CIBC Mortgage Calculator
Haven't found a property to purchase yet?
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Enter the amount that you are planning on paying for the property
STEP 1
Enter property purchase price
Option #1
Option #2
Option #3
Option #4
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Enter the amount that you will pay upfront
toward the property to obtain a mortgage
–
?
CMHC mortgage insurance is required on all
mortgages with down payment less than 20%
+
$19,000
$13,950
$11,900
$0.00
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Total mortgage amount is calculated by subtracting
the down payment from the property price and adding
CMHC mortgage insurance (if applicable)
=
$494,000
$463,950
$436,900
$400,000
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Amortization period is length of time that it would take
the mortgage holder to pay off the mortgage in full
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Please select the province where you are planning
on taking out the mortgage, as mortgage rates can
vary in different provinces
AlbertaBritish ColumbiaNew BrunswickNewfoundland and LabradorNova ScotiaOntarioPrince Edward IslandSaskatchewan
STEP 2
Select province to get current
mortgage rates
?
Mortgage type specifies whether the interest
rate is variable or fixed
Fixed Rates
1 Year
6.34%
2 Year
6.24%
3 Year
6.24%
4 Year
6.04%
5 Year
5.49%
7 Year
7.00%
10 Year
7.49%
Variable Rates
3 Year
6.70%
5 Year
6.54%
Fixed Rates
1 Year
6.34%
2 Year
6.24%
3 Year
6.24%
4 Year
6.04%
5 Year
5.49%
7 Year
7.00%
10 Year
7.49%
Variable Rates
3 Year
6.70%
5 Year
6.54%
Fixed Rates
1 Year
6.34%
2 Year
6.24%
3 Year
6.24%
4 Year
6.04%
5 Year
5.49%
7 Year
7.00%
10 Year
7.49%
Variable Rates
3 Year
6.70%
5 Year
6.54%
Fixed Rates
1 Year
6.34%
2 Year
6.24%
3 Year
6.24%
4 Year
6.04%
5 Year
5.49%
7 Year
7.00%
10 Year
7.49%
Variable Rates
3 Year
6.70%
5 Year
6.54%
Fixed Rates
1 Year
6.34%
2 Year
6.24%
3 Year
6.24%
4 Year
6.04%
5 Year
5.49%
7 Year
7.00%
10 Year
7.49%
Variable Rates
3 Year
6.70%
5 Year
6.54%
Fixed Rates
1 Year
6.34%
2 Year
6.24%
3 Year
6.24%
4 Year
6.04%
5 Year
5.49%
7 Year
7.00%
10 Year
7.49%
Variable Rates
3 Year
6.70%
5 Year
6.54%
Fixed Rates
1 Year
6.34%
2 Year
6.24%
3 Year
6.24%
4 Year
6.04%
5 Year
5.49%
7 Year
7.00%
10 Year
7.49%
Variable Rates
3 Year
6.70%
5 Year
6.54%
Fixed Rates
1 Year
6.34%
2 Year
6.24%
3 Year
6.24%
4 Year
6.04%
5 Year
5.49%
7 Year
7.00%
10 Year
7.49%
Variable Rates
3 Year
6.70%
5 Year
6.54%
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Please select how often you would like
to make your mortgage payments.
?
Mortgage payment is the amount that you will be
required to pay based on your mortgage terms
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About CIBC Mortgages
As one of the more familiar major banks in Canada, the CIBC (Canadian Imperial Bank of Commerce) offers a smorgasbord of financial products in the personal & business sectors. CIBC is one of the leading banks for mortgages and mortgage-related products, so home buyers can be rest assured they are in good hands when it comes time to begin the homeowner journey. CIBC mortgage calculator is just one of the easy-to-use mortgage tools collection at buyers' fingertips via the website. People that are in the market for a mortgage (a new mortgage, mortgage renewal, mortgage refinancing, second mortgage, or home equity loans) can use the home equity calculator, the rent vs. own calculator, the mortgage prepayment calculator, the mortgage affordability calculator, the CIBC mortgage selector, and more. The mortgage selector calculator helps by taking certain information (the purpose of the mortgage loan, the estimated purchase price, the down payment amount, income information & the type of rate) and clarifies which mortgage products would be in line with what you want to achieve with your mortgage. The CIBC Mortgage Resource Centre is an invaluable source of information and full of great advice that home buyers can access via the website at any time privately.
You may be wondering 'where are the loopholes to save me money' when it comes to a mortgage, but simple math is the best strategy for savings over the life of your mortgage loan. It stands to reason that the longer you have your mortgage loan, the more interest payments will be made, so shortening the number of years the loan will be carried for or increasing the monthly payment frequency can provide huge savings overall. Although the prime rate is unpredictable and could move at any time, some people prefer either an adjustable rate mortgage or a variable rate mortgage, as opposed to a fixed rate mortgage. A fixed rate mortgage interest rate is set by the lender, and once the borrower agrees to the rate, it is then locked in for a term. If you want to have a fixed rate mortgage and a variable rate mortgage together, then you may want to investigate a hybrid mortgage (once called a 50/50 mortgage). By using the CIBC mortgage calculator, buyers can see how changing the amortization & payment frequency can drastically change the monthly payment amount and the total interest paid. Another money-saving strategy is to have a sizeable down payment saved, which in turn lowers the principal amount.