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

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Last Name
Email
Phone
Message (Optional)
OR CALL
1.877.896.6727

Mortgage Calculator Examples

Priced To Sell! Motivated Seller! Don't Miss This Opportunity To Make This House Your Own! This House Is For Someone Who Wants A Space To Build More! Make This Your Next Project And Let Your Imagination Run Wild!**** Extras **** $125 / Year Resident Fee Covers Road Maintenance, Snow Removal, Garbage And Recycling Removal. (Id:23934)
CALL1.877.896.6727
Property Price
$449,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$22,450
Mortgage Insurance ($)
$17,062
Mortgage Required ($)
$443,612
Best Mortgage Rate (%)
5.64%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$5,455
Mortgage Insurance PST
$1,365
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$30,770
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$26,770
Monthly Payment
$2,744
Extraordinary Opportunity To Own Over 100 Acres & Almost 4,000Ft Waterfrontage On Beautiful Albion Lake. This Amazing Tranquil Property Consists Of 3 Separate Waterfront Parcels In One Listing; An Updated Winterized Cottage With 4 Bedrooms; Large Bunkie; And A Lakeside Dry Boathouse. Albion Lake Is Located 15 Minutes West Of Downtown Bancroft. Fish Species Include: Splake & Small-Mouth Bass. There Is 20% Crown Land Surrounding The Lake. This Lake Only Consists Of Approx. 32 Properties. It Is 164 Acres In Total Size. So, If You Are Looking For Privacy & A Piece Of Paradise, Then This Is The Perfect Property For You! (Id:23934)
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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 (%)
5.64%
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
$7,917
Move To The Coveted Playter Estates! Across The Street From Jackman School. Steps Away From The Danforth And Chester Ttc Station. Deep Lot (133 Ft). Private Parking Pad In Back With Enough Room To Consider Building A Laneway House Or A Garage. Retro Style Interior, Solid House, High Ceilings. This Classic House Is Ready For Your Personal Touch!**** Extras **** Stainless Steel Fridge, Lg Gas Stove, Dishwasher, Microwave, Vent Hood, Washer / Dryer, Chest Frzr (Basement), Bar Fridge, All Electrical Lighting Fixtures, All Window Covers, Chair Lift, Security System (4 Cams), Garden Shed With Hydro. All Extras Are As Is Where Is. (Id:23934)
CALL1.877.896.6727
Property Price
$1,850,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$370,000
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,480,000
Best Mortgage Rate (%)
5.64%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$33,475
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$404,975
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$400,975
Monthly Payment
$9,155
Great Investment Opportunity To Own This Brand New Custom Made Duplex Home Just Completed In 2023, Ideal For Investor To Get Great Income From Short Or Long Term Rental From One Unit Or Both. The Property Features Two Completely Separate Units. The First Unit Is A Spacious 3 Bedroom+ Loft Space And A Huge 4Pc Bathroom With Walk In Tile Shower, Soaker Tub And Double Vanity. The Huge Kitchen Has Room For 4 Bar Stools, Formal Dining Area And Living Room With Oversized Windows Overlooking The Deck. Unit 2 Features 2 Large Bedrooms, Full Bathroom, Loft Living Space And Oversized Eat -In Kitchen With Solid Maple Cabinets And Custom Wood Countertops. Unfinished Basement 6F High. A Huge Deck Runs The Overlooking A Horse Stable With The Hastings Heritage Trail Just Steps Away For Atving , Snowmobiling And Recreational Activities. Only 10 Min From The Town Of Bancroft, Making It The Perfect Location To Live Or Invest. Close Proximity From Lakes & Beaches**** Extras **** Taxes Has Not Been Assessed Yet. Custom Made Red Oak Wood Countertops, Pine Wood Flooring, Maple Wood Kitchen Cabinets. Black Windows Frames From The Sides And Back Of The Property Will Be Installed In Followings Weeks. Total Square Feet 3279 (Id:23934)
