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
Gorgeous, Open Concept, 2-Storey Penthouse With Huge Rooftop Terrace In Kennedy Park! Huge 3 Bedrm & 2Bath, This Spacious Condo Requires Nothing Except Moving Into! Walk Out To Your Personal 600+ Square. Ft Terrace With Beautiful, Unobstructed Views. Steps To All Amenities; School(S), Shopping, Kennedy Stn / Go, Place Of Worship + More. Minutes Away From Beaches & Trails. Excellent Investment Opportunity With Eglinton Lrt Coming Soon! Great Value In A Central & Convenient Neighbourhood!**** Extras **** Renovated Penthouse. Rarely Offered Top Floor. (Id:23914)
CALL1.877.896.6727
Property Price
$599,999
Minimum Down Payment (%)
5.83%
Minimum Down Payment ($)
$35,000
Mortgage Insurance ($)
$22,600
Mortgage Required ($)
$587,599
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$8,475
Mortgage Insurance PST
$1,808
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$46,783
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$42,783
Monthly Payment
$3,282
Situated High On A Child Safe Cul-De-Sac In The Desirable Innisfil Neighbourhood Of Churchill, This Spectacular Home In A Peaceful Setting Offers 4+2 Bedrooms With A 3 Car Garage, And Is Move In Ready! Incredible Sunset Views From The Large Deck, And Above Ground Salt Water Pool To Enjoy All Summer Long! Finished Walk-Out Basement With Kitchen. Six Total Washrooms, Gas Fireplace, Stain Steel Appliances, Pot Lights And More! Min To Hwy 400, Tanger Outlets, Beach, Recreation Centre, Amenities & Go.**** Extras **** Stainless Steel Appliances: Fridge, Stove, Dishwasher, Microwave. Washer & Dryer. All Window Coverings. All Electrical Light Fixtures. Above Ground Pool & Accessories. Garden Shed. Pool Shed. (Id:23914)
CALL1.877.896.6727
Property Price
$1,888,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$377,600
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,510,400
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$34,235
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$413,335
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$409,335
Monthly Payment
$8,435
Great Opportunity To Own A Spacious 2 Bedrooms, 1 Bathroom Condo In The Heart Of Central Toronto With An Approximate 900 Square Feet Of Living Space With An Additional 100 Square Feet Open Balcony. Clear View Of The Park, Cn Tower And Lake Ontario. New Laminate Floor In The Living Room, Ensuite Laundry. Perfect For First Time Buyer Or Investor . Convenient Location Close To Schools ,Parks, Plaza, Steps A Way From Ttc And More... Currently Tenanted And They Are Willing To Stay.**** Extras **** Fridge, Stove, All Elf's, Washer Machine , Ceiling Fan, Chandelier. (Id:23914)
CALL1.877.896.6727
Property Price
$500,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$25,000
Mortgage Insurance ($)
$19,000
Mortgage Required ($)
$494,000
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$6,475
Mortgage Insurance PST
$1,520
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$34,495
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$30,495
Monthly Payment
$2,759
3 Bedroom Townhome Modern And Bright With ""Low Condo Fees"" In The Perfect Location On The Stoney Creek Mountain. Steps To All The Amenities Shopping, Schools, Highway Access, Hiking Trails And A Family Friendly Neighborhood. This Open Concept With New Flooring Throughout, Heated Garage And Barbeque Gas Hookup Outside, Backyard Oasis In Summer With Flowering Trees, Very Private In Backyard, Partially Finished Basement, Updated Kitchen, Extra Large Window Basement 4 Years Roof Plenty Of Natural Light In Basement New Stainless Steel Appliances Offer Presentation Wednesday February 7Th @ 7:00 P.M. Register By 6:00 P.M. Seller Reserves Right To Accept Preemptive**** Extras **** Fridge, Stove, Washer & Dryer, Dishwasher, Microwave, All Electrical Lighting Fixtures, All Windows Coverings (Id:23914)
CALL1.877.896.6727
Property Price
$549,900
