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

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 (%)
1.35%
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
$6,278
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 (%)
1.35%
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
$6,284
Luxurious Tridel Parkside On Grandview, Gated Community In Heart Of North York Area In The Prestigious Willowdale Area, Open Concept, Practical Layout Living & Dining Area With A Dedicated Family Room, Kitchen Features Breakfast Area With Center Island. Walking Distance To Ttc Subway, 24Hrs Metro, Steps To Ttc,Schools,Library,Civic Center,Parks And More.**** Extras **** Stainless Steel Stove,Fridge, Dishwasher, Washer, Dryer,All Window Coverings. Amenities: 24Hr Security Guard,Gym,Indoor Pool,Whirlpool,Sauna,Visitor Parking,Party Room,Guest Suites, Billiards Room, Etc. (Id:23934)
CALL1.877.896.6727
Property Price
$869,000
Minimum Down Payment (%)
7.12%
Minimum Down Payment ($)
$61,900
Mortgage Insurance ($)
$32,284
Mortgage Required ($)
$839,384
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$13,855
Mortgage Insurance PST
$2,583
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$79,838
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$75,838
Monthly Payment
$3,297
Welcome Home To This Wonderful 4 Bedroom All Brick Home In The Desirable Downtown Whitby Neighbourhood. Located On A Quiet Crescent Walking Distance From Go Station And Seconds From Hwy 401 This Home Features An Open Concept Living & Dining Room With Large Windows Allowing For Tons Of Natural Light. Extra Long Driveway For 6 Vehicles + A Detached Garage! Spacious & Private Backyard. Furnace, Air Conditioner, Roof, Windows & Doors All Replaced In 2018.**** Extras **** Fridge, Stove, Dishwasher, Washer , Dryer & All Electrical Light Fixtures. Smart Locks, Gazebo, Garage Door Opener. Hot Water Tank Rented. Exclude: Cameras & Curtains (Id:23934)
CALL1.877.896.6727
Property Price
$849,900
Minimum Down Payment (%)
7.06%
Minimum Down Payment ($)
$59,990
Mortgage Insurance ($)
$31,596
Mortgage Required ($)
$821,506
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$13,473
Mortgage Insurance PST
$2,528
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$77,491
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$73,491
Monthly Payment
$3,226
Fantastic Opportunity For First Time Buyers, Better Than Renting! This Tastefully Updated 2 Bedroom Condo Features A Modern Kitchen With Stainless Steel Appliances. Spacious Living & Dining Room With Walk-Out To Balcony With Spectacular Treed West Views. Ensuite Laundry. Phenomenal Location - Ttc At Your Door Steps, Close To Shopping Centres, Schools, Airport & Major Highways. Indoor Pool, Security System & Convenience Store At The Main Level.**** Extras **** Stainless Steel Fridge & Stove, Washer & Dryer, All Electrical Light Fixtures. One Underground Parking. Low Property Tax. Maintenance Fees Include Water & Gas + Cable Tv! (Id:23934)
CALL1.877.896.6727
Property Price
$389,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$19,495
Mortgage Insurance ($)
$14,816
Mortgage Required ($)
$385,221
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$4,324
Mortgage Insurance PST
$1,185
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$26,504
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$22,504
Monthly Payment
$1,513
Welcome To The Modern! This Split 2 Bedroom Unit Offers An Open Concept Living Area Featuring Hardwood Floors, Newly Renovated Kitchen With Island, Quartz Counters & Stainless Steel Appliances. Wall-To-Wall Windows Drenches The Unit With Tons Of Natural Light. Large Primary Room With 2 Closets, 3Pc Ensuite & Walk-Out To Balcony. Fab Amenities: Rooftop Deck With Stunning Cn Tower Views, Barbeque Area, Outdoor Pool & Hot Tub. Media Room, Sauna Room, Party Room + Vis Parking.**** Extras **** Convenient Location Close To Distillery District, St. James Park, George Brown College & St.Lawrence Market.90 Walk Score,100 Transit Score. Included: Brand New Fridge, Stove & Dishwasher. Built-In Microwave. All Elf & 1 Parking! (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 (%)
1.35%
Mortgage Type
5 Years Variable
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
$2,856
Bright & Spacious 4 Bedroom Home In Desired North Galt Neighbourhood! Family Size Kitchen With Lots Of Cabinets. Walk-Out To Large Deck & Fenced Backyard With No Neighbours Behind. Minutes To The 401,Cambridge Centre, Shopping, Schools, Shades Mill Conservation Area, Parks And So Much More.**** Extras **** Property Being Sold ""As Is Where Is Condition"" (Id:23934)
CALL1.877.896.6727
Property Price
$699,900
Minimum Down Payment (%)
6.43%
Minimum Down Payment ($)
$44,990
Mortgage Insurance ($)
$26,196
Mortgage Required ($)
$681,106
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
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
$2,675
Welcome To Cozy 3 Bedroom, 2 Bathroom Home With Ensuite Laundry Room And Huge Storage / Pantry Room.Updated Floors, Kitchen Cabinets, Counter Top, Backsplash, Bathroom Vanities. Newer Appliances. Move In Ready! This Unit Is Perfect For First Time Buyers, Investors And Down Sizers Alike. Inground Pool As Partially Of The Common Elements. Located In A Prime Area Close To Shopping, Fanshawe College, Highway 401.**** Extras **** Pets Allowed. Lots Or Parking For You And Your Visitors. Relax And Enjoy The Pool. Live Or Rent. Ideal For Investors. (Id:23934)
CALL1.877.896.6727
Property Price
$349,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$17,495
Mortgage Insurance ($)
$13,296
Mortgage Required ($)
$345,701
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$3,724
Mortgage Insurance PST
$1,064
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$23,782
First Time Home Buyer
Land Transfer Tax Credit
-$3,724
Cash Needed
$20,059
Monthly Payment
$1,358

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.