London 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 London 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

London Mortgage Examples

Beautiful 3 Bedroom, 2 Storey Town House Condo. Recent Upgrades To Main Bath And Ensuite. Also New Furnace And Central Air (2018). This Condo Has Hardwood And Tile Through Out. All Appliances Are Included (Fridge To Be Replaced At Close Or Before). There Is A Rough In For Central Vac System. Natural Gas Fireplace In The Main Living Room. All Measurements Are Approx. Pet Friendly Complex. (Id:23934)
CALL1.877.896.6727
Property Price
$289,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$14,495
Best Mortgage Rate (%)
2.49%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$2,824
Mortgage Insurance PST
$881
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$19,700
First Time Home Buyer
Land Transfer Tax Credit
-$2,824
Cash Needed
$16,876
Monthly Payment
$1,282
Cosy Two Bedroom Bungalow With Charm And Character, Walking Distance To Downtown, Easy Access To University. Wiring Recently Updated To 200 Amp Panel. Private Treed Rear Yard. Roof 2006. Ideal Starter Home. (Id:23934)
CALL1.877.896.6727
Property Price
$256,500
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$12,825
Best Mortgage Rate (%)
2.49%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$2,323
Mortgage Insurance PST
$780
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$17,427
First Time Home Buyer
Land Transfer Tax Credit
-$2,323
Cash Needed
$15,105
Monthly Payment
$1,134
Well Maintained Solid Brick 3 Bedroom 2 Bath Home In Old South With Oversized Pie Shape Lot And Detached Garage. Great Value In This Home As It Is Loaded With Space Including A Main Floor Family Room Addition And Enclosed Front And Rear Porch As Well As A Fully Finished Basement With Second Bathroom. Hardwood Floors, Large Formal Living Room (With Gas Fireplace) And Dining Room. Updates Include: Roofing Shingles Approx. 4 Years Ago(1 Year Old At Rear), Newer Furnace And Central Air Approx. 8 Years Ago, Most Windows Replaced. Some Cosmetic Updating Required But Fantastic Value Considering The Overall Space. (Id:23934)
CALL1.877.896.6727
Property Price
$359,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$17,995
Best Mortgage Rate (%)
2.49%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$3,874
Mortgage Insurance PST
$1,094
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$24,463
First Time Home Buyer
Land Transfer Tax Credit
-$3,874
Cash Needed
$20,589
Monthly Payment
$1,591
Fantastic Location, Large Deck. Newer Central Air, Parking For 3 Cars. 3+2 Bedrooms, 2 Baths. Completely Renovated And Vacant; Ready To Go. Short Walk To Fanshawe College. Location! Location! Location! (Id:23934)
CALL1.877.896.6727
Property Price
$359,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$17,950
Best Mortgage Rate (%)
2.49%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$3,860
Mortgage Insurance PST
$1,091
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$24,401
First Time Home Buyer
Land Transfer Tax Credit
-$3,860
Cash Needed
$20,541
Monthly Payment
$1,587
Welcome To 1695 Aukett Drive. This Family Home Is Ideally Located In Cedarhollow, A Thriving Community In North London. Close To All Amenities, Including The Public Library, Ymca, And Highly Rated Schools. Short Drive To Hospitals, Shopping, Uwo And Fanshawe College. This Two Storey Home Includes 3 Bedrooms, 2.5 Bathrooms With Attached 2 Car Garage With Double Private Driveway. Unfinished Basement To Make It Your Own - Whether A Recreation Room, Family Room Or Office. (Id:23934)
CALL1.877.896.6727
Property Price
$543,900
Minimum Down Payment (%)
5.40%
Minimum Down Payment ($)
$29,390
Best Mortgage Rate (%)
2.49%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$7,353
Mortgage Insurance PST
$1,646
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$39,889
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$35,889
Monthly Payment
$2,394

Mortgages In London

Quite literally surrounded by golf courses, parklands and the Thames River, London is an all-inclusive city that thrives on culture & the arts, opportunities in business, sports, and academics. The real estate market in this city is just as creatively smart, with large executive homes, single family houses, new development condominiums, and everything in-between. Home buyers will love the wealth of options with this city and its realty! With the idea of a new home usually comes the thoughts of a mortgage, but where do you start? While looking at the MLS listings for this city, why not pick a few that catches your eye, then try out the London mortgage calculator? A mortgage calculator is a fun and fast way to see what your monthly payments would be like versus the purchase price of the homes. Not everyone is a pro when it comes to purchasing a home, so for those first-time home buyers, there is some upfront information you should have in your back pocket before seeing about a lender and a mortgage loan. To simplify what a mortgage loan is, the various kinds of mortgages and the entities that offer to loan the money to borrowers for a mortgage loan; think of a mortgage loan as a series of steps.
A mortgage loan basically puts a borrower up against the costs associated with a specific home to see if they are 'compatible' financially. A lender wants to shoulder as little risk as possible and looks for a borrower that is stable financially (good credit rating, solid income, little-to-zero debt, owns assets, has saved a substantial down payment, and can cover all costs involved in a property purchase transaction). London real estate reflects affordability with all kinds of budgets, and like the mortgage calculator that is at your disposal, lenders also use software to find out where you stand financially (pre-qualifying or pre-approval). Besides regular banks & credit unions, borrowers can also look to insurance companies, loan companies, mortgage companies, and trust companies for a mortgage loan (each entity has their own qualifying criteria and mortgage products can vary). The trick to securing a great mortgage loan is to shop around and negotiate with more then one lender to see which one is going to work in your best interest. It is beneficial to you if you go through the pre-approval process to know exactly how much a lender is willing to loan you (now you have a workable bottom line of your true budget).
When buying a new-to-you home in London, there will be a lot of little extra costs that may not be on the forefront of your mind outside of the costs of purchasing the property. It is a smart idea to make a list of expenses that you will incur upon closing the deal on your home such as moving expenses, new utility hook-ups, any upfront maintenance or renovations, property taxes, appraisal, and additional inspection. What kind of mortgage loan product did you decide on? Did you go for a fixed rate mortgage? Was a variable rate mortgage more appealing? Is your mortgage open or closed? Is your mortgage a low ratio or high ratio? Did you opt for a split between both fixed rate & variable rate mortgage? Did you manage to secure the best interest rate possible? How are your monthly payments made; is it bi/weekly, semi-monthly or monthly? As you can see, there is a substantial amount of information that you will need to process in order to get the most beneficial mortgage loan product from the right lender. There is a mortgage calculator that can additionally figure out other information, such as incorporating not only the purchase price, interest rate & amortization period, but you can also enter the property taxes, how you want to make your monthly payments, the type of mortgage, and more.