CALL1.877.896.6727
Property Price
$895,000
Minimum Down Payment (%)
7.21%
Minimum Down Payment ($)
$64,500
Mortgage Insurance ($)
$33,220
Mortgage Required ($)
$863,720
Best Mortgage Rate (%)
5.64%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$14,375
Mortgage Insurance PST
$2,658
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$83,033
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$79,033
Monthly Payment
$5,343
Executive Junior Bedroom Condo At Smart House! 1 Min To Osgoode Station, 5 Mins To City Hall & Eaton Centre. Walk To Ryerson / Tmu, Uoft, Ocad And More! Features: Laminate Flooring * Sleek Integrated Appliances * Quartz Counters * Elegant Mirrored Backsplash With Floating Glass Shelf * Undermount Lighting * Floor-To-Ceiling Windows * Walk-In Closet * Frosted Glass Walk-In Shower * Rainfall + Handheld Shower Heads * Ensuite Laundry * Balcony With All-Weather Electrical Outlet * Owned Storage Locker**** Extras **** Fridge * Microwave * Dishwasher * Hood Fan * Washer / Dryer * All Electrical Lighting Fixtures * Storage Locker * Concierge * Gym * Party Room * Barbeque Terrace * Steps To Subway, Streetcar, Shops, Dining, Entertainment, Schools, Hospitals (Id:23934)
CALL1.877.896.6727
Property Price
$549,000
Minimum Down Payment (%)
5.45%
Minimum Down Payment ($)
$29,900
Mortgage Insurance ($)
$20,764
Mortgage Required ($)
$539,864
Best Mortgage Rate (%)
5.64%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$7,455
Mortgage Insurance PST
$1,661
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$40,516
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$36,516
Monthly Payment
$3,339
Enjoy Penthouse Living At Its Finest! This Absolutely Stunning Suite Features Direct Elevator Access Straight Into Suite & The Perfect Open Concept Floor Plan With Impeccable Flow. Living & Dining Room With Walk-Out To Lrg Balcony Boasting Spectacular North Facing Views. 10 Ft Ceilings + Floor To Ceiling Windows Flood The Suite With Tons Of Natural Light (Never Have To Turn On A Light During The Day!) $300K Spent On Upgrades. Each Bedroom Has Its Own Ensuite & South Facing Balcony. Primary Bedroom Has A Custom Built-In Closet With Walnut Sliding Door. The Private, One Of A Kind Roof Top Terrace Oasis Offers A Unique Quality Of Life & Seamlessly Integrates Into The Interior With A Custom Spiral Staircase. Equipped With Built-In Barbeque , Fridge, Auto Plant Watering System & Unobstructed City Views- It's Truly An Entertainers Dream! Life Is Convenient At The Glass House, Steps To The Financial & Entertainment Districts, St. Lawrence Market, Chic Restaurants, Shops & Ttc At Your Doorstep. Quiet Boutique Building. (Id:23934)
CALL1.877.896.6727
Property Price
$1,899,999
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$380,000
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,519,999
Best Mortgage Rate (%)
5.64%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$34,475
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$415,975
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$411,975
Monthly Payment
$9,402
Experience Urban Living In This Stylish Condo Unit With 980Sq / Ft And An Unobstructed Lakeside View. The Open Layout With 9Ft Ceilings Is Perfect For Entertaining Or Cozy Nights. Enjoy Natural Light, Sleek Finishes, And Modern Flooring Throughout. This 2 Bedroom Suite Features A Gourmet Kitchen With Stainless Steel Appliances. Explore Lakeshore's Beauty And City Living. Walk To Shops, Restaurants, And Recreation. Commuting Is A Breeze With Nearby Transportation Hubs. Live The Urban-Nature Blend In This Convenient, Chic Condo.**** Extras **** Stainless Steel Fridge, Gas Range With Hood Vent, Dryer & Washer, Dishwasher. (Id:23934)
