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

Home Being Sold For Land Value! Fantastic Location! Huge Corner Lot, Attention Developers And Renovators. Opportunity Plus! Create Your Own Vision! Close To All Amenities, Go Train, Richmond Hill Centre Bus Terminal, Restaurants, Shopping Mall And Main Highways. (Id:23934)
CALL1.877.896.6727
Property Price
$1,598,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$319,600
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$28,435
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$349,535
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$345,535
Monthly Payment
$5,720
Bright And Beautiful Aspen Ridge Home In Desirable Jefferson Community. Backing To Park, This Premium, Irregular Pie Shaped Lot Is One Of The Largest In The Area. Hardwood Floors And Smooth 9' Ceilings On Main. Led Pot Lights Throughout. Oak Staircase With Wrought Iron Pickets. Gas Fireplace With Travertine Mantle, Upgraded Maple Kitchen Cabinets. Landscaped Garden, Stone Walkway, Double Door Entry, Garage Access From House.**** Extras **** Stainless Steel Fridge,New Gas Stove, Built-In Dishwasher, Front Load Steam Washer & Dryer,Central Vac & Equipment, Alarm System,3 Security Cameras All Electrical Lighting Fixtures, All Window Coverings, Garden Shed, Excluded. 2 Tv's With Mounts And Fish Tank In Basement. (Id:23934)
CALL1.877.896.6727
Property Price
$1,248,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$249,600
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$21,435
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$272,535
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$268,535
Monthly Payment
$4,468
Beautiful,Bright, Spacious 3 Storey Th Located In High Demand Location In Richmond Hill. Excellent Layout, Beautifully Kept,Gorgeous Landscaped Gardens With Stone And Perennials. Walk To Yonge St., Public Transit, Schools, Shopping, Dining.A Pleasure To Show!**** Extras **** Stainless Steel Fridge, Stove,Dishwasher, Rangehood,Washer / Dryer (Id:23934)
CALL1.877.896.6727
Property Price
$949,000
Minimum Down Payment (%)
7.37%
Minimum Down Payment ($)
$69,900
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$15,455
Mortgage Insurance PST
$2,813
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$89,668
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$85,668
Monthly Payment
$4,091
Top Ranking Schools. Sun-Filled South Facing 4 Bedroom Detached At High Demanding Rouge Woods. A Must See. Professionally Finished Basement With Additional Rooms And Bathroom. Plenty Of Upgrades Including New Interlocks (Driveway And Backyard), Lightings, Granite Counter Top, Stainless Steel Appliances, Gas Fireplace. Laundry On Main Floor With Direct Access To Garage**** Extras **** All Existing Stainless Steel Fridge, Stove, Dishwasher, Range Hood, Washer, Dryer, Elf's, Window Coverings, Garden Shed And Storage Cabinet On Back Yard / Deck. Garage Door Openers And Remote, Hot Water Tank Rental (Id:23934)
CALL1.877.896.6727
Property Price
$1,450,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$290,000
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$25,475
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$316,975
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$312,975
Monthly Payment
$5,191
Fabulous Home Nestled On A Perfect Ravine Lot. Unique And Outstanding Open Concept Layout With West Facing Windows Overlooking The Forest. Upgraded Centre Island Kitchen With Oversized Pantry, Gleaming Hardwood Floor On Main Floor, Skylight, Master Bedroom With Beautiful Ravine View And Complete Privacy. Finished Basement Featuring A Modern Kitchen, Great Room With Fireplace, Bath & Bedroom. All Just Steps To French Immersion School, Community Centre And Lake Wilcox.**** Extras **** Fridge, Gas Stove, New Washer & Dryer ('19), Built-In Dishwasher, Microwave Hood Fan, Alarm System (Equipment), All Elf's, Closet Organizers, Garage Door Opener's & Remotes, Central Air Conditioning, Humidifier, Central Vacuum, Roof ('18), Water Softener, Reverse Osmosis Filter, Barbeque Gas Line, Window Coverings. (Id:23934)
CALL1.877.896.6727
Property Price
$999,000
Minimum Down Payment (%)
7.50%
Minimum Down Payment ($)
$74,900
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$16,455
Mortgage Insurance PST
$2,957
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$95,812
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$91,812
Monthly Payment
$4,300

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.