Hamilton 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
+
$1,520
$1,116
$952
$0
Lawyer Fee
+
$1,000
$1,000
$1,000
$1,000
Title Insurance
+
$500
$500
$500
$500
Land Transfer Tax
+
$6,475
$6,475
$6,475
$6,475
Total Cash Needed
=
$34,495
$59,091
$83,927
$107,975
First time home buyers in Hamilton are eligible for a Land Transfer Tax rebate of up to $4,000

Contact Us

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

Hamilton Mortgage Calculator Examples

Quiet Court. End Unit. Brick 2 Storey Beauty. 1908 Square. Ft. Main Floor Renovated 2019. Upgrades: New Kitch / Engineered Wood Flrs / Ceramic Flrs On Main Level. 9 Ft Ceilings On Main Level. Open Concept Liv / Din / Kitch. Walk-Out To Back Deck & Fenced Yard. 3 Spacious Bedrms. Master Bedrm With His&Hers Closets; Ensuite 4Pc Bath, Pot Lighting. 2-1 / 2 Bathrms. New Carpet Bedrm Level. Balcony. Finished Recrm / Office / Laundry. Walk To Schools & Ymca. Single Car Garage & Driveway Parking For 2 Cars. (Id:23934)
CALL1.877.896.6727
Property Price
$750,000
Minimum Down Payment (%)
6.67%
Minimum Down Payment ($)
$50,000
Mortgage Insurance ($)
$28,000
Mortgage Required ($)
$728,000
Best Mortgage Rate (%)
1.54%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$11,475
Mortgage Insurance PST
$2,240
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$65,215
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$61,215
Monthly Payment
$2,924
Prime Mcmaster Location. Updated Kitchens, Updated Bathrooms, Bedrooms, Laminate Flooring, Driveway, Smoke Co2 Alarms In Each Bedrm, Digital Locks On Entry Doors, Shed, Motion Sensors On Exterior Lights & Interior Halls. Egress Basement Windows For Safety. Landlord Pays Utilities $350 / Month. Rented For $3605 / Month. 200 Amp Breaker Box With Esa Certificate ('15). Updated Bedrm Doors With Keyed Locks. Inspected By Fire Department. Furnace / Ac ('15), Tankless Water Heater ('16). Fully Waterproofed Delta Membrane To Weepers, 3 / 4Inch Main Water Line, Premium Vinyl Siding ('12), Premium Vinyl Windows ('13). (Id:23934)
CALL1.877.896.6727
Property Price
$699,900
Minimum Down Payment (%)
6.43%
Minimum Down Payment ($)
$44,990
Mortgage Insurance ($)
$26,196
Mortgage Required ($)
$681,106
Best Mortgage Rate (%)
1.54%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$10,473
Mortgage Insurance PST
$2,096
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$59,059
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$55,059
Monthly Payment
$2,735
If Youre In Search Of That Hgtv Designer Showpiece Dream Home, Look No Further. Walking Into The Home Notice The Beautiful Wide Plank White Oak Floors, Inside Garage Entry, Main Level Family Room With Cozy Corner Wood Burning Fireplace (Wett Inspected 18), & Modern 2Pc Bath. Up Four Steps To The Fully Open Concept Great Room, A Chef & Entertainers Delight. Custom Gravelle Kitchen, With Top Of The Line Professional Jennair Appliances: 36 Professional Gas Six Burner Cooktop, Convection Microwave & Wall Oven, 36 Inch Stainless Steel Fridge, Wine Fridge, Lemans Corner Pull Out Pantry, Large 70 X 50 Island With Prep Sink, Cesar Stone Quartz Countertop, Stunning Tile Backsplash, Under Cabinet Lighting & The List Goes On! The Kitchen Is Completely Open To A Lrg Dining Room Space With Designer Light Fixture, & Bright Living Room. Upstairs You Will Find 3 Generous Sized Bedrooms & Fully Renovated 5Pc Bath With Glassed In Shower, & Oversized Stone Top Double Sink Vanity. Downstairs The Basement Is Receiving Final Finishing Touches To Be Complete Before Closing, Adding Another Flex Space (Office, Games Room, Play Room, Gym, Etc.). Other Features Include: R60 Attic Insulation, Perimeter Fencing & Fully Landscaped 2020, Whole Home Water Filtration With Reverse Osmosis To Fridge, Owned Tankless Water Heater, Upgraded Electrical Panel, & Sound Insulated Ceilings. Family Friendly Neighbourhood, Walking Distance To Many Schools & Located Directly Across From Glen Echo Park. Dont Be Too Late*! *Reg Tm. Room Size Approximate. (Id:23934)
CALL1.877.896.6727
Property Price
$699,900
Minimum Down Payment (%)
6.43%
Minimum Down Payment ($)
$44,990
Mortgage Insurance ($)
$26,196
Mortgage Required ($)
$681,106
Best Mortgage Rate (%)
1.54%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$10,473
Mortgage Insurance PST
$2,096
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$59,059
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$55,059
Monthly Payment
$2,735
All Brick Elevated Ranch In Immaculate Condition. One Owner Home Situated On A Large Pie Shaped Lot With View Of The Escarpment. 3+1 Beds, 2 Kitchens, 2 Baths, Large Family Room With Gas F.P. *A Must See Home*, Quick Possession. (Id:23934)
CALL1.877.896.6727
Property Price
$599,000
Minimum Down Payment (%)
5.83%
Minimum Down Payment ($)
$34,900
Mortgage Insurance ($)
$22,564
Mortgage Required ($)
$586,664
Best Mortgage Rate (%)
1.54%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$8,455
Mortgage Insurance PST
$1,805
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$46,660
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$42,660
Monthly Payment
$2,356
Fantastic Three Storey 2 Years Old Townhouse In Peaceful Waterdown! This 3 Level House Has 3 Bedrooms And 2.5 Bathrooms With An Open Concept And Upgraded Kitchen Boasting Granite Counters, Extended Dark Colored Cabinetry And Stainless Steel Appliances On The Main Floor. Lower Level Has A Family Room With A Walk Out To The Backyard. 3Rd Floor Has Master Bedroom With Walkout To The Balcony And An Ensuite! Potl Fees Is $56.10.**** Extras **** Stainless Steel Appliances, Washer / Dryer On 3Rd Floor, All Elf's And Window Coverings, Garage Door Opener Is Included. Property Is Directly Opposite To The Visitor's Parking. Close To Schools, Go Station, And Shopping Centre. (Id:23934)
CALL1.877.896.6727
Property Price
$649,900
Minimum Down Payment (%)
6.15%
Minimum Down Payment ($)
$39,990
Mortgage Insurance ($)
$24,396
Mortgage Required ($)
$634,306
Best Mortgage Rate (%)
1.54%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$9,473
Mortgage Insurance PST
$1,952
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$52,915
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$48,915
Monthly Payment
$2,547