Minimum Down Payment (%)
5.45%
Minimum Down Payment ($)
$29,990
Mortgage Insurance ($)
$20,796
Mortgage Required ($)
$540,706
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$7,473
Mortgage Insurance PST
$1,664
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$40,627
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$36,627
Monthly Payment
$3,020
Beautiful Bright, Spacious And Nicely Upgraded Condo In The Vibrant Toronto Waterfront, Moments To The Rogers Center, Air Canada Center, Cn Tower, Convention Center, Ripley's Aquarium, Amazing Walking Score. Enjoy A Unit With A Great Sized Balcony With Water Views, Plenty Of Sunlight, 24 Hrs Security Guard, Theatre & Rooftop Deck / Garden, And With Easy Access To Union Station Connected To Path System. Don't Miss The Opportunity To Experience The Best Of Downtown Luxury Living In 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, One Parking And One Locker. (Id:23914)
CALL1.877.896.6727
Property Price
$920,000
Minimum Down Payment (%)
7.28%
Minimum Down Payment ($)
$67,000
Mortgage Insurance ($)
$34,120
Mortgage Required ($)
$887,120
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$14,875
Mortgage Insurance PST
$2,730
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$86,105
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$82,105
Monthly Payment
$4,954
Feel Like You're On Vacation At Home! Peaceful Tranquil Setting With Views To Die For Of Lake Ontario! Located In The Prestigious Port Union Village Directly Across From The Lake This Beautiful Home Features A Newly Updated Eat-In Kitchen With Stone Countertops, Stainless Steel Appliances & Under-Mount Cabinet Lighting. Spacious Living & Family Room With Gas Fireplace & Walk-Out To Balcony. Primary Bedroom Features A 3Pc Ensuite Bathroom, Walk-In Closet & Exceptional Lake Views. Walk-Out From Finished Basement To Lovely Private Patio And Gardens. Walking Distance To Port Union Waterfront Park, Schools & Shops. Steps To The Rouge Hill Go Station + Walking / Bike Trails Along The Lake Right On Your Doorstep. It Doesn't Get Better Than This!**** Extras **** Fridge, Stove, Dishwasher, Washer & Dryer, All Electrical Light Fixtures, All Window Coverings. Tankless Water Heater. (Id:23914)
CALL1.877.896.6727
Property Price
$999,900
Minimum Down Payment (%)
7.50%
Minimum Down Payment ($)
$74,990
Mortgage Insurance ($)
$36,996
Mortgage Required ($)
$961,906
Best Mortgage Rate (%)
4.59%
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
$5,372
Beautiful Updated Corner Suite In The Heart Of The Mississauga At Sherwood Tower! Sprawling Over 1300 Square Feet With 2 Large Bedrooms And A Solarium Which Makes For The Perfect Home Office. Open Concept Living Room With Large Windows To Enjoy Lots Of Natural Light. Classic Kitchen Features Granite Countertops, Stainless Steal Appliances & Lots Of Cabinet Space. Amazing Location Just Steps To Square One, Ymca, Library, Restaurants, Movies, Schools. Direct Bus To Subway, Mins To Hwy 10, Mins To Airport.**** Extras **** Fridge, Stove, Dishwasher, Washer & Dryer, All Electrical Light Fixtures (Id:23914)
CALL1.877.896.6727
Property Price
$659,900
Minimum Down Payment (%)
6.21%
Minimum Down Payment ($)
$40,990
Mortgage Insurance ($)
$24,756
Mortgage Required ($)
$643,666
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$9,673
Mortgage Insurance PST
$1,981
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$54,144
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$50,144
Monthly Payment
$3,595
Location, Location, Location!! Great Property On A Huge 402 Ft Deep Lot In Prestigious Highland Creek Community! Beautiful Mature Trees With A Unique Chalet Feel To The Home. Private Backyard Oasis With Pool. Industrial Style Garage Workshop With 12 Ft Ceilings With 2 Oversized Large Garage Doors. Close To 401, Schools, Parks, Shopping, Uoft, Centennial College & Much More.**** Extras **** Fridge, Stove, Washer & Dryer. House, Pool & Garage All In As-Is Condition. (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 (%)
