Richmond Hill 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 Richmond Hill 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

Richmond Hill Mortgage Calculator Examples

Stunning Family Home In Prestigious Jefferson Community With Best Open Concept Layout~Bright And Spacious Home With Over 300K+ Of Upgrades Throughout.~Extended Family Room~Custom Interlock Driveway / Backyard~Hardwood / Marble Throughout-Custom Kitchen With Granite Island~Crown Mouldings~Cast Stone Fireplace / Wall~Pot Lights~California Shutters~Upgraded Vanities With Granite Counter In Every Wr~Outdoor / Indoor Jacuzzi~Fenced Yrd~Approx 3500Sf ~ Basement Partially Fnsh With 2Bdrm / 1Wr**** Extras **** Steps To Schools~ Parks~ Richmond Hill Hs Zone!!! A Must See To Fall In Love!Extras:Top-Of-The Line ""Chef Collection"" Fridge, Stove, Built-In Dishwasher, Built-In Microwave,Front Load Washer / Dryer, California Shutter, Chandelier, All Elf's, Jacuzzi. (Id:23934)
CALL1.877.896.6727
Property Price
$1,738,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$347,600
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,390,400
Best Mortgage Rate (%)
1.54%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$31,235
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$380,335
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$376,335
Monthly Payment
$5,584
Excellent Opportunity To Own A 2 Bedroom Condo In Gates Of Bayview Glen. Open Concept And Extremely Bright Unit On Quiet North Side Of The Building. Great Location, Walk To Yonge St. Shopping, & Hillcrest Mall.**** Extras **** Fridge, Stove, Built-In Dishwasher, New Washer And Dryer. Electrical Lighting Fixtures, Window Coverings, One Underground Parking & Locker. (Id:23934)
CALL1.877.896.6727
Property Price
$458,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$22,900
Mortgage Insurance ($)
$17,404
Mortgage Required ($)
$452,504
Best Mortgage Rate (%)
1.54%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$5,635
Mortgage Insurance PST
$1,392
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$31,427
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$27,427
Monthly Payment
$1,817
2 Storey Townhouse With 3 Car Driveway, 9Ft Ceiling On Main Floor, Open Concept Living Room Overlooks Deep Ravine Lot. Hardwood Main Floor & 2Nd. Upgraded Kitchen, Sink, Quartz Countertop, Spacious Master Bedroom With Upgraded Bathroom. Finished Basement With Wet Bar & Sauna, Laundry 3Pc Ensuite.**** Extras **** New Whirlpool Fridge & Stove, Dishwasher. Whirlpool Washer & Dryer. All Existing Electric Light Fixtures And Window Coverings. (Id:23934)
CALL1.877.896.6727
Property Price
$999,888
Minimum Down Payment (%)
7.50%
Minimum Down Payment ($)
$74,989
Mortgage Insurance ($)
$36,996
Mortgage Required ($)
$961,895
Best Mortgage Rate (%)
1.54%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$16,473
Mortgage Insurance PST
$2,960
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$95,921
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$91,921
Monthly Payment
$3,863
Luxurious Executive Tribute Home Aprox 3300 Square Ft, 4+2 Bdrms, 5 Washrooms. Custom Interior Done By Tribute. Recently Renovated. 55"" Gas Fireplace, 9' Ceilings Main Floor, In-Ceiling Speakers In Family, Custom Closet Organizer, 8' Island, Light Fixtures Made In Italy, Fireplace In Master, In-Wall Professional Speaker System In Basement, Sprayed Insulation On Exterior Walls In Basement, Wet Bar, Cold Cellar, Professionally Landscaped Front And Back.**** Extras **** Stainless Steel Stove, Stainless Steel Fridge,Dishwasher, Washer, Dryer, Stainless Steel Dishwasher In Basement, All Elf's, Alarm System, Garage Door Opener And Remotes, All Window Coverings. Excludes Fridge, Projector And Screen In Basement And Fridge In Garage. (Id:23934)
CALL1.877.896.6727
Property Price
$1,698,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$339,600
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,358,400
Best Mortgage Rate (%)
1.54%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$30,435
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$371,535
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$367,535
Monthly Payment
$5,455
Beautiful Contemporary Home In Prestigious Mill Pond Neighbourhood. Steps To Yonge St, Transit, Schools & More. Three Fully Upgraded Floors With Finished Basement, Open Concept Layout With Pot Lights, California Shutters & Heated Floors In The Upstairs Bathrooms. Hardwood On Main, 3Rd Flr + Hallways. Stainless Steel Appliances, Crown Mouldings & Wainscoting Throughout. Master Bedroom Takes Up The Whole 3Rd Floor With Terrace, His / Her Closets, And Sitting Area**** Extras **** Stainless Steel Appliances, Stainless Steel Fridge, Stainless Steel Stove, Stainless Steel Dishwasher, Stainless Steel Rangehood, Washer And Dryer, All Existing Electrical Light Fixtures And Blinds / California Shutters Wherever They Exist. (Id:23934)
CALL1.877.896.6727
Property Price
$999,999
Minimum Down Payment (%)
7.50%
Minimum Down Payment ($)
$75,000
Mortgage Insurance ($)
$37,000
Mortgage Required ($)
$961,999
Best Mortgage Rate (%)
1.54%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$16,475
Mortgage Insurance PST
$2,960
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$95,935
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$91,935
Monthly Payment
$3,863

