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

Excellent Layout ""Aspen Ridge""Built Detached Home.Main Floor 9 Ft Ceilings,Solid Oak Staircase,Hardwood Flrs Throughout,Granite Counter-Top,Upgraded Kitchen Cabinets,Details Is Devil,Roof (2020),Newer Main Entrance Door(2018, Costs More Than 8000),Custom Address Sign,Direct Access From Garage To Kitchen, No Sidewalk,Beautifully Finished Lower Level With Laminate Floor, Backyard Patio With Hot Tub And Shed.Walk To School,Park,Walking Trails & Yonge St. Transit.**** Extras **** Stainless Steel Stove,Fridge,Built-In Dishwasher,Microwave,All Elegant Window Coverings,Existing Elf's And Chandeliers, Washer,Dryer,White Hutch In Lower Level, Built-In Shelves In 4Th Bed, Garage Door & Remote, Hot Tub And Shed, (Id:23934)
CALL1.877.896.6727
Property Price
$1,198,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$239,600
Mortgage Insurance ($)
$0
Mortgage Required ($)
$958,400
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$20,435
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$261,535
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$257,535
Monthly Payment
$3,764
Luxurious Condominium At 'Xpression' In The Heart Of Richmond Hill On Yonge St, Walking Distance To Mall, Grocery Store, Transit & All Amenities. Bright Corner Unit With 2 Walk-Outs To Wrap Around Balcony With Unobstructed Views. 2 Bedroom, 2 Baths. High-End Finishes: Laminate Throughout, 9 Ft Ceilings, Floor To Ceiling Windows, Quartz Tops In Kitchen & Baths, Rain Head Shower. Modern Contemporary Space.**** Extras **** Stainless Steel Fridge, Stove, Built-In Dishwasher, Washer / Dryer, All Electrical Light Fixtures & Blinds, 277 Sqf Balcony, Parking & Locker! Excellent Building Amenities: Gym, Indoor Pool, Rooftop Garden, 24Hr Concierge, Billiards, Party &Theatre Room . (Id:23934)
CALL1.877.896.6727
Property Price
$669,900
Minimum Down Payment (%)
6.27%
Minimum Down Payment ($)
$41,990
Mortgage Insurance ($)
$25,116
Mortgage Required ($)
$653,026
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$9,873
Mortgage Insurance PST
$2,009
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$55,372
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$51,372
Monthly Payment
$2,565
Greenpark Build Condo In The Heart Of Richmond Hill. Luxury,Spacious Two Large Bedroom Lower Penthouse With Open Concept Kitchen With Granite Counter Top & Breakfast Bar And Two Terrace. A Very Quiet Floor With Just A Few Units, Unobstructed South View, 9Ft Ceiling . Bus Transit Located Steps Away From The Door. Minutes From Hillcrest Mall, Hospital, Parks, Library, Richmond Hill Go Station. Well Maintained Building With Low Maintenance Fee. Low Property Tax**** Extras **** 24 Hr Concierge ,Visitor Parking,Stainless Steel Fridge,Stove,Microwave,Built-In Dishwasher,Washer & Dryer. 1 Locker,1 Parking Spot. Fantastic Amenities, Viewing South. Newly Opened Yonge Street Viva Rapidway (Id:23934)
CALL1.877.896.6727
Property Price
$723,000
Minimum Down Payment (%)
6.54%
Minimum Down Payment ($)
$47,300
Mortgage Insurance ($)
$27,028
Mortgage Required ($)
$702,728
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$10,935
Mortgage Insurance PST
$2,162
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$61,897
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$57,897
Monthly Payment
$2,760
Renovated Family Size Home In The Quiet And Prestigious Neighbourhood Of South Richmond Hill. Modern Kitchen, Pot Lights, Crown Moulding. Well-Maintained Deck And Backyard. Walk To School, Park, Shopping, And Restaurants. Close To Hwy 407 / 404**** Extras **** All Electrical Lighting Fixtures, Window Coverings, Stainless Steel Fridge, Stove, Dishwasher, Washer, Hot Water Tank(Owned), Fireplace In Basement(Electric) ** Exclude: Basement Appliances(Fridge, Stove, Dryer). Chandelier In Dining Room (Id:23934)
CALL1.877.896.6727
Property Price
$1,899,900
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$379,980
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,519,920
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$34,473
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$415,953
First Time Home Buyer
Land Transfer Tax Credit
-$4,000
Cash Needed
$411,953
Monthly Payment
$5,970
Don't Miss This Highly Upgraded Suite,1127 Sf, 2 Lrge Bdrms + Solarium, 63 Sf Balcony. Hardwood Flrs,Custom Closet Organizers & Hunter Douglas Blinds Thruout, Reno'd 3 Piece Washrm With Glass Enclosed Shower & Statement Vessel Sink, Updated Kitchen With Refaced Cabinets,Ceramic Backsplash, Quartz Counters, 2Nd Bedroom Queensize Murphy Bed, Heat&Ac Unit Replaced 2 Yrs.A+Amenities:Concierge,Gym,Guest Ste,Outdoor Pool, Whirlpool,Tennis,Visitor Pkg *Feature Sheet Attach'd***** Extras **** Fridge ,Stove,Dishwasher,Washer,Dryer, Electrical Lighting Fixtures,Custom Blinds,Murphy Bed Excluded:Living Room Wall-Mounted Tv & Bracket. Pkg Spot-Next To Elevator Door, Maintenance Includes Utilities, Well-Managed Building, Gorgeous Grounds **No Dog Pet Policy** (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 (%)
1.35%
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
$2,304

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.