4.59%
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
$7,148
Location!!! Location !!! Location !!! Fully Upgraded Beautiful 4 Level Backsplit In Doon On A Big Lot 60 X 139 !! This Executive Home Features Solid Engineered Hardwood Flooring, Custom Built Fireplace In The Separate Living And Dinning Room, Brand New Custom Kitchen With Stainless Steel Appliances, California Shutters, Family Room With Custom Built Fireplace 3Pc Master Ensuite With Second Bed. Lower Level Is Finished With New Laminate Flooring And With In-Law Potential. Brand New 200 Amp Electrical Panel , Metal Roof And Sprinkler System. Beautiful Backyard With Kidney Pool, Patio's, And Mature Trees. Minutes From The 401 And Walking Distance To Conestoga College. This House Is A Must See.**** Extras **** Washer, Dryer, All Appliances, Stove, And All Existing Light Fixtures (Id:23934)
CALL1.877.896.6727
Property Price
$1,175,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$235,000
Mortgage Insurance ($)
$0
Mortgage Required ($)
$940,000
Best Mortgage Rate (%)
4.59%
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
$5,250
A Wonderful Opportunity To Own A Beautiful 3 Year Old Home In Norwood! This Bright And Spacious Home Is Located In A Quiet Family Friendly Subdivision. Featuring An Open Concept Kitchen With Stainless Steel Appliances & Island. Walk-Out To Large Deck Perfect For Summer Entertaining. Primary Bedroom With Double Door Entry, Walk-In Closet And 4Pc Ensuite. Enjoy Your Privacy While Facing Open Fields & A Large Fenced In Backyard. 5 Min Walk To Grocery Store, Gas Station & Parks. 7 Min Drive To Rice Lake For Fishing & Camping.**** Extras **** Fridge, Stove, Dishwasher, Washer & Dryer. Hot Water Tank Rented (Id:23934)
CALL1.877.896.6727
Property Price
$749,900
Minimum Down Payment (%)
6.67%
Minimum Down Payment ($)
$49,990
Mortgage Insurance ($)
$27,996
Mortgage Required ($)
$727,906
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$11,473
Mortgage Insurance PST
$2,240
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$65,203
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$61,203
Monthly Payment
$4,065
Brand New!!! 2021 Custom Guildcrest Built Bungalow With A 10 Year ( Builder) Warranty On 1.3 Acres Of Land Features A 1452 Square Ft Main Floor With Luxury Flooring Throughout, Cathedral Ceilings Looking Out To A Beautiful View And Attached Double Garage. Highlighted By Smart Design And Quality Finishes, The Bright Open Living Space Has Soaring Ceilings, Large Windows With Views That Deliver Magnificent Sunsets, High-End Gas Fireplace, Custom Kitchen With Quartz Countertops All This To Create An Environment That's Sure To Impress. Three Main Floor Bedrooms With Large Closets And Large Windows With An Amazing View. 9 "" Ceilings In The Basement With Additional 1400 Plus Square Feet. Steps To Curley Lake**** Extras **** Propane Tank $125/ Year. Dishwasher, Stove, Culligan Systems ( Water Softener), Washer, Dryer, Fridge, Microwave, All Electrical Lighting Fixtures. Hrv System (Id:23934)
CALL1.877.896.6727
Property Price
$799,000
Minimum Down Payment (%)
6.87%
Minimum Down Payment ($)
$54,900
Mortgage Insurance ($)
$29,764
Mortgage Required ($)
$773,864
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$12,455
Mortgage Insurance PST
$2,381
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$71,236
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$67,236
Monthly Payment
$4,322