CALL1.877.896.6727
Property Price
$1,088,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$217,600
Mortgage Insurance ($)
$0
Mortgage Required ($)
$870,400
Best Mortgage Rate (%)
5.64%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$18,235
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$237,335
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$233,335
Monthly Payment
$5,384
Totally Unobstructed View Of Toronto Air Port And Lake Ontario And Harbour Front!! Sub-Penthouse South-East Corner 1-Bedroom Suite On The 28Th Floor. Amenities Include; 30,000 Square.Ft. Super Club- Indoor Swimming Pool, Gym, Bowling Alley, Indoor Basketball Court, Track, Squash, Tennis Court. Only Steps Away From Rogers Centre, Cn Tower, Sobeys, Harbourfront, Finance & Entertainment District. Easy Access To Ttc & Highway.**** Extras **** Featuring Floor-To-Ceiling Windows, Amazing Floor Plan, Upgraded Appliances, Granite Counters, Existing: Fridge, Gas Stove, Built-In Dishwasher, Stack Washer / Dryer, Built-In Microwave / Fan Hood, All Elf's, 1 Underground Parking Space. Amazing S View! (Id:23934)
CALL1.877.896.6727
Property Price
$719,999
Minimum Down Payment (%)
6.53%
Minimum Down Payment ($)
$47,000
Mortgage Insurance ($)
$26,920
Mortgage Required ($)
$699,919
Best Mortgage Rate (%)
5.64%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$10,875
Mortgage Insurance PST
$2,154
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$61,528
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$57,528
Monthly Payment
$4,329
Welcome To Your Private Oasis On Paudash Lake! An Exceptional 4 Season Waterfront Residence With Approx. 1015' Ft Of Coveted Shoreline On Paudash Lake! This Secluded & Stunning 2 Storey Custom Home Is 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 Southernly Sun Exposure. In Floor Heat Provides Warmth Throughout. Covered Boat Slip With Docking For 3 Boats, Upper Deck & Boathouse / Bunkie. Truly An Architectural Masterpiece! Beautifully Landscaped With Limestone Walkways & Stairs. Designed & Executed With The Utmost Attention To Finest Of Details. (Id:23934)
CALL1.877.896.6727
Property Price
$2,888,888
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$577,778
Mortgage Insurance ($)
$0
Mortgage Required ($)
$2,311,110
Best Mortgage Rate (%)
5.64%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$58,697
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$637,975
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$633,975
Monthly Payment
$14,296
Welcome To Your Dream Penthouse Suite, Where Luxury Living Meets The Convenience Of Urban Amenities In One Of The Most Sought-After In The Region. This Meticulously Designed Residence Offers An Unparalleled Lifestyle In The Heart Of A Vibrant And Safe Community. The Suite Includes Has 9Ft Ceilings, A Spacious Balcony And Unobstructed Views. This Property Is In Close Proximity To Major 400 Series Highways, Public Transit, Many Public Schools, Grocery Stores And Shopping. Don't Miss Your Chance To Experience The Epitome Of Penthouse Living In Unionville. Your Dream Lifestyle Awaits!**** Extras **** Stainless Steel Fridge, Washer & Dryer, Stove, Built-In Dishwasher, 1 Parking And 1 Locker. (Id:23934)
CALL1.877.896.6727
Property Price
$699,990
Minimum Down Payment (%)
6.43%
Minimum Down Payment ($)
$44,999
Mortgage Insurance ($)
$26,200
Mortgage Required ($)
$681,191
Best Mortgage Rate (%)
5.64%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$10,475
Mortgage Insurance PST
$2,096
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$59,070
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$55,070
Monthly Payment
$4,214
