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

* Prec - Personal Real Estate Corporation. This Is The One You've Been Waiting For! Fantastic Location In Westgate Close To Great Schools, Shopping & Recreation! Backing Onto Westside Academy, This Home Features 3 Bedrooms Up, With A Large Bonus Room Above The Garage. The Master Bedroom Has A Walk-Through His / Hers Closet Leading To The 4-Piece Ensuite. Functional Kitchen With Lots Of Counter Space, Stainless Steel Appliances, Pantry And An Open Floor Plan From The Dining Room To The Living Area. Downstairs Is Fully Finished With A 4Th Bedroom And 3-Piece Bath, Recreation Room And Plenty Of Storage! All Measurements Are Approx. Buyer To Verify If Deemed Important. (Id:23934)
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 (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$8,998
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$40,488
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$40,488
Monthly Payment
$2,124
This One Feels Like Home! This Lovely 2 Bedroom & Den Home Delights With An Open Floor-Plan, Peaceful Park Views And Space To Entertain. Enjoy A Well-Appointed Kitchen With Bosch Appliances & 4-Burner Gas Stovetop Plus Large Island With Quartz Counters; Airy Living Room With Floor-To-Ceiling Windows & Balcony Access; Large Den / Office; Private Master Bedroom With Ensuite & Linen Cupboards; Spacious 2Nd Bedroom; & 2Nd Bath With Tub And Rain Shower Faucet. Features Included. Ac, Concierge, Storage Locker, Underground Parking, Indoor Pool, Guest Suite, Fitness Centre, Sauna, Hot Tub, Steam Room And Party Rooms. Pet & Rental Friendly Too In A Location That Is Hard To Beat. Steps To Trails & Minutes To Hiking, Skiing Or Downtown Vancouver. Don't Miss This One! (Id:23934)
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 (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$17,998
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$94,488
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$94,488
Monthly Payment
$3,778
Terraces 3! These Open- Concept Homes Will Feature Contemporary Designs, Carpeted Bedrooms, 9Ft. Ceilings On Main Floor, And Large Energy Star Windows That Bathe The Space In Natural Light. The Kitchen Features Stainless Steel Whirlpool Stove, Dishwasher, Lg Water Ice Fridge, Including A Gas Range And Convection Oven, A Refrigerator With A Bottom- Mount Freezer Drawer, And A Dishwasher With Accusense Sensor Cycle. Double Vanities With Quartz Countertops And Backsplashes. In Addition, Each Home Will Be Fitted With An Energy-Saving Force Air Heating, Roughed In For Air Conditioner. 592Sqft Roof Top Terraces. (Id:23934)
CALL1.877.896.6727
Property Price
$759,900
Minimum Down Payment (%)
6.71%
Minimum Down Payment ($)
$50,990
Mortgage Insurance ($)
$28,356
Mortgage Required ($)
$737,266
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$13,198
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$65,688
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$65,688
Monthly Payment
$2,896
Breathtaking View! Unbeatable Value Of This Spacious Unit With Plenty Of Natural Light. Features With Open Layout With A Large Kitchen And Living Room Which Makes This Unit Feel Bigger Than It Is. 2 Bedrooms And 2 Full Bathrooms With A Functional Floorplan. The Unit Is Well Maintained And In Super Clean Condition. Bring Your Own Creation And Design To Make This Home Yours. Large Windows Throughout The Unit Looks Out To Breathtaking Views - It Will Remind You Daily Of What A Beautiful City We All Live In. This Concrete High-Rise Building Is Well Managed With A Great Strata Team And Friendly Residents. Prime Location Has Easy Access To Everywhere, Parks, Shopping, All Level Of Schools. Book Your Showing Now, Won't Last. (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)
$9,998
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$46,488
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$46,488
Monthly Payment
$2,307
Ground Floor Unit In The Highly Desirable College Park Complex!! Fabulous Location With Super Quick Freeway Access And Right Next To Fv College And The Sports Center Where You Can Watch The Abbotsford Canucks Play!! This Unit Shows Extremely Well And Has Had Some Freshening Up Over The Years. 2 Parking Stalls (One Underground And One Outside) Nice Bright Kitchen With Newer Stainless Steel Appliances, 2 Bedrooms And 2 Full Bathrooms Including En-Suite, Gas Fireplace, Trayed Ceiling In The Living Room With Pot Lights, Nice Floor Plan, Crown Moldings. Located On The Quiet Side Of The Building, This Is The One! Come See! Strata Fee Includes Gas Fireplace And Hot Water! (Id:23934)
CALL1.877.896.6727
Property Price
$369,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$18,495
Mortgage Insurance ($)
$14,056
Mortgage Required ($)
$365,461
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$5,398
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$25,393
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$25,393
Monthly Payment
$1,435

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).