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 (%)
1.35%
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
$4,081
Luxurious Tridel Parkside On Grandview, Gated Community In Heart Of North York Area In The Prestigious Willowdale Area, Well-Kept Immaculate Condition, 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 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
One Of A Kind, Fully Renovated 1+1 Bedroom Unit In The Heart Of Downtown Vaughan! You Will Be Wowed The Moment You Step Into The Unit By The Gorgeous Kitchen With Marble Flooring & Backsplash, Quartz Counters, Stainless Steel Appliances & The Mesmerizing Illuminated Crown Moldings Which Extend Throughout The Living Room. The Unit Further Features Engineered Hardwood Flooring, Accent Walls In Living Room & Bedroom & Tray Ceiling With Pot Lights In The Bedroom!**** Extras **** Separate Den Is Perfect For Your Home Office Or Can Be Converted Into A Second Bedroom Featuring It's Own Built-In Closet. Chattels Include Stainless Steel Fridge, Stove, Dishwasher, All Light Fixtures, Washer & Dryer (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 (%)
1.35%
Mortgage Type
5 Years Variable
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
$2,120
Well Maintained 2 Bedroom + Solarium Corner Unit With Stunning Unobstructed Views Of Etobicoke Creek! Sprawling Over 1200 Square Ft This Sun-Filled Unit Features A Practical Eat-In Galley Kitchen With Tons Of Cabinets. Spacious Master With 3Pc Bath. Ensuite Laundry / Storage Room. Very Quite & Mature Building With 24 Hr Concierge, Pool, Sauna, Gym, Tennis Court, Hobby Room, Billiard Room, Party Room, Driving Range,& Barbeque Area.Walk To Shoppers World,Public Transport & Gage Park.**** Extras **** Fridge, Stove, Dishwasher, Washer & Dryer, All Window Coverings And All Electrical Light Fixtures. 1 Parking & 1 Locker (Id:23934)
CALL1.877.896.6727
Property Price
$439,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$21,995
Mortgage Insurance ($)
$16,716
Mortgage Required ($)
$434,621
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$5,273
Mortgage Insurance PST
$1,337
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$30,105
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$26,105
Monthly Payment
$1,707
Location!!! Hello, Casa Loma! Bright Spacious 1 Bed + Den, Open Balcony, Huge Floor To Ceiling Windows! Abundance Of ?Light! Smooth Ceiling, Open Concept Living Room With Modern Kitchen. S / Steel Appliances, Brand New Cabinets. Quartz Countertops In Kitchen & Bathroom. 1 Locker With The Unit! Easy Access To Ttc, St. Clair Subway St. And Streetcars. Walk To Grocery Stores, Restaurants, Coffee Shops, Parks. Minutes To U Of T! Great Find For Students / Investors!?**** Extras **** Building Featuring Great Amenities Such As Terrace With Barbeque And Chairs, Gym, 24 Hr. Concierge, Pet Spa And Guest Suite. (Id:23934)
CALL1.877.896.6727
Property Price
$620,000
Minimum Down Payment (%)
5.97%
Minimum Down Payment ($)
$37,000
Mortgage Insurance ($)
$23,320
Mortgage Required ($)
$606,320
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$8,875
Mortgage Insurance PST
$1,866
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$49,241
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$45,241
Monthly Payment
$2,381
Ultra Luxury Custom Residence In One Of Vaughan's Most Prestigious Neighbourhoods, Old Maple! Over 6,800 Square Ft Of Living Space With The Utmost In High-End Finishes & Outstanding Workmanship. Gourmet Kitchen With Taj Mahal Stone, Servery And Walk Out To Concrete Deck. Generous Principle Rooms, 19' High Ceiling In Living Room, Wine Cellar & Private Separate Nanny / In-Law Suite. Natural Stone Casablanca Brick Exterior & Royal Stone Interlock Driveway.**** Extras **** Thermador Appliances, Built-In Speakers, Dvr Alarm System, Ultraviolet Light & Photocatalytic Air Cleaner, Tankless Water Tank, In Floor Heating System In Bathrooms & Basement. A Masterpiece With An Exceptional Design, This Is The One! (Id:23934)
CALL1.877.896.6727
Property Price
$3,200,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$640,000
Mortgage Insurance ($)
$0
Mortgage Required ($)
$2,560,000
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$66,475
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$707,975
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$703,975
Monthly Payment
$10,054
Turnkey Investment Property! Fully Rebuilt Legal Duplex With 2 Above Grade Accessory Apts; 2X2 Bedroom & 2X1 Bedroom All With Separate Walk-Outs. High End Finishes Include Granite & Ceramic Flring, Curved Granite Stairs With Wrought Iron Balusters. Custom Cabinetry In Kitchen With Granite Countertop & Backsplash. All Units Boasts 10' Ceilings & Large High-Efficiency Windows. Steps To Transit Hub, Oshawa Centre, Trent University, Waverly Ps & Recreation Ctr. Close To Hwy 401.**** Extras **** 4 Fridges / Stoves/ 3 Fur / C-Air Conditioner 1 Washer-Dryer, D / Washer & Coin Ldry. (Id:23934)