Mortgages In Richmond Hill

Richmond Hill is one of those great little cities (not far from Toronto) that has fantastic neighbourhoods and are sprinkled with incredible real estate! Encompassed by great schools, golf courses, parks galore, and abundant amenities, this city is perfectly suited for young couples, families with children, and business professionals. In the market for a new home? If the answer is yes, then check out the MLS listings to peruse some incredible homes that have potential to be YOUR next home! While looking at the market listings, why not use the Richmond Hill mortgage calculator to help match your affordability to homes that catch your attention? Free to use (a mortgage calculator can be found amongst other useful tools on your banking website), this kind of calculator can figure out the monthly payments on a home by entering the interest rate, the amortization period, and the purchase price. This is just the basic calculator, for there are calculators that additional financial information can be entered into to get a more in-depth and accurate monthly payment amount. When a mortgage loan is the direction you will go in to purchase and secure your new home, then you should familiarize yourself with what mortgage loan products are out there & the lenders that work with home buyers.
There are many ways to finance your new Richmond Hill home purchase, but choosing the right lender is just as important as the mortgage loan itself. There are major banks and credit unions that are traditionally the lenders that home buyers consider. Although their interest rates tend to be lower and more attractive, the criteria to be approved is quite extensive. Loan companies, mortgage broker companies, some insurance companies, and trust companies also deal in mortgage loan products... however, they source their funding from private entities and usually charge higher interest rates. Shopping around for the 'right' lender can also depend on your financial situation. Some home buyers are self-employed, which can 'turn off' some lenders from approving a mortgage loan application. For home buyers that have issues with past credit problems or self-employment, there are lenders that are willing to work with you. Lenders work with software programs just like the mortgage calculator to ascertain your financial information, especially when pre-qualifying for a mortgage. Critiquing what mortgage loan product would be right for you will depend on a few factors. Some mortgage products can lock in the agreed-upon interest rate for a specified term (fixed rate mortgage) or allow the interest rate to keep pace with the market (variable/adjustable interest rate mortgage).
Of course, there are different other mortgage products available to you, like low ratio/high ratio mortgages (this depends on how much of a down payment is available if any), conventional mortgages (loan is up to 80% of the appraised value of the home), open/closed mortgages (open allows for early payoff and closed cannot be renegotiated), and so on, so you will have choices and a decision to make once you are able to sit down with a trusted lender. Richmond Hill is worthy of a property investment, but it is just a matter of how. The website of your bank (a trusted site) has multiple tools for you to use on your own (besides a mortgage calculator) to help you understand how the interest rate, the cost of the home, the type of mortgage product, the payment frequency, and the length of time you will carry the loan is brought together to get you that bottom line. Compare mortgage tools to give you an even deeper perspective on how different mortgage products can affect you financially over a period of years. Splitting a mortgage is an option with some lenders, which can be a huge money-saver in the long run.