MCAP Mortgage Calculator
Haven't found a property to purchase yet?
?
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
?
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
?
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 ColumbiaOntarioSaskatchewan
STEP 2
Select province to get current
mortgage rates
?
Mortgage type specifies whether the interest
rate is variable or fixed
Fixed Rates
1 Year
6.14%
2 Year
5.89%
3 Year
5.64%
4 Year
5.54%
5 Year
5.09%
7 Year
6.34%
10 Year
6.44%
Variable Rates
5 Year
6.00%
Fixed Rates
1 Year
6.14%
2 Year
5.89%
3 Year
5.64%
4 Year
5.54%
5 Year
5.09%
7 Year
6.34%
10 Year
6.44%
Variable Rates
5 Year
6.00%
Fixed Rates
1 Year
6.14%
2 Year
5.89%
3 Year
5.64%
4 Year
5.54%
5 Year
5.09%
7 Year
6.34%
10 Year
6.44%
Variable Rates
5 Year
6.00%
Fixed Rates
1 Year
6.14%
2 Year
5.89%
3 Year
5.64%
4 Year
5.54%
5 Year
5.09%
7 Year
6.34%
10 Year
6.44%
Variable Rates
5 Year
6.00%
?
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 MCAP Mortgages
The name MCAP may not be in the forefront of peoples' minds when they think about Canadian mortgage financing companies, but as one of the largest in Canada dealing in commercial & residential development, that is quickly changing. Working closely with mortgage brokers and other financial companies, MCAP is leading the way when it comes to the mortgage market and home buyers' dreams being realized. The benefits for home buyers when recruiting the services of a mortgage broker is countless because a broker works FOR the home buyer but gets paid BY the lender. MCAP possesses a rich variety of products and financial services and through brokers, can provide mortgage loans at competitive rates. The MCAP mortgage calculator is a great asset for new home buyers to use for a new mortgage, along with the other calculators that can establish a basic idea of affordability, prepayment & comparisons. Mortgagees can use these calculators for mortgage refinancing, home equity loans, new mortgages & mortgage renewal. One of the best aspects of mortgage calculators is the ability to 'tweak' the information to run several scenarios to see the best fit financially for buyers. Do you want to pay off your mortgage sooner? Why not try the Repayment Changes calculator?
After reaping the benefits of using the MCAP mortgage calculator, buyers are ready to step it up with their broker to figure out which mortgage product would work the best. There are a few popular mortgage types that are more streamline (variable rate, fixed rate, hybrid, adjustable rate and convertible) but there is also a lengthy list of alternatives that are borrower-specific, like a conventional mortgage that works based on a large down payment of 20% or more against the value of a home. A mortgage loan is kind of like other loans, just larger in amount, so qualifying for it is just as in-depth. Most lenders want a desirable credit rating, a steady income that can manage a mortgage loan each month, show responsible behavior with debt repayment, hold ownership of assets, and so on. Lenders like shorter amortizations, so if you feel you can pay off your mortgage loan in 10 years as opposed to trying to extend it over 15 or 25 years, you will lower the risk to the lender (and saving yourself a bunch of money because you are cutting the additional interest payments back at the same time). Once you know which mortgage is ideal for you, then it is time to be preapproved so you can start house hunting, so let the fun begin!