London Mortgage Calculator
?
Enter the amount that you are planning on paying for the property
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
–
?
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
STEP 2
Select province to get current
mortgage rates
?
Mortgage type specifies whether the interest
rate is variable or fixed
?
Mortgage term is the duration of time that you
are committed to a lender, rate and conditions
?
Mortgage rate is the interest rate that you will
be paying on the outstanding balance for the
duration of the mortgage term
Select
Select
Select
Select
4.69 %
4.79 %
4.84 %
4.89 %
4.99 %
4.99 %
5.04 %
5.04 %
5.04 %
5.14 %
5.29 %
5.74 %
5.74 %
6.49 %
STEP 3
Select one of the mortgage
rates currently available
?
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
–
–
–
–
?
This is an estimate of how much you should expect
to spend upfront in order to make this purchase
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
London Mortgage Calculator Examples
Welcome Home To 2378 Black Rail Terrace, Located In The Very Desirable And Sought-After Area Of Wickerson Hills In Byron. This Beautiful 2-Story Home Is A Contempoprary Model With 4 Car Driveway Parking! The Main Floor Shines With Its Welcoming Grand Entryway And Gorgeous Chandelier That Flows Into A Spacious Open-Concept Living Space Which Is Perfect For Entertaining. You Will Love Hosting With Your Private Formal Dining Room, Along With A Separate Family Room With Tiled Fireplace... All On The Main Floor. Fall In Love With All The Natural Light In The Modern Chef-Inspired Kitchen Which Boasts Beautiful Custom Cabinetry, Quartz Counters, Gas Stove And Upgraded Lighting Fixtures. A Convenient Pantry Is Perfectly Located In The Kitchen! There Is Enough Space In This Home To Entertain With Comfort. Walk Out From The Dinette To Your Private Covered Deck Area, Along With A Concrete Pad, And Partially Fenced Backyard... Perfect For Summer Barbeque And Future Hot Tub! Get Ready To Be Wowed By The Space On The Upper Floor. 4 Generously Sized Bedrooms In Total On The Second Floor Complete With 3 Additional Bathrooms. Wow! The Master Bedroom Boasts A Large Walk In Closet And A 5 Piece Spa Like Ensuite, A Perfect Retreat For Relaxing And Self-Care. Window Coverings And High End Finishes Throughout. You Even Have An Unfinished Basement For All Your Extra Storage And Home Gym! Incredible Location, Steps From Parks, Trails, Boler Mountain, And Shopping, Restaurants, Great Schools, And Highway Close By. Terrific Value. This Home Truly Has All The Space A Family Needs! Welcome Home! Dont Miss Out On This Rare One-Of-A-Kind Gem! (Id:23934)
CALL1.877.896.6727
Property Price
$1,079,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$215,800
Mortgage Insurance ($)
$0
Mortgage Required ($)
$863,200
Best Mortgage Rate (%)
4.69%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$18,055
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$235,355
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$231,355
Monthly Payment
$4,869
Beautifully Renovated 3-Bedroom Condo In Oakridge. Walking Distance To Both Clara Brenton Ps And Oakridge Hs This Condo Is A Great Starter For Those Looking To Set Roots In One Of London's Most Desired Neighbourhoods. This End Unit Has All The Feels With Loads Of Natural Light, Shiplap Feature Walls, And Open Main Floor Layout. Enjoy Time With Friends And Family Dining Or Relaxing Around The Gas Fireplace. New Stainless Appliances And Quartz Counters Compliment Your Two-Tone Cabinet Package In The Kitchen. Don't Forget About The Half Bath Behind The Front Door! Upstairs You'll Notice More Character Features Like The Vaulted Ceilings, Finished Kid's Loft With Lookout, Built-In Closets In The Primary And Cedar Ceiling Detail In The 4-Piece Bath. The Finished Lower Level Offers Plenty Of Room For Movie Night, Space For Crafts, And A Beautiful 3-Piece Tiled With Glass Shower Bath. Laundry Is Neatly Tucked Away Off The Family Room. This Complex Heats Up In The Summer With A Life Guarded Pool And Playground For The Kids Just Steps Away, Across The Parking Lot Just West Of This Unit. Access To Your Surface Parking Lot Is Off Of Guildwood With 2 Spots Included. An Absolute Pleasure To Show! Updates Include: Gas Furnace / Ac (2018), Kitchen (2021), Stove / Dishwasher (2023 With Transferrable Warranty). Carpet (2023). Approx Utils $220 / Month Combined And Water Is Included In Condo Fee. Public Open May 27 / 28 2-4P (Id:23934)
CALL1.877.896.6727
Property Price
$499,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$24,995
Mortgage Insurance ($)
$18,996
Mortgage Required ($)
$493,901
Best Mortgage Rate (%)
4.69%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$6,473
Mortgage Insurance PST
$1,520
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$34,488
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$30,488
Monthly Payment
$2,786