Beautifully Renovated 2 Bedroom + Den Penthouse Suite In Rainbow Village! Brand New Sleek Modern Kitchen With Stone Countertop, Stainless Steel Appliances & Island With Breakfast Bar. Bright & Inviting Open Concept Layout. Stunning Unobstructed North Views Of The City. 9Ft Ceilings, Ensuite Laundry & Spa Like Bathrooms With 5 Piece Ensuite In Primary Bedroom. Enclosed Den With Large Windows Makes For A Perfect Home Office. Steps To Kennedy Subway Station, Go Train Station, Don Montgomery Community Centre, Future Crosstown Lrt, And Close To Lord Roberts Junior Public School. All Utilities Are Included In The Maintenance Fees + Great Building Amenities. 24Hr Gatehouse Security, On-Site Daycare, Gym, Indoor Pool & More!**** Extras **** Fridge, Stove, Dishwasher, Washer & Dryer, All Electrical Light Fixtures & All Window Coverings. 2 Parking Spots & 1 Locker. (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 (%)
4.59%
Mortgage Type
5 Years Fixed
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
$3,804
Perfect For First Time Home Buyers And Investors!!! A 3 Bedroom With 2 Bathrooms! Beautifully Updated And Appointed Unit On The Preferred Third Floor And Backing To Single Family Homesvery Quiet! Just Move In And Enjoy This Completely Renovated Home With Stunning Newer White Kitchen With Backsplash, Stylish Laminate Floors Throughout Most Of Unit (No Carpet). Spacious Unit With 3 Bedrooms, Main Floor Laundry, 2 Bathrooms, Cozy Gas Fireplace, Balcony And Large Storage Closet. Newer Doors, Hardware, Crown Molding And Fireplace Mantel. Freshly Painted! 6 Appliances Included. Controlled Entry Building With Outdoor Pool. Just Turn The Key And Enjoy!! Water Included In Condo Fees. Mins To Hwy 401, Fanshawe College , Malls And Other Amenities.**** Extras **** Fridge, Stove, Dishwasher, Microvawe, Washer, Dryer,All Elf (Id:23934)
CALL1.877.896.6727
Property Price
$399,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$19,950
Mortgage Insurance ($)
$15,162
Mortgage Required ($)
$394,212
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$4,460
Mortgage Insurance PST
$1,213
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$27,123
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$23,123
Monthly Payment
$2,202
Great Opportunity To Own A Rarely Offered Custom-Built 3 Storey Detached Home In Little Portugal. A Unique Modern Creation That Is Exceptionally Durable And Low Maintenance. It Is Currently Divided Into Three Separate Residential Units, Each With Its Own Private Entrance, But Could Be Easy And Quickly Converted Back To A Single Family Home . Large Private Deck On The Top Floor. Ideal For Investors That Are Looking To Generate High Income Through Short Or Long Term Rental Or Simply Living In The House And Renting 1-2 Units. Total Living Space Including Basement Is 1693 Square Feet ...Steps Away From Transit ,Park,Grocery, School..**** Extras **** Includes 3 Fridges, 3 Electric Radiant Cook Top, 3 Microwaves, 1 Laundry Machine, And More , Read The Features Sheet For All Details And Financials.. 1 Parking At The Back But Possibility To Use The Front Yard As Second Parking Spot.. (Id:23934)
CALL1.877.896.6727
Property Price
$1,950,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$390,000
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,560,000
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$35,475
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$426,975
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$422,975
Monthly Payment
$8,712
Great Investment Property, Close To All Amenities , Costco Is Near By. Easy Access To Hwy 401. Main Floor With Spacious Family Room, Eat-In Kitchen, Dining Room, Living Room And 2-Piece Bathroom. Upper Floor Has 3 Good Sized Bedrooms And 4-Piece Bathroom. Separate Entrance To Beautiful 2-Bedroom Basement With Full Kitchen,4-Piece Bath And Own Laundry. Full Fenced Back Yard. Nice Front Porch For Sitting Outside Relaxing. Good Tenants , Buyer To Assume Tenants.**** Extras **** ""As Is"" Condition - Includes All Electrical Lighting Fixtures, Window Blinds,2 Fridges, 2 Stoves, 2 Washers, 2 Dryers, 1 Dishwasher. Hot Water Tank Is Rental. Financials Statements Available Review For Buyers. (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 (%)
4.59%
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
$3,804