Welcome To This Brand New Spacious & Bright Detached Home , Located In This Highly Desirable Family Neighbourhood In Dundalk. Offering 4 Beds & 3.5 Baths With An Approx 2200 Square Feet. Modern Open Concept Kitchen With Granite Countertops Facing A Large Living Room With Window All Around For Natural Sunlight. Carpet On The Main & 2Nd Floor, Unfinished Basement . This Is Phase 5 Of The Total Phase 10 Flato Development Project. Excellent Investment Opportunity. Take Also Advantage Of The Fully Transferable Tarion Warranty Of Several Years That Comes With The Purchase. Close To The Highway 10, Schools, Groceries And Other Amenities.**** Extras **** Taxes Has Not Been Assessed As Yet . Double Car Garage With Entrance To The Home.. (Id:23934)
CALL1.877.896.6727
Property Price
$759,000
Minimum Down Payment (%)
6.71%
Minimum Down Payment ($)
$50,900
Mortgage Insurance ($)
$28,324
Mortgage Required ($)
$736,424
Best Mortgage Rate (%)
5.64%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$11,655
Mortgage Insurance PST
$2,266
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$66,321
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$62,321
Monthly Payment
$4,555
Prepare To Be Captivated By This Breathtaking 2-Bedroom, 2-Bathroom Condo That Offers Incredible Views Of The Lake From Nearly Every Room. This Stunning Unit Boasts An Exceptional Open-Concept Floor Plan Bathed In Natural Light From Floor-To-Ceiling Windows Throughout. Modern Kitchen Featuring Stainless Steel Appliances, Sleek Stone Countertops, A Generous Centre Island, And Ample Cupboard Space. Short Commute To Downtown, Easy Access To The Qew, Gardiner & 427 Hwy, Pearson Airport & The Serene Humber Bay Park & Waterfront. This Is An Exceptional Opportunity To Experience A Blend Of Urban Living And Natural Beauty.**** Extras **** Amenities Include: Concierge, Gym, A Courtyard With Bbqs, Indoor & Outdoor Pool, Games Room, Theatre, Squash Court, Rooftop Deck, And Much More! (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 (%)
5.64%
Mortgage Type
5 Years Fixed
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
$5,082
Welcome To 66 Province Street S, Where Modern Elegance Meets Historic Charm. This Home Has Undergone A Complete Transformation, Creating A Harmonious Blend Of Contemporary Living & Classic Character. After A Quick Rest On The Shaded Porch, You Will Enter The Home Into A Bright Open Living Space With Large Windows & A Spacious Separate Dining Space. The Modern Eat-In Kitchen Features Stainless Steel Appliances, Stone Countertops & A Chic Backsplash. Luxury Vinyl Plank Flooring Throughout With Gleaming Hardwood On The Staircase. The Loft Provides An Excellent Flexible Area For 4Th Bedroom Or Office.Close To Tim Hortons Field, Jimmy Thompson Memorial Pool, And Bernie Morelli Recreation Centre.Walk To Ottawa St Where You'll Find Boutique Shops, A Vibrant Restaurant District, A Farmer's Market & Coffee Shops. Walk, Bike, Or Drive Approximately 700M To Gage Park, A 28-Hectare Park Boasting A Greenhouse, A Bandshell, Festivals, Playgrounds, Community Gardens, A Children's Museum, Splash Pad & More!**** Extras **** Close To Centre Mall, Grocery Stores, Schools, Public Transit & Access To Qew Via Nikola Tesla Blvd. (Id:23934)
CALL1.877.896.6727
Property Price
$729,900
Minimum Down Payment (%)
6.57%
Minimum Down Payment ($)
$47,990
Mortgage Insurance ($)
$27,276
Mortgage Required ($)
$709,186
Best Mortgage Rate (%)
5.64%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$11,073
Mortgage Insurance PST
$2,182
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$62,745
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$58,745
Monthly Payment
$4,387
