British Columbia 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
Select
Select
Select
Select
STEP 3
Select one of the mortgage
rates currently available
?
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
$0
$0
$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 British Columbia city to calculate Land Transfer Tax

Contact Us

First Name
Last Name
Email
Phone
Message (Optional)
OR CALL
1.877.896.6727

British Columbia Mortgage Calculator Examples

Stunning 2021 Built Apartment Located On The Ground Floor With It's Own Walk Out Patio That Has Concrete And Also Grass. 2 Bed + 2 Bath Corner / End Unit Boasting 766 Square Ft With A Open Floor Plan With The Bedrooms On Opposite Sides. Gourmet Kitchen Features Stainless Steel Appliances, White Shaker-Style Cabinets And Quartz Counter Tops. Laminate Flooring Throughout, In Suite Laundry, Full Bathroom With Tub And Also Full Ensuite Bath With Shower Off The Master Bedroom. 5 Storey Building With Roof Top Patio That Has Amazing Mt Baker Views In The Heart Of Abbotsford Close To Downtown Shops, Parks, And More. No Stairs / Elevators To Deal With And Ideal For Pets. No Rental Restrictions So Also Ideal For Investors!! Built By Parcel7 Homes. (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 (%)
2.30%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$8,980
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$40,380
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$40,380
Monthly Payment
$2,365
Beautiful And Very Spacious (1110 Square Feet) Top Floor Apartment/ Penthouse Centrally Located In The Heart Of Chilliwack. Features 2 Bedrooms, 2 Full Bathrooms And 1 Large Den That Can Be Used As A Third Bedroom. It Has A Large Kitchen With Granite Counter Tops & Good Quality Laminate Flooring Air Conditioned For The Hot Summers. Enjoy The View Of The Surrounding Mountains From Your Large, Private Patio. Close To The Gym / Pool, Shopping, Restaurants, Hospital, Parks And Playgrounds, Sports Center, The List Could Go On! (Id:23934)
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 (%)
2.30%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$8,000
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$34,500
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$34,500
Monthly Payment
$2,164
Investors / Developers Alert!! 2 Side-By-Side Properties Located Near Downtown Maple Ridge, Adding Up To 16,240Sqft! Nice Clean Ranchers With Loads Of Potential. Please Contact City Of Maple Ridge For Further Development Details. (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 (%)
2.30%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$23,980
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$285,280
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$285,280
Monthly Payment
$4,552
Enjoy Unobstructed Forever Marina Views From This Stunning Waterfront Home. Located Along Marinaside?S Coveted Golden Mile, You Will Love Entertaining On Your 200+ Square Ft Sunny Patio. Fully Renovated In 2021 To The Highest Of Standard, This Absolutely Stunning Air Conditioned Home Boasts A Spacious Open Kitchen With White Oak Custom Cabinetry, Caesarstone Counters & Integrated Premium Appliances. A Luxurious Spa Inspired Bathroom, Engineered Wood Floors Throughout, Motorized Blinds, Stone Fireplace & Thoughtfully Designed Closet & Storage Systems Are Some Of The Many Highlights Of This Impressive Home. This Exclusive Building Features Just 2 Units Per Floor And First Class Amenities Including 24 Hour Concierge, Indoor Pool & Hot Tub, Theatre, Gym, Party / Games Room & Outdoor Garden Courtyard With Yoga Room. (Id:23934)
CALL1.877.896.6727
Property Price
$1,399,900
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$279,980
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,119,920
Best Mortgage Rate (%)
2.30%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$25,998
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$307,478
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$307,478
Monthly Payment
$4,906
Prime Building Lot, Uniquely Terrific With Great Southern View Over Fraser River And 2 Street Frontages, Madore At Front And Howser Ave At The Back. The Rt-1 Zoning, Land Use Designation Neighbourhood Attached Residential In The Ocp Allows For Fourplex. The Home Has Been Lovingly Cared For But Value In The Land With High Density Building Potential. A Standard City Fourplex Plan Would Only Require A Building Permit! Nice 8048 Sf Lot, 71 X 115 Feet And The Two Street Exposures May Allow For Other Design And Building Possibilities But You Must Check With City Hall. All Of The Rare Elements Involved Here Provide Great Opportunity In A Quiet Location On Two No Thru Streets, Close To Transportation, Shopping, Schools And Recreation. Please Do Not Walk On The Property. (Id:23934)
CALL1.877.896.6727
Property Price
$2,450,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$490,000
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,960,000
Best Mortgage Rate (%)
2.30%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$51,500
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$543,000
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$543,000
Monthly Payment
$8,586

Mortgages In British Columbia

With a province-wide motto of 'Splendor Without Diminishment', you just know that British Columbia is proactive in its preservation of nature, wildlife & natural environments... and that is just the start to this amazing province! Armed with sky-high mountainous adventures & scenic beauty, over 27,000 KMs of coastline, numerous rivers & parks, and home to the world's longest hiking trail, you'll know that this province is loaded to the brim with exploration, excitement, adventures, and economic stability! A vastly diverse collection of realty awaits home buyers that want to embrace this family-enriching province. With a mortgage loan in mind, home buyers can try out the British Columbia mortgage calculator to find out a monthly payment on any given home/mortgage loan principal amount. Home buyers have a great set of tools (via a mortgage calculator & mortgage related calculators) that show how each component of a mortgage loan (principal, interest rate, duration of loan, start date, payment frequency & more) comes together to derive that monthly payment amount. The mortgage product of choice and the interest rate percentage agreed to is how a mortgage loan is formulated. Getting to know about mortgage products (there are many) and how lenders can critique one to fit a borrower's finances is good information to understand before moving forward.
Whether a cottage, a condo, a cozy little bungalow, a large estate, or an executive townhome is the target for your new home in British Columbia, a mortgage calculator will get you started on the right track, especially for first time home buyers. The basics of mortgage products are not too difficult to learn about, even when you are familiar with the four main ones that are the most popular. Taking first place for many home buyers is a fixed rate mortgage that, for a set term, will lock in your agreed-to interest rate (this is a safer option for buyers who do not want to risk their interest rate jumping up or down unexpectedly). The next most popular type of mortgage is a variable rate mortgage, which keeps in step with the prime rate (if the prime rate moves, so does your interest rate, but the change will be directed at your principal loan amount, so no changes in the monthly payment). An adjustable rate mortgage is 'adjusted' after steady monitoring of the prime rate (if the prime rate moves, your interest rate will move with the prime rate and it WILL alter your monthly payment amount). Some home buyers prefer their mortgage split into two (called a hybrid mortgage) with application of both a variable rate mortgage and a fixed rate mortgage.
There are more mortgage products available that are more specialized for your new home in British Columbia, such as a conventional mortgage which is reserved for those borrowers that have a minimum of a 20% down payment (an advanced mortgage calculator can work that out for you). A convertible mortgage is a great option for borrowers that qualify for its perks and flexibility (switching up from a variable rate to a fixed rate mortgage or change the length of a term without any penalty). There are other mortgage product types that are designed to work for home owners or previous mortgages (home equity line of credit, portable mortgage, reverse mortgage & collateral mortgage). A lender can offer you a closed mortgage (locking in the mortgage terms & conditions with penalties if altered, like early payoff), or an open mortgage (more flexible with terms & conditions like lump sum payments without penalty). Another aspect of mortgages that a borrower should consider up front is if the lender deems the borrower to be a high ratio mortgage... then the mortgage loan default insurance will be another necessary expense for the borrower (a high ratio mortgage is usually imposed when there is little-to-no down payment availably saved up by the borrower).