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.**** Extras **** Stainless Steel Fridge, Gas Stove, Dishwasher, Wine Fridge, Washer, Dryer, Terrace Fridge, Built-In Barbeque, All Electrical Light Fixtures & Electric Remote Blinds. All Custom Furniture Is Negotiable. 2 Parking + 2 Lockers (1 Locker Right Beside Parking). (Id:23934)
CALL1.877.896.6727
Property Price
$2,300,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$460,000
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,840,000
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$43,975
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$505,475
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$501,475
Monthly Payment
$10,276
Attention First Time Home Buyers / Renovators / Investors / Builders! This Warm, Bright, Inviting And Cozy Detached Bungalow Is Located Just A Few Blocks South Of Eglinton West, Close To Many Shops, Schools, Library, Restaurants And Public Transit. Separate Side Entrance. Make This Great Home Your Own, Rent It Out And / Or Rebuild Later.**** Extras **** All Electrical Light Fixtures & Window Coverings. Fridge, Stove, Microwave. All (Except 2) Windows Replaced In 2017. Air Conditioner. Roof & Furnace Approx 2015 / 2016. Electrical Panel Updated. Property Being Sold ""As Is"" (Id:23934)
CALL1.877.896.6727
Property Price
$799,900
Minimum Down Payment (%)
6.87%
Minimum Down Payment ($)
$54,990
Mortgage Insurance ($)
$29,796
Mortgage Required ($)
$774,706
Best Mortgage Rate (%)
4.59%
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
$4,327
Beautiful Home Located In Desirable Lakeshore Woods. Executive 4-Bedroom Model Home By Aspen Ridge. Freshly Painted And Well Cared For, Open Concept, Large Upgraded Eat In Kitchen, Stainless Steel Appliances, Granite Counters, Crown Moulding, Hardwood On Main, Upgraded Oak Staircase With Wrought Iron Spindles, Coffered Ceilings, Pot Lights, Two Ensuites, Prof Finished Basement. Surrounded By The Numerous Nature Trails, The Many Parks With Water Pads, Easy Access To Highways, Downtown Bronte With All The Restaurants And Amenities.**** Extras **** Fridge, Stove, Dishwasher, Microwave, Washer, Dryer, Garage Door Opener And 2 Remotes, Window Coverings, Light Fixtures, Central Vac And Attachments (Id:23934)
CALL1.877.896.6727
Property Price
$1,950,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$390,000
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,560,000
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$35,475
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$426,975
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$422,975
Monthly Payment
$8,712
Gorgeous, Open Concept, 2-Storey Penthouse With Huge Rooftop Terrace In Kennedy Park! Huge 3 Bedrm & 2Bath, This Spacious Condo Requires Nothing Except Moving Into! Walk Out To Your Personal 600+ Square. Ft Terrace With Beautiful, Unobstructed Views. Steps To All Amenities; School(S), Shopping, Kennedy Stn / Go, Place Of Worship + More. Minutes Away From Beaches & Trails. Excellent Investment Opportunity With Eglinton Lrt Coming Soon! Great Value In A Central & Convenient Neighbourhood!**** Extras **** Appliances Included: Fridge, Stove, Dishwasher, Washer & Dryer. Most Of The Furniture Is For Sale As Well. (Id:23934)
CALL1.877.896.6727
Property Price
$549,999
Minimum Down Payment (%)
5.45%
Minimum Down Payment ($)
$30,000
Mortgage Insurance ($)
$20,800
Mortgage Required ($)
$540,799
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$7,475
Mortgage Insurance PST
$1,664
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$40,639
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$36,639
Monthly Payment
$3,020