CALL1.877.896.6727
Property Price
$1,333,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$266,600
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,066,400
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$23,135
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$291,235
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$287,235
Monthly Payment
$4,188
Gorgeous Open Concept Freehold Townhouse Available In Desirable Courtice Neighbourhood. The Spacious Kitchen Has Granite Countertops, Stainless Steel Appliances, And A Large Pantry. Beautiful Garden Doors Lead Out To A Two-Tiered Deck - Great For Entertaining. Master Bedroom Has A Full Ensuite. Located Just 5 Minutes From The 401 And Close To Schools; This Is A Perfect Place To Call Home.**** Extras **** Included: Stainless Steel Fridge, Stove, Overhead Microwave, Washer And Dryer In The Basement. Hot Water Tank (Rental $30 / Month), Roof (2019), Ac (2019), Furnace (2019) (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 (%)
1.35%
Mortgage Type
5 Years Variable
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
$2,120
Stunning 3-Storey Townhouse In Prime Location With $200K In Builder Upgrades! This Home Offers A Sleek Modern Kitchen With Lrg Island, Stone Countertop & Backsplash, Pantry + A Walk-Out To Lrg Terrace With Gas Barbeque Line. Interlocked Driveway, 9' Smooth Ceilings, Pot Lights, Crown Moulding & Wainscotting. Master Retreat With Walk-Out To Balcony & 3Pc Ensuite. Situated In A Convenient Family Friendly Neighborhood That's Walking Distance To Shopping, Restaurants & Parks.**** Extras **** Kitchenaid:Fridge, Cooktop, Wall Oven,Built-In Microwave, Dishwasher,Beverage Fridge. Washer & Dryer, All Elf.Smart Home Tech With Outdoor Camera, Door / Window Sensors & Echo Show. Maint:$172.56 / Mnth Includes:Snow Removal,Lawn Care & Internet. (Id:23934)
CALL1.877.896.6727
Property Price
$1,100,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$220,000
Mortgage Insurance ($)
$0
Mortgage Required ($)
$880,000
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$18,475
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$239,975
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$235,975
Monthly Payment
$3,456
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 (%)
1.35%
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
$10,997
Rarely Offered 40' Custom Built Home In High Demand Area Of Clairlea! This Stunning Home Features Double Car Garage, Over 4,000 Square.Ft Living Space, Led Lighting Throughout & Quality Finishes! Chef's Kitchen With Granite Counters, Centre Island, Breakfast Area & Walk-Out To The Large Deck! 2Nd Floor Features 4 Large Bedrooms, Laundry & Sitting / Library! Master Bedroom Retreat Features Large Walk-In Closet & Spa Like Ensuite With Glass Shower, Dbl Vanity & Jacuzzi Tub!**** Extras **** Finished Basement With Separate Side Entrance, 4-Piece Bath, Kitchen With New Appliances & Open Concept Living / Dining That Can Be Converted Back To A 2-Bedroom Apartment! Stainless Steel Fridge, Stove, Dishwasher, Microwave, Basement Fridge & Stove, Washer & Dryer (Id:23934)
CALL1.877.896.6727
Property Price
$1,449,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$289,800
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,159,200
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$25,455
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$316,755
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$312,755
Monthly Payment
$4,553
Location!!! Hello, Casa Loma! Bright Spacious 1 Bed + Den, Open Balcony, Huge Floor To Ceiling Windows! Abundance Of Light! Smooth Ceiling, Open Concept Living Room With Modern Kitchen. S / Steel Appliances, Brand New Cabinets. Quartz Countertops In Kitchen & Bathroom. 1 Locker With The Unit! Easy Access To Ttc, St. Clair Subway St. And Streetcars. Walk To Grocery Stores, Restaurants, Coffee Shops, Parks. Minutes To U Of T! Great Find For Students / Investors.**** Extras **** Building Featuring Great Amenities Such As Terrace With Barbeque And Chairs, Gym, 24 Hr. Concierge, Pet Spa And Guest Suite. (Id:23934)
CALL1.877.896.6727
Property Price
$599,900
Minimum Down Payment (%)
5.83%
Minimum Down Payment ($)
$34,990
Mortgage Insurance ($)
$22,596
Mortgage Required ($)
$587,506
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$8,473
Mortgage Insurance PST
$1,808
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$46,771
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$42,771
Monthly Payment
$2,307

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.