Mortgages In Hamilton

Highly attractive to anyone who enjoys the great outdoors and exploring nature, Hamilton is a large city that is nestled by Lake Ontario and many parklands, which makes for a fantastically-balanced lifestyle! This city is close to Burlington, Oakville & Toronto and quite literally possesses a smorgasbord of neighbourhoods that reflect the arts, education, in-depth culture & heritage. Ergo, the residential real estate follows suit with diverse properties. Known for its affordability, Hamilton is an ideal place for first time home buyers! Apartment/condominium conversions, hard & soft lofts, newer & older townhomes, mid-rise condominiums, single family homes, and larger houses are just the beginning with the realty that this great city offers. Finding the right home in the right neighbourhood and within a set budget can be a reality, and to get you started, why not crunch some numbers using a Hamilton mortgage calculator? One of the biggest questions home buyers have is 'how much mortgage can I afford'? This is where a mortgage calculator can help. By directly and privately entering pertinent information into the fields of this calculator, it can offer you insight as to how a monthly interest rate & principal loan amount (over a period of years) unfolds for you financially.
Part of planning your finances to be geared towards a big commitment like purchasing a home through a mortgage loan is to take into consideration just how much money you have 'tucked away' as the down payment and if there is enough there to cover closing costs. Many first time home buyers should be aware of the criteria that most lenders look for when processing an application for a mortgage loan. Lenders in Hamilton like major banks have strict criteria and typically like to see great credit rating, a large down payment (that has been saved and not borrowed), a stable & verifiable income that will support a mortgage & home upkeep and some security other then the collateral that the purchased home will provide. Lenders will work hard to try to make a mortgage loan possible, but the better prepared you are financially, the better your chances are of getting a wider berth of mortgage loan products offered to you. The less risk you pose to the lender, the more the lender can be flexible with the loan parameters and even offer you pre-approval, which can go a long way with sellers. A mortgage calculator is a huge plus to get you started, so you have a good idea of where your comfort zone is financially.
The journey to home ownership is not as far out of reach as you may think, for many lenders take a hard look at the real estate/property that you are interested in (which can either result as a benefit or hamper the mortgage application). The location of the property is just as important to the lender as the property itself, so together, if the home and the Hamilton neighbourhood it is in are ideal for resale or a rise in value over time, then the lender will be more confident about loaning the monies to secure this home. Besides a mortgage calculator, home buyers have access to a multitude of other calculators & tools and can work out various strategies. Home ownership is a long-term investment that will grow equity over time, and ideally, the opportunity to save some money is to pay off the mortgage loan as soon as possible to avoid additional interest payments. Choosing the right mortgage loan product that allows for early payoff (like an open mortgage) is a popular choice with many first time home buyers. Fixed rate mortgages locks in a fixed interest rate and a variable rate mortgage lets the interest rate change in frequency with the market.