Rare Opportunity On Chester Ave. Metres Away From Coveted Jackman School. Walk To Danforth, Ttc. Parking Pad (Rear Laneway) Large Veranda, Eat-In Kitchen, Large Rooms, Great Daylight, Big Windows, High Ceilings, Hand-Crafted Oak Kitchen With Walkout To Mud Room, Cold Storage, Built-In Bar With Sink / Fridge, Dedicated Laundry Room, 3Pc Hair Salon Wr Basement Rough-In For Separate Entrance. Lots Of Space For Family, Work From Home, Entertaining. Don't Wait!**** Extras **** Fridge, Gas Stove, Dishwasher, Microwave, Vent, Wash&Dryer, Chest Frz (Basement), Bar Fridge, Hot Water Tank (Owned), All Electrical Lighting Fixtures, All Window Covers, Chair / Stair Lift, Securitysystem (4 Cameras), Garden Shed (With Hydro). All Extras Are As Is. Exclude Chandeliers Living Room&Dining Room (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 (%)
4.59%
Mortgage Type
5 Years Fixed
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
$8,927
Very Well Maintained 4+1 Bedroom Home In Prime Neighbourhood! Functional Layout With Quality Upgrades Ready To Move In! Double Door Entry, Spacious Foyer, Living Room With Gas Fireplace & Nearly Floor To Ceiling Windows. Spacious Eat-In Kitchen With Sliding Doors To Private Yard. 2Pc Powder Room, Plus Another Bright & Spacious Room Perfect For Home Office, Separate Family Room Or Formal Dining. 2Nd Floor Laundry Room + Laundry In Basement. 4 Generous Bedrooms, Master Ensuite With Soaker Tub & Walk-In Closet. Side Entrance Leads To Basement With Kitchen, 3 Piece Bathroom, Large Family Room With Wet Bar, Bedroom & Cold Cellar. Large Driveway Fits 4 Cars-No Sidewalk + No Houses In Front! Poured Concrete In Backyard, Pergola & Exterior Pot Lights. Close To All Amenities, 407, 427, School, Bus Stops & Shopping Plaza. Bring Your Fussiest Clients. Absolutely Gorgeous Home!**** Extras **** 2 Fridge, 2 Stove, Dishwasher, 2 Washer, 2 Dryer, Ring Doorbell, Cameras, All Elf, All Window Covering. Roof'20, Air Conditioner'21. Hot Water Tank Rented. Exclude: Wardrobes In Primary Bd, Honeywell Alarm. (Id:23934)
CALL1.877.896.6727
Property Price
$1,539,888
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$307,978
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,231,910
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$27,273
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$336,750
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$332,750
Monthly Payment
$6,880
Welcome To This Beautifully Updated 3+1Bed & 3 Bath Townhome! Featuring A Custom Oak Staircase, Stylish Kitchen With Marble Backsplash And Large Blanco Sink. Newer: Ceramics, Appliances, Porcelain & Laminate Floors On The Main And Upper. Bright And Spacious South Facing Rear Yard, Enjoy An Ample Amount Of Natural Sunlight. Georgian College Just Minutes Away, Transit, Hospital, Parks And Lakes! Don't Miss This Great Opportunity!**** Extras **** Stainless Steel Fridge, Stove, Dishwasher, Range Hood, Washer & Dryer. All Electric Light Fixtures. All Blinds. Ecobee Thermostat, Garage Door Opener, Tankless Hot Water Tank (Rental) Rough-In Central Vacuum, Rough-In Bath / Kitchen In Basement! (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 (%)
4.59%
Mortgage Type
5 Years Fixed
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
$3,281
Attn Buyers And Investors !!!! Are You Looking For The Charm Of Yesterday With The Conveniences At Your Front Door? This Charming 1-1 / 2 Storey All Brick Shelburne Home Has The Original Character And Charm Of Front Covered Porch, Hardwood Floors, Baseboard Trim, High Ceilings, Formal Livingroom / Diningroom. Kitchen Has Access To Mud Room With 2 Doors To Exterior (Front & Back)& Access To Basement. Gas Furnace. Steps Away From Downtown Shelburne And Mins Away From All The Amenities**** Extras **** Hot Water Tank Rental $20/ Month , Washer, Dryer And All Elf. (Id:23934)
CALL1.877.896.6727
Property Price
$545,000
Minimum Down Payment (%)
5.41%
Minimum Down Payment ($)
$29,500
Mortgage Insurance ($)
$20,620
Mortgage Required ($)
$536,120
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$7,375
Mortgage Insurance PST
$1,650
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$40,025
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$36,025
