250,755
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$246,755
Monthly Payment
$3,888
Fully Renovated Spacious 3 Bedroom Corner Unit With Exceptional Ravine & Golf Course View From All Rooms! Modern Open Concept Kitchen, Lots Of Cabinet Space, Quartz Countertop, Breakfast Bar & Stainless Steel Appliances. Master Bedroom With Walk-In Closet & 2Pc Ensuite.Private Balcony With Beautiful Clear View Overlooking The Golf Course. Minutes To Dvp, Transit,Shopping, Park & Community. Great Amenities: Gym, Indoor Pool, Sauna,Visitor Parking & On-Site Convenience Store**** Extras **** Fridge, Stove, Dishwasher. Washer & Dryer, All Window Coverings, All Electrical Light Fixtures. Maintenance Fees Include Everything , Even Cable! (Id:23934)
CALL1.877.896.6727
Property Price
$499,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$24,995
Best Mortgage Rate (%)
1.99%
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
$2,089
Stunning Property With Breathtaking Views Of The Bluffs. This Is Your Opportunity To Live In One Of Toronto's Finest Upscale Neighbourhoods! Enjoy The Views While Lounging By The Pool Or Enjoy Your Indoor Hot Tub, This Property Has A 'Cottage & Cozy ""Feel. Marble Fireplace With Water Fountain & Light Feature, Marble Floors On The Main Level. This Is An Incredible Custom Designed Home Is Surrounded By Nature With A Huge Lot Over 140 Feet By**** Extras **** Appliances Included: Fridge, Stove, Built-In Dishwasher, Washer, Dryer, All Electrical Light Fixtures, All Pool Equipment. 2 Furnaces, Hot Water Tank Is Owned, Central Air Conditioner. (Id:23934)
CALL1.877.896.6727
Property Price
$2,350,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$470,000
Best Mortgage Rate (%)
1.99%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$45,225
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$516,725
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$512,725
Monthly Payment
$7,952
Absolute Beauty Over 3900 Square Feet Of Total Living Space.Built By The Conservatory Group! Beautifully Finished From Top To Bottom. Bright, Spacious With Open Concept Layout New Detached Home - Features 4 Bdrms With Ensuites. Upgraded Kitchen, 20Ft Ceiling Grand Foyer, Hardwood Floor. Upgd. Kitchen With Granite C / Tops, Appliances. Finished Basement With 2 Bedrooms And 3 Piece Bathroom.Perfect For Large Families. Double Car Garage With In Home Access.**** Extras **** Premium New Appliances - Fridge, Stove & Built-In Dishwasher. Washer / Dryer, C / Ac, Upgraded Light Fixtures.Virtual Tour (Https://Vimeo.Com / 426760531) (Id:23934)
CALL1.877.896.6727
Property Price
$1,175,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$235,000
Best Mortgage Rate (%)
1.99%
Mortgage Type
5 Years Fixed
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
$3,976
Welcome To River Hill Condos! This Beautiful 1+Den Condo Features A Functional Spacious Layout, An Open Concept Living & Dining Room With Walk-Out To Balcony With Stunning Clear Views. Galley Style Kitchen + Separate Den That Makes For The Perfect Home Office. Huge Master Bedroom, Walk-In Closet & Lrg Bay Window. Freshly Painted Throughout. Walk To Weston Go / Up Express, Ttc, Parks, Schools & Shopping. Short Drive To Hwy 401 & Hwy 400. This Ones A Must See!**** Extras **** Fridge, Stove, Dishwasher, Microwave, Washer, Dryer. All Electrical Light Fixtures.1 Parking And 1 Locker Included. Maintenance Fees Include All Utilities! (Id:23934)
CALL1.877.896.6727
Property Price
$399,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$19,995
Best Mortgage Rate (%)
1.99%
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
$1,671

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.