Vernon 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
+
$8,000
$8,000
$8,000
$8,000
Total Cash Needed
=
$34,500
$59,500
$84,500
$109,500

Contact Us

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

Vernon Mortgage Calculator Examples

Land Is The New Gold! 3 Acre Flat Site In Ok Landing, Close To Schools, Marshall Fields, And Beach, Possibly Be Rezoned To R-5 Which Would Allow 36 Units But Would Require Water / Sewer Extension. Small Farmhouse, New Roof, Kitchen, Bathroom, All Flooring, Hot Water Tank And Decks And Doors. Great Holding Property At A Great Price. Must Go! Trades? (Id:23934)
CALL1.877.896.6727
Property Price
$569,000
Minimum Down Payment (%)
5.61%
Minimum Down Payment ($)
$31,900
Mortgage Insurance ($)
$21,484
Mortgage Required ($)
$558,584
Best Mortgage Rate (%)
1.54%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$9,380
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$42,780
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$42,780
Monthly Payment
$2,243
Save $ With The G.S.T Already Paid On This Brand New 2 Bedroom, 2 Bathroom Condo In The Hub Downtown Vernon. A Custom Layout With More Bells And Whistles Than Any Other Unit For Sale In The Building. Added Updates Include Extended Quartz Bar In The Kitchen, Extra P-Tac Heating / Cooling Unit In The Master Bedroom, Extended Deck And Upgraded Refrigerator. All High-End Stainless Steel Samsung And Whirlpool Appliances As Well As In-Unit Washer And Dryer. Spacious Master With Ensuite And Large Walk-In Closet. 9-Foot Ceilings Throughout. Covered Deck To Enjoy The Okanagan Sun. Two Designated Parking Stalls In The Secure Underground Parking Lot As Well As Plenty Of Visitor Parking. No Age Restrictions, Rentals Allowed. Live In Downtown Vernon - Shops, Restaurants, Cafes, Schools, Parks And A Central Location To Golfing, Skiing And All The Great Okanagan Amenities. (Id:23934)
CALL1.877.896.6727
Property Price
$359,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$17,995
Mortgage Insurance ($)
$13,676
Mortgage Required ($)
$355,581
Best Mortgage Rate (%)
1.54%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$5,198
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$24,693
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$24,693
Monthly Payment
$1,428
Newly Upgraded Home, Shows Nicely, With New Modern Vinyl Plank Flooring Throughout. The Interior Of The Home Of Has Been Completely Painted To Give The Home A Freshness, A Place To Call Home. New Baseboard & Trim. A Move In Ready Home All Appliances Included. A Fully Landscaped & Fenced Yard And A Double Garage Plus Another 2 Car Parking. This Is A 40 Plus "Age" Community. With Lots Of Amenities For The Home Owners Enjoyment, Club House, Salt Water Pool, Hot Tub, Recreation Center, Craft Room & Pool Tables & A Library. The Monthly Maintenance Fee Is $320 Plus Fire Service Agreement For Approx $30/ Month. This Maintenance Fee Includes Free Water & Sewage. Note 24 Hour Notice. View By Appointment, Lock Box Or Call Cliff At 250 309 0289 (Id:23934)
CALL1.877.896.6727
Property Price
$372,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$18,645
Mortgage Insurance ($)
$14,170
Mortgage Required ($)
$368,425
Best Mortgage Rate (%)
1.54%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$5,458
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$25,603
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$25,603
Monthly Payment
$1,480
How To Have The Okanagan Lifestyle! Start With An Inspirational 180 Degree View Over Okanagan Lake. Find A Gated Neighborhood Of Superior Homes. Seek Out A Spacious And Serene .59 Acre Lot At The End Of A Quiet Culdesac. Protect The Natural Treed Setting And Enhance It With Easy Care Landscaping. Finish With A Truly Unique, Architecturally Designed 4100 Square. Ft Home With Wrap-Around Decks, Hot Tub And Updated Decor! Mission Accomplished! You Are Home At Phoenix Estates! Impeccable Condition Inside And Out With New Metal Shake Roof, High Efficiency Furnace And In-Floor Heating, Brazilian Cherry And Maple Hardwoods, New Baths, Custom Window Coverings. Three Bedrooms And Adaptable Flex Space! Plus-As A Resident You Have Access To The Canadian Lakeview Private Beach Club With Sandy Shores, Swim-Friendly Waters, Bathrooms And Boat Launch! (Id:23934)
CALL1.877.896.6727
Property Price
$1,097,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$219,400
Mortgage Insurance ($)
$0
Mortgage Required ($)
$877,600
Best Mortgage Rate (%)
1.54%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$19,940
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$240,840
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$240,840
Monthly Payment
$3,524
Beautiful Piece Of Property Located At The End Of The Subdivision With Privacy Galore. Million Dollar Views In Well Established Area With Alr Located Behind The Property. (Id:23934)
CALL1.877.896.6727
Property Price
$529,900
Minimum Down Payment (%)
5.28%
Minimum Down Payment ($)
$27,990
Mortgage Insurance ($)
$20,076
Mortgage Required ($)
$521,986
Best Mortgage Rate (%)
1.54%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$8,598
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$38,088
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$38,088
Monthly Payment
$2,096

