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

Wow Brand New 2 Story Home On A Flat Lot Built In 2021, Modern Finishing Throughout And A Great Layout With Lots Of Space For The Whole Family. Upper Floor Features Large Great Room With Big Sundeck, Windows And Open Floor Plan. Acrylic Kitchen Cabinets With Breakfast Island ,Quartz Countertops. Three Bedrooms Upstairs Including Master With Large Ensuite ! High Quality Plumbing Fixtures, High End Appliances, Gas Fireplace, And Light Fixtures, 9' Ft Ceiling All Over. Elegant Tiled Finish Over Fireplace. Basement Features Big Recreation Room, Bar Room, Den And A Bedroom With Lots Of Potential With Separate Entry. Measurements Are Including Garage And Utility. Back Lane Access To Garage With Lots Of Parking. House Comes With 2-5-10 Years Warranty. Close To Schools, Transit, Shopping, & Much More! (Id:23934)
CALL1.877.896.6727
Property Price
$999,999
Minimum Down Payment (%)
7.50%
Minimum Down Payment ($)
$75,000
Mortgage Insurance ($)
$37,000
Mortgage Required ($)
$961,999
Best Mortgage Rate (%)
1.45%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$18,000
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$94,500
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$94,500
Monthly Payment
$3,823
Chimney Ridge! Well Kept 4 Bed, 3 Bath Townhome Featuring 9' Ceilings, 1516 Square Feet Open Floor Plan, Kitchen With Stainless Steel Appliances, Maple Cabinets. Separate Family Room! The Living / Dining Room Is Perfect For Entertaining And Has A Fireplace. Master Bedroom With Ensuite. The Other 3 Bedrooms Are Very Spacious As Well. The Bedrooms In The Basement Has A 2 Piece Ensuite! Walk Out To A Very Private Fenced Yard! Garage Plus 2 More Parking Spaces. Best Location In The Complex With Lots Of Parking, Large Playground. Close To Schools, Shopping, Golf And Transit. Showing By Appointment Only, Gloves And Masks Are Mandatory. Please Follow Covid Protocols. (Id:23934)
CALL1.877.896.6727
Property Price
$699,800
Minimum Down Payment (%)
6.43%
Minimum Down Payment ($)
$44,980
Mortgage Insurance ($)
$26,193
Mortgage Required ($)
$681,013
Best Mortgage Rate (%)
1.45%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$11,996
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$58,476
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$58,476
Monthly Payment
$2,706
Creekside Park - This End Unit Level Entry Townhouse Is Located In A Gated Complex Just A Short Walk To Shopping, Banks & Restaurants. Situated On The Greenbelt On Horn Creek Park You Can Listen To The Birds As You Relax On The Balcony. 2 Bedrooms On The Main And Another Large Guest Room In The Full Walk-Out Basement. Clean And Ready To Move Into But Does Need Some Updates. Central Ac To Keep You Comfortable Year Round. Singe Garage With An Additional Parking Space. The Complex Does Have Onsite Rv Parking. Age Restricted To 55+ With No Pets Or Rentals. Enjoy Quiet Easy Retirement Living Here. (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 (%)
1.45%
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
$2,335
Rare Opportunity To Own 40 Acres In One Of The Most Prestigious And Sought-After Areas Of The Fraser Valley! Within Mins Of Hwy 1 And Thunderbird Showpark. Rectangle Land With 203-Metre Width And 808-M Length. The 3666 Square' Character House Is Well-Maintained With 6 Bdrms (2 With Ensuite), 4 Bthrms. 4700 Square' Barns, Shed And Shop. Pure, Clean Spring Water On Site. Gorgeous Fruit Trees. Approx 30 Acres Flat Grassland Balance Wooded Hillside With Outstanding Potential River & Mountain View Building Site On Top. Lots Of Valuable Trees Estimated Value Above $150,000. 2 Min To Quaint Village Of Fort Langley. Short Drive To Trinity University. The Film Company Used To Come To The Site For Shooting, And "Limetown" Was Shot Here. Land Is Subdividable And Potential To Build Two Houses. Endless Possibility. (Id:23934)
CALL1.877.896.6727
Property Price
$5,480,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$1,096,000
Mortgage Insurance ($)
$0
Mortgage Required ($)
$4,384,000
Best Mortgage Rate (%)
1.45%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$142,400
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$1,239,900
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$1,239,900
Monthly Payment
$17,421
Beautiful, Bright 2 Bedroom 2 Bathroom Condo (With Twin Master Bedrooms) In Super Convenient Location Close To Shopping, Recreation, And Okanagan College. An Open Floor Plan, Oversized Windows, And 9' Ceilings Make This East Facing Unit Very Welcoming And Filled With Lots Of Natural Light. The Spacious Kitchen Has Ample Cupboard And Counter Space And Room For A Small Breakfast Table Or Bar Top. Cozy Up To The Gas Fireplace In The Living Room On Cold Winter Nights, Or Head Out Onto 1 Of Two Balconies With Your Coffee To Watch The Summer Sunrise! This Is A Split Bedroom Floor Plan For Maximum Privacy. The Master Bedroom Has Direct Access To Its Own Private Covered Balcony And Boasts A Walk Through Closet To The 3 Piece Ensuite Bathroom. The Large Second Bedroom Also Features A Walk Through Closet, Access To The Main Balcony As Well As A Door To The Main 4 Piece Cheater Ensuite. The Building Has Great Amenities Including A Workshop, Fitness / Recreation Room, Storage Unit, Banquet Room For Large Gatherings With A Full Kitchen And Secure Underground Parking, As Well As Plenty Of Visitor Parking. Can't Beat The Location Close To Beaches, Mission Park Shopping Centre, Public Transit, Medical Services And More. (Id:23934)
CALL1.877.896.6727
Property Price
$399,800
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$19,990
Mortgage Insurance ($)
$15,192
Mortgage Required ($)
$395,002
Best Mortgage Rate (%)
1.45%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$5,996
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$27,486
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$27,486
Monthly Payment
$1,570

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).