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

Are You Looking For A Great Home Away From The Busy City? This Well Maintained Home Is Just The One For You. This Home Would Be Great For First Time Buyers Or Someone Looking To Down Size. Updates Include 200 Amp, Roof 2012, Hw Tank 2013, High Efficiency Furnace 2011, Insulation And Some Windows. Lots Of Parking For Rv. Measurements Appox. 24 Hour Notice For Showings (Id:23934)
CALL1.877.896.6727
Property Price
$359,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$17,950
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$5,180
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$24,630
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$24,630
Monthly Payment
$1,587
Proudly Marketed By Vantage West Realty Inc. | This Upper Mission Rancher Is On 0.74 Acres And Is Ready To Be Finished Your Way! Approximately 1700 Square Ft Main Floor Space With Another 1500 Square Ft In The Walkout Basement. The Sellers Were Mid Renovations When Their Plans Changed - Amazing Opportunity For The Next Owner. Lots Of Upgrades Have Already Been Started, Including A Now Open Floor Plan, Main Floor All One Level, New Furnace & Air Conditioner. Massive Trees Were Removed To Take Further Advantage Of The Lake View. The Home Currently Has Two Big Bedrooms Upstairs (Could Be 3), A Full & A Half Bath. The Basement Has Another Bedroom, Plus Unfinished Room For A Bathroom And Recreation Room Or You Could Finish It To Your Needs. Suite Potential?? Enjoy The Privacy And Potential Of This Massive Lot With Double Garage And Fully Fenced Yard. If You're Looking For A Home With Tons Of Opportunity In A Great Neighbourhood; This Is What You've Been Waiting For. Located On A Private Drive At The End Of A Quiet Cul-De-Sac, Walking Distance To Parks And Schools. House Is Mid-Renovation. Main Floor Needs Flooring. Call 250-717-3133 Today To Book Your Private Showing! (Id:23934)
CALL1.877.896.6727
Property Price
$729,900
Minimum Down Payment (%)
6.57%
Minimum Down Payment ($)
$47,990
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$12,598
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$62,088
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$62,088
Monthly Payment
$3,173
Central Government Road Location. Diamond In The Rough, 12,524 Square Ft Lot With An Older House That Could Use Some Tlc. Priced At Lot Value Build Your Dream House Or Renovate The Existing House. Small Creek At Back Of Property. Set Back Relief Has Been Granted By The City Of Burnaby Environmental Review Committee , 3 Building Foot Print Options Available. (Id:23934)
CALL1.877.896.6727
Property Price
$1,499,800
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$299,960
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$27,996
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$329,456
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$329,456
Monthly Payment
$5,369
Great Investment Opportunity To Purchase This 4 Bed Home With Future Development Potential. Situated On An Almost 11,000 Lot Near Mckenzie Village, This Area Is Prime For Redevelopment Into Multifamily With A Land Assembly (Buyer To Verify With Saanich). Near All Amenities, Uvic, Shopping And Bus Routes. Living Room Features A Cozy Fireplace And Large, Bright Windows. This Home Also Has A Large Backyard And Plenty Of Parking With A Single Car Garage And Private Driveway. Call Now To Book Your Private Viewing! (Id:23934)
CALL1.877.896.6727
Property Price
$699,900
Minimum Down Payment (%)
6.43%
Minimum Down Payment ($)
$44,990
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$11,998
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$58,488
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$58,488
Monthly Payment
$3,048
Very Clean 3 Bedrooms & 1.5 Bath Townhouse In Clearbrook Village. Ideal For The First Time Homeowner - Very Affordable. New Water Tank. Updated Washer And Dryer. Fenced Backyard. Pets And Rentals Allowed. Lots Of Parking Spaces. Walk Distance To All Levels Of Schools And Rotary Stadium. Call To View Now...Open House 26 Jan (Sun). (Id:23934)
CALL1.877.896.6727
Property Price
$419,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$20,995
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$6,398
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$28,893
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$28,893
Monthly Payment
$1,856

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).