Stunning 2 Bedroom, 2 Bath Condo Apartment Situated In A Prime Location With Elevator - Steps Away From Downtown Of Brooklin. Modern, Open Concept Kitchen With Stainless Steel Appliances, Large Pantry & Breakfast Bar. Bright Living Room With Walkout To Balcony. Features An Ensuite Laundry, Upgraded Light Fixtures & 9' Ceilings. Generous Master Bedroom With A Walk-In Closet & 3Pc Ensuite Bathroom. Second Bedroom Include A Spacious Built-In Closet Minutes To Parks, Schools, Two Shopping Plazas, Transit And Hwy.407.**** Extras **** Existing Stainless Steel Fridge, Stove, Dishwasher, Built-In Microwave, Washer, Dryer, All Electric Light Fixtures, Window Coverings, 1 Owned Surface Parking Space & Locker. Lots Of Visitor Parking & Additional Resident Parking Easily Available. (Id:23934)
CALL1.877.896.6727
Property Price
$705,000
Minimum Down Payment (%)
6.45%
Minimum Down Payment ($)
$45,500
Mortgage Insurance ($)
$26,380
Mortgage Required ($)
$685,880
Best Mortgage Rate (%)
5.64%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$10,575
Mortgage Insurance PST
$2,110
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$59,685
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$55,685
Monthly Payment
$4,243
Welcome To 25 Mayflower, A Beautifully Renovated 4-Bedroom Home Nestled In Milliken Mills East! Enriched With Abundant Natural Light & Thoughtful Design, This Home Harmonizes Contemporary Comfort With Timeless Aesthetics. Experience The Charm Of An Enclosed Front Porch That Leads To An Inviting Grand Foyer, Complete With Double Doors & A Cathedral-Style Entrance. Brand New Modern Kitchen Features Stone Countertops & Backsplash, Sleek Cabinetry, Breakfast Bar & Stainless Steel Appliances. Adjacent To The Kitchen, The Family Room Retains Its Cozy Charm With A Gas Fireplace. The Living Room Beckons With Its Impressive Soaring Ceilings, Creating An Expansive And Airy Atmosphere. Convenient Main Floor Laundry Room With Easy Access To The Attached Double-Car Garage. 4 Generously Sized Bedrooms All With Semi-Ensuites Or Ensuite. Step Outside From The Breakfast Area Onto A Spacious Deck, Providing The Perfect Outdoor Extension Of Your Living Space.**** Extras **** Great Location, Close To Top Ranked Schools Wilclay Ps & Milliken Mills Hs, Parks, Public Transit And Shopping (Walmart, Pacific Mall, Costco & Much More). (Id:23934)
CALL1.877.896.6727
Property Price
$1,699,900
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$339,980
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,359,920
Best Mortgage Rate (%)
5.64%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$30,473
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$371,953
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$367,953
Monthly Payment
$8,412
Gorgeous Detached Residence In The Exclusive Kleinburg Community, Built By Mattamy Homes. This Remarkable Home Boasts 4 Bedrooms And 3 Bathrooms, Featuring Hardwood Flooring, Convenient 2Nd-Floor Laundry, A Cozy Fireplace, And A Separate Dining Room. The Chefs Kitchen Is The Perfect Blend Of Functionality And Modern Elegance, With An Open-Concept Design That Seamlessly Integrates With The Surrounding Living Spaces. Equipped With Granite Counters, A Spacious Centre Island, Stainless Steel Appliances & A Central Vacuum Kick Plate Right Below The Kitchen Sink For Easy Clean Up. The Luxurious Master Bedroom Comes Complete With A 5-Piece Ensuite And A Spacious Walk-In Closet. Step Outside From The Kitchen To Your Beautiful Backyard. Conveniently Situated With Easy Access To Highways 400 & 27. (Id:23934)
CALL1.877.896.6727
Property Price
$1,299,900
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$259,980
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,039,920
Best Mortgage Rate (%)
5.64%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$22,473
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$283,953
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$279,953
Monthly Payment
$6,433

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.