Mortgages In Vernon

Each of the neighbourhoods in Vernon offer home buyers a richly laid out lifestyle; it is only a matter of which lifestyle and corresponding real estate appeals to you. Are you a golf enthusiast who would love to live in a resort-like environment with all the bells & whistles? Do you love hiking and nature walks? Does living in and amongst vineyards & orchards feel inviting? Or are you a true urbanite at heart who wants to live in the quaint downtown neighbourhood? With gorgeous view of Okanagan Lake and mountains in the backdrop, it is no wonder why many home buyers call this very accommodating city home. If you are going to be taking out a mortgage loan to potentially purchase a piece of real estate, the Vernon mortgage calculator can help you get started. Some kinds of mortgage calculator require the type of mortgage you will opt for, but if you are a first time buyer, then you should brush up on the different kinds of mortgages that may be available to you through a lender. You may want to focus your attention first on scrutinizing over your finances, knowing exactly where you stand, where you believe your affordability level is, and ascertain just how much of a down payment you could apply.
How healthy is your credit rating? Can you prove your total household income and any debts & overhead you currently have? Do you have a comfortability and wiggle room financially to cover all the costs that come along WITH the price tag of a new home? What about moving expenses and changing over all utilities? As a home owner, you will have additional utilities like water & septic and property taxes to consider in Vernon. Once you have a good idea about your finances, then you can use a mortgage calculator with confidence. Still not sure about the different kinds of mortgages and which one would benefit you? Well, there are two basic types of mortgages, being an adjustable rate or variable rate mortgage. There is also a fixed rate mortgage (and there is even a mixed kind of mortgage that can incorporate a fixed rate and variable rate) as well. A fixed rate mortgage offers more peace of mind because the agreed-upon interest rate is fixed for one term or the entire amortization period without fluctuating. What does fluctuate is a variable rate mortgage, which leans on the market to dictate whether the interest rate rises or drops, leaving home buyers at the mercy of the market.
Vernon is the kind of city that has shown to provide potential for a positive return on investment, but once you have decided on what kind of mortgage would suit you (will it be an open mortgage or a closed mortgage?), it will make using the mortgage calculator more accurate. What will you decide on when it comes to the payment frequency? Will you opt to make your payments weekly, bi-weekly, semi-monthly or monthly? How about your amortization period? Are you considering taking your mortgage loan for 5 years, 10 years, 15 years, 20 years or 25 years? Did you know that the longer you drag out your mortgage loan, the more interest you will pay? Another key point to think about is that the larger your down payment is, the better it will work out for you when trying to qualify with a lender for a mortgage loan. A down payment of 20% or more (that has been saved over time and not borrowed) will place you in a low ratio mortgage. A smaller down payment or no down payment at all will toss you into a high ratio mortgage and cost you a whole lot more money during the entire life of the mortgage loan.