Welcome To Cleardale, One Of London's Nicest Family Neighbourhoods Located In The Heart Of South London. This 3+1 Bedroom Backsplit Was Designed With The Family In Mind. Walk In Your Front Door And Be Prepared To Feel 'At Home'. The Spacious Living Room Features Hardwood Floors And Loads Of Natural Light That Floods In Through The Big Picture Window. Completing The Main Floor Is The Kitchen And A Formal Dining Area. Upstairs You Will Find A Spacious Master Bedroom, 2Nd And 3Rd Bedroom, And A Gorgeous Renovated Bathroom (Approx. 2016). Heading Downstairs, You Will See There Is A Pocket Door Separating The Main And Lower Levels And A Side Entrance Door Which Is Perfect Access For Bringing In Groceries Or Can Be Used As A Secondary Entrance For A Potential In-Law Suite. The Third Level Offers A Large Fourth Bedroom That Has Been Updated Beautifully (Approx. 2019), A Second Full Bathroom, And A Family Room Perfect For Movie Nights. The Fourth Level Is An Absolute Bonus As Many Backsplits Leave This Space Unfinished, But At 8 Clifton We Have A Renovated Games Room / Den / Office / Party Room Or Whatever You Want It To Be (Currently Used As A Bedroom But Has No Window). Completing The Fourth Level Is Your Laundry / Utility Room That Offers Plenty Of Storage. Updates Include All New Windows Over The Last 6 Years, Blinds (Approx 2016), Water Heater (2022), Interior Doors (Approx 2019), And Much More. Outside You Will Find A Beautifully Landscaped Front Garden, A Large Backyard With A Large Shed, Garden, And A Patio Area With An Awning Perfect For Enjoying Summer Nights. Located Doors Down From Cleardale Public School A Perfect Set Up For Families With Younger Children. A Short Drive To Downtown, Victoria Hospital, Shopping And Restaurants, The 401 And So Much More!! Open House Canceled. (Id:23934)
CALL1.877.896.6727
Property Price
$619,900
Minimum Down Payment (%)
5.97%
Minimum Down Payment ($)
$36,990
Mortgage Insurance ($)
$23,316
Mortgage Required ($)
$606,226
Best Mortgage Rate (%)
4.69%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$8,873
Mortgage Insurance PST
$1,865
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$49,228
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$45,228
Monthly Payment
$3,420
Amazing Turn-Key Opportunity With This Beautifully Updated 3+1 Bed, 2 Full Baths Bungalow In Clear Dale Neighborhood! With 3 Bed 1 Bath On Main Floor, Basement 1 Bedroom,1 Den ( Like Bedroom Room) 1 Bath On Lower Floor With Its Own Side Entrance And Sitting Room. Great For Granny Suite, Extra Income, Large Family, Etc. Laundry On Both Levels. Everything Is Done. Large Yard, Wide Driveway With Brick Pavers, Windows And Shingles In 2017. New Electrical Panel In 2016 And All Aluminum Wiring Replaced With Copper! Even All The Lights In The House Are The Led . Central Air Unit. Basement Has Electric Fireplace With Remote. Extremely Efficient House With Very Low Monthly Utility Bills. Close To Great Schools And Shopping! You Don't Find Them Done This Well Very Often! Don't Miss Your Chance To See It In Person, Fresh Paint. Private Double Driveway.**** Extras **** All Electrical Lighting Fixtures, All Window Covering, Main Floor, Fridge, Stove, Built-In Dishwasher, Washer And Dryer. Lower Floor. Fridge, Stove, Built-In Dishwasher, Washer And Dryer. All Fixtures Included In Purchase Price Will Be In As Is Condition. Hot Water Tank Owned. (Id:23934)
CALL1.877.896.6727
Property Price
$729,900
Minimum Down Payment (%)
6.57%
Minimum Down Payment ($)
$47,990
Mortgage Insurance ($)
$27,276
Mortgage Required ($)
$709,186
Best Mortgage Rate (%)
4.69%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$11,073
Mortgage Insurance PST
$2,182
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$62,745
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$58,745
Monthly Payment
$4,000
Welcome To 213 Baxter St. This Meticulously Maintained 3 Bed, 2+2 Bath Family Home Is Move-In Ready And Nestled On A Generous Sized Pie Shaped Lot. Main Floor Features A Gorgeous Kitchen With Oversized Wall Pantry, Breakfast Bar And Stainless Steel Appliances. Vaulted Ceiling Highlight The Formal Dining And Family Room With Sliders That Invite You To The Fully Fenced Backyard Oasis. The Beautiful, Large Landscaped Lot Features A Custom Designed Deck And Outdoor Entertainment Space, Perfect For That Morning Coffee While Listening To Water Cascading Into Your Pond. The Upper Level Boasts An Oversized Master Bedroom With A Custom Designed Walk-In Closet, Elegant Ensuite And Jetted Tub. Two More Tastefully Decorated Bedrooms And A Second Full Bathroom Are Sure To Please Its Occupants. Completing This Magnificent Home Is The Finished Basement That Offers Plenty Of Additional Living Space. The Spacious Recreation Room Features A Cozy Gas Fireplace, 3 Piece Bathroom, Laundry And Lots Of Storage Space. Only Minutes To Veterans Memorial Parkway And The 401, Perfect For Commuters. Don't Miss Out On Your Opportunity To Own This Impressive Home! (Id:23934)
CALL1.877.896.6727
Property Price
$819,900
Minimum Down Payment (%)
6.95%
Minimum Down Payment ($)
$56,990
Mortgage Insurance ($)
$30,516
Mortgage Required ($)
$793,426
Best Mortgage Rate (%)
4.69%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$12,873
Mortgage Insurance PST
$2,441
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$73,804
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$69,804
Monthly Payment
$4,476
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.