Meridian Credit Union 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
?
Amortization period is length of time that it would take
the mortgage holder to pay off the mortgage in full
?
Please select the province where you are planning
on taking out the mortgage, as mortgage rates can
vary in different provinces
Ontario
STEP 2
Select province to get current
mortgage rates
?
Mortgage type specifies whether the interest
rate is variable or fixed
Fixed Rates
1 Year
5.89%
2 Year
5.89%
3 Year
5.89%
4 Year
5.99%
5 Year
4.79%
7 Year
6.59%
10 Year
7.09%
Variable Rates
5 Year
6.25%
?
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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–
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About Meridian Credit Union Mortgages
Family-friendly and community-oriented...that is just the beginning of the perks to becoming a member at Meridian Credit Union. Besides a healthy collection of financial products & services offered to members, home buyers can look to Meridian Credit Union for all mortgage related needs (mortgage refinancing, home equity loans, new mortgages, mortgage renewal, second mortgages, and more). In the past, self-employed and single people struggled with approval for a mortgage loan, but with Meridian Credit Union, the 'family & friends mortgage' is perfectly suited for entrepreneurs & singles that have considered sharing their mortgage with a friend or family member! That is just one of the many highlights to how this credit union takes care of its customers. Our website provides many tools and information about mortgages, and the Meridian Credit Union mortgage calculator is a super-fast way to see how much a certain home would cost each month. With outstanding mortgage products and excellent interest rates, home buyers will 'feel right at home' when carrying their mortgage loan over a period of years with this financial institution. With mortgage experts on hand, buyers do not have to worry about the intimidating sense that the mortgage market exudes, simply talk to one of the mortgage advisors for 'the skinny' on mortgages.
If you are a first time home buyer, then you will discover quickly how the Meridian Credit Union mortgage calculator shows how the price of a house, the interest rate, and the number of months or years the loan will be live for can produce the monthly amount that is payable for that price point. It is good to know upfront just how much the interest rate can affect the total payable when borrowing such a large sum of money. Yes, buying a house or condominium is a big adjustment financially and a long time commitment, but there is a real pride that comes with home ownership (not to mention that real estate is usually a sound investment!). You may be familiar with mortgage terminology like fixed rate mortgage, variable rate mortgage, adjustable rate mortgage, and so on, but do you know just how different each mortgage product is from each other? There are mortgage 'offers & deals' in the market by different lenders, but be careful not to get caught up in the hype...there are usually fine print conditions and sometimes penalties attached to 'mortgage specials'. When you feel you are ready, it is always a good decision to be preapproved for your mortgage loan BEFORE making any offer on any home.