Monthly Payment
$2,994
Absolute Show Stopper!!! Over 100K ++ In High End Upgrades And Finishes. Over 4000 Square Feet Inclds Finished Basement With Walkout & Separate Side Entrance .Eat-In Kitchen With Walkout, Formal Dining Room / Living Room, Main Floor Office / Den. Family Room With Brand New Fireplace. Upper Floor. Large 4 Bedrooms Ideal For A Large Family With Brand New Luxury Flooring Through Out. No Carpet!!!. Finished Basement With Separate Entrance, Boasts 9 Foot Ceilings,3 Bedrooms, 4-Piece Bath And Large Kitchen. Basement Walkout At Ground Level To Deck & Fenced Landscaped Yard. Family Friendly Neighborhood Close To Trails, Schools, Hospital, Amenities, Little Lake & The Barrie Country Club. Directly Across The Street From A Small Park, And Only 2 Minutes From The 400.**** Extras **** Washer, Dryer , All Brand New Appliances, Central Vac And All Elf. (Id:23934)
CALL1.877.896.6727
Property Price
$1,395,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$279,000
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,116,000
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$24,375
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$304,875
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$300,875
Monthly Payment
$6,233
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.**** Extras **** Integrated Miele Fridge, Cooktop, Wall Oven , Built-In Microwave & Dishwasher. Bar Fridge, Washer & Dryer. New Pool Liner & System. (Id:23914)
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 (%)
4.59%
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
$15,182
Brand New Townhouse At Oakridge Meadows Built By Royal Pine Homes. 9' Ceilings Throughout The Home, Laundry Room On Upper Floor. This Beautifull End Unit Has An Open Concept With A Lot Of Natural Light.. Kitchen With Quartz Counters And Backsplash With Stainless Steel Appliances. Modern Electric Fireplace. 4 Mins To Gormley Go Station. Right Next To Hwy 404.Close To Lake Wilcox Park And French Immersion School Windham Ridge Public School.**** Extras **** Stainless Steel Fridge, Stove, Dishwasher, Washer And Dryer (Id:23914)
CALL1.877.896.6727
Property Price
$1,588,888
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$317,778
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,271,110
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$28,253
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$347,530
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$343,530
Monthly Payment
$7,099
On Fallingbrook Dining Room In The Sought-After Courcelette School District. On A 60'X228.37' Reverse Ravine Lot Leading To The Toronto Hunt Club, Beautiful Lake Views. This Mordern Luxurious Home Has A Muskoka Feel. Chef Kitchen, Butler's Pantry, Bar And Entertain Room, Large Bedrooms With Beautiful Views, An Outdoor Kitchen And Huge Terraces Connecting The Feeling Of Indoor And Outdoor Living.**** Extras **** Curl Up By One Of The Many Fire Places. This Is Also The Entertainers Dream Home. Large Private Yard. All Appliances Are Included, All Light Fixtures And Window Coverings, Two Furnaces, & Air Conditioners. Electric Car Charging Station. (Id:23914)
CALL1.877.896.6727
Property Price
$4,950,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$990,000
Mortgage Insurance ($)
$0
Mortgage Required ($)
$3,960,000
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$110,225
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$1,101,725
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$1,097,725
Monthly Payment
$22,116
Highly Sought After Gates Of Guildwood Condos. This Stunning Upgraded Large Two Bedroom Is Spacious And Luxurious. ""Avonmore"" Model (1620Sq.Ft) And 2 Bathrooms Tons Of Storage And The Option For 2 Parking Spaces. You'll Never Need A Vacation With This Resort Like Amenities An Indoor Pool, Gym, Party Room, Tennis Courts & More. 11 Acres Of Gardens! The Building Is Incredibly Maintained With Everything You Could Ask For And More.**** Extras **** All Appliances: Fridge, Stove Top, Built-In Oven, Built-In Microwave, Brand New Washer & Dryer, All Electrical Lighting Fixtures. Build In Closet Shelving, As Well As Built In Storage Shelving. (Id:23914)
