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

Welcome To Burtch Estates! This Highly Sought-After End Unit Is Conveniently Located Beside The Pool, Offering Easy Access And A Great View. With 4 Bedrooms And 3.5 Bathrooms, This Home Spans 1800 Square Ft, Providing Ample Space For Comfortable Living. The House Has Been Tastefully Updated, With Attention To Detail Evident Throughout. The Bathrooms Have Been Beautifully Renovated, And The Kitchen Has Been Updated, Featuring A Convenient Bar For Casual Dining. The Laundry Area Has Also Been Enhanced With Additional Storage Space. The Main Floor Encompasses A Well-Designed Kitchen, A Cozy Living Room, A Dining Area, And A Powder Room. The Updated Kitchen Seamlessly Connects To The Living Room And Dining Room, Creating An Open And Inviting Space For Entertaining And Everyday Living. On The Second Floor, You'll Find A Spacious Master Suite With A Walk-Through Closet Leading To An Updated Bathroom, Complete With A Walk-In Shower. There Are Also Two Additional Bedrooms And A Second Updated Bathroom With A Deep Soaker Tub. The Basement Offers A Versatile Living Space, Featuring A Bedroom And A Separate Living Room And A Full Bathroom. Outside, You'll Discover A Beautiful Side Yard / Garden, Ready For You To Enjoy. The Garden Includes A Variety Of Plants Such As Flowers, Strawberries, Mint, And Thyme. Bonuses: 3 Sun Decks, With Two Located Off The Primary Bedroom, New Air Conditioner System Installed In June 2015, New Hot Water On-Demand System & Furnace Completed In Feb 2021. Pet-Friendly Complex. (Id:23934)
CALL1.877.896.6727
Property Price
$655,000
Minimum Down Payment (%)
6.18%
Minimum Down Payment ($)
$40,500
Mortgage Insurance ($)
$24,580
Mortgage Required ($)
$639,080
Best Mortgage Rate (%)
5.14%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$11,100
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$53,100
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$53,100
Monthly Payment
$3,768
Welcome To Sundance At Montreaux-A Rare Opportunity To Own In One Of Polygon's Most Sought-After Developments In Westwood Plateau. This West Facing Unit Has Been Upgraded With Quartz Countertops Throughout, New Sinks, Dupont Laminate Flooring, Modern Light Fixtures, Frigidaire Stainless Steel Appliances, Refinished Cabinets, And A Fresh Coat Of Paint. It Features A Walk-In Closet, Large Balcony Overlooking A Peaceful Green Oasis, And A Natural Gas Fireplace. Situated Within Walking Distance To Shops And Amenities, And Just Minutes Away From A Gas Station, Schools, Town Centre Park, Aquatic Centre, Lafarge Lake And Skytrain Station. Owner Occupied, Quick Possession Possible. Book Your Private Showing Today. Open House: Feb. 24 / 25 2:00-4:00Pm. (Id:23934)
CALL1.877.896.6727
Property Price
$669,000
Minimum Down Payment (%)
6.26%
Minimum Down Payment ($)
$41,900
Mortgage Insurance ($)
$25,084
Mortgage Required ($)
$652,184
Best Mortgage Rate (%)
5.14%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$11,380
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$54,780
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$54,780
Monthly Payment
$3,845
This East Abbotsford Home Sits On An 8,100 Square Ft Lot, Offering 3 Bedrooms, 2 Bathrooms, A Den, A Recreation Room (Can Be Used As A Bedroom) And Partially Finished Office Space, Ideal For Family Living And Work-From-Home Setups. It Features A Garage, Rv Parking, And A Back Patio, Enhancing Outdoor Enjoyment. Security System Installed. There Are 9 Schools For All Grades From Elementary To Secondary Within 3-8 Min Of Driving From This House, And A Bus Stop Is Conveniently Located Just Half A Block Away, Making It Not Just A Comfortable Residence But Also A Smart Investment Opportunity With Significant Potential For Appreciation. Book Your Appointment For A Personal Showing. (Id:23934)
CALL1.877.896.6727
Property Price
$995,000
Minimum Down Payment (%)
7.49%
Minimum Down Payment ($)
$74,500
Mortgage Insurance ($)
$36,820
Mortgage Required ($)
$957,320
Best Mortgage Rate (%)
5.14%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$17,900
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$93,900
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$93,900
Monthly Payment
$5,644
Investors And Builders!!! A Exceptional Opportunity Awaits With This Spacious 4-Bed, 2-Bath Rancher On An Expansive 8090 Square Feet Rectangular Lot, Boasting A Coveted 66 Square Feet Frontage In Queens Mary Park, Surrey. This Property Features A Main Living Area With 3 Beds And 1 Bath, Complemented By A Convenient 1-Bedroom Side Suite. Currently Generating $3000 From Reliable Long-Term Tenants, The Current Income Potential Is Projected At Staggering $4500-$5000. Close To Bus Stops, Shopping Centers,Grocery Storess,Schools, This Property Promises Both Growth And Convenience. Rarely Found In The Area, This Large Lot Stands Amidst A Landscape Of Thriving Developments And New Housing Projects. Hold Onto This Gem Now While Envisioning Future Build Opportunities. Don't Miss Out On This Prime Chance!! (Id:23934)
CALL1.877.896.6727
Property Price
$1,480,800
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$296,160
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,184,640
Best Mortgage Rate (%)
5.14%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$27,616
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$325,276
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$325,276
Monthly Payment
$6,985
Fully Loaded! This Gorgeous 5 Bed+ Den Home Includes Legal Suite, Detached Shop With Functioning Salon Above & Fenced Yard! $2550 / Mo In Current Rental Income Between Suite And Salon. Built In 2023 Featuring High Quality Finishes Throughout. Quarts Counters, Island, Stainless Steel Appliances, Pantry & Mud Room With Side / Side Laundry. Bright, Open Living Spaces, Including Vaulted Living Room, Patio & Yard On Main. 4 Full Bedrooms Up With Spacious Primary Bed Includes Large-2 Sink Ensuite & Walk In Closet. Basement Offers Storage And Finished Bunker/ Media Room $ A 1 Bed Legal Suite With Separate Entry! Ample Parking With Double Garage 220 Power & Full 20X25'6 Detached Shop With Finished Hair/ Nail Salon Upstairs. Iron Horse Is Close To Everything Sardis. Best Schools, Shopping, Recreation, Gyms, Pools, Transit. * Prec - Personal Real Estate Corporation (Id:23934)
CALL1.877.896.6727
Property Price
$1,284,900
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$256,980
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,027,920
Best Mortgage Rate (%)
5.14%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$23,698
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$282,178
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$282,178
Monthly Payment
$6,061

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).