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 (%)
4.59%
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
$4,719
Live In One Of Toronto's Most Luxurious Condos Located Just Steps To Humber Bay Waterfront! This 648 Square.Ft South East Facing Suite Features 9Ft Ceilings With Floor To Ceiling Windows That Drench The Unit With Natural Light.?Sleek Modern Kitchen With Stone Countertop, Breakfast Bar, Marble Backsplash & Built-In Appliances. Beautiful Spa Like Bathroom With Marble Finishes. Walking Distance To Everything You Need ,Groceries, Ttc , Biking & Walking Trails Along The Waterfront. Direct Bus To Mimico Go, 15 Min Drive To Downtown + Proposed Park Lawn Go. Fabulous Amenities: Grand Lobby, 24 Hour Concierge, Indoor & Outdoor Pool With Sundeck & Cabanas. Shore Club With Gym, Yoga Studio, Sauna ,Squash & Basketball Court. Lounge, Party Room, Media Room, Dog Park & More!**** Extras **** High End Stainless Steel Refrigerator, Built-In Oven, Cooktop, Built-In Dishwasher, Range Hood, Washer & Dryer, All Electrical Light Fixtures. 1 Parking And 1 Locker. (Id:23914)
CALL1.877.896.6727
Property Price
$649,900
Minimum Down Payment (%)
6.15%
Minimum Down Payment ($)
$39,990
Mortgage Insurance ($)
$24,396
Mortgage Required ($)
$634,306
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$9,473
Mortgage Insurance PST
$1,952
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$52,915
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$48,915
Monthly Payment
$3,543
3 Bedroom Townhome Modern And Bright With ""Low Condo Fees"" In The Perfect Location On The Stoney Creek Mountain. Steps To All The Amenities Shopping, Schools, Highway Access, Hiking Trails And A Family Friendly Neighborhood. This Open Concept With New Flooring Throughout, Heated Garage And Barbeque Gas Hookup Outside, Backyard Oasis In Summer With Flowering Trees, Very Private In Backyard, Partially Finished Basement, Updated Kitchen, Extra Large Window Basement 4 Years Roof Plenty Of Natural Light In Basement**** Extras **** Fridge, Stove, Washer & Dryer, Dishwasher, Microwave, Rental Items: Hot Water Tank (Id:23914)
CALL1.877.896.6727
Property Price
$649,900
Minimum Down Payment (%)
6.15%
Minimum Down Payment ($)
$39,990
Mortgage Insurance ($)
$24,396
Mortgage Required ($)
$634,306
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$9,473
Mortgage Insurance PST
$1,952
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$52,915
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$48,915
Monthly Payment
$3,543
Fantastic South Facing 2 Bedroom 2 Full Bathroom Unit @ 25 Telegram Mews - Montage! Panoramic Windows Offer Expansive Views & Abundant Natural Light. Great Multi Use Unit For All Lifestyles & Needs - Couples, Family, Single With Office / Guest Room, & Investors! Amenities Include: 24 Hr Concierge, Gym, Indoor Pool, Theatre, Barbeque, & More! Superb Central Downtown Location. Steps To Sobeys, Waterfront, Financial District, Entertainment District, King & Queen St. With Restaurants , Bars, Park, Schools, Community Centre, And More! Easy Access To Ttc, Subway, Highways!**** Extras **** Fridge, Stove, Dishwasher, Washer & Dryer. All Electrical Light Fixtures (Id:23914)
CALL1.877.896.6727
Property Price
$739,900
Minimum Down Payment (%)
6.62%
Minimum Down Payment ($)
$48,990
Mortgage Insurance ($)
$27,636
Mortgage Required ($)
$718,546
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$11,273
Mortgage Insurance PST
$2,211
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$63,974
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$59,974
Monthly Payment
$4,013
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.