UNI Mortgage Calculator
Haven't found a property to purchase yet?
?
Enter the amount that you are planning on paying for the property
STEP 1
Enter property purchase price
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
New Brunswick
STEP 2
Select province to get current
mortgage rates
?
Mortgage type specifies whether the interest
rate is variable or fixed
Fixed Rates
1 Year
7.89%
2 Year
7.14%
3 Year
6.64%
4 Year
6.49%
5 Year
5.89%
6 Year
6.99%
7 Year
7.09%
10 Year
7.59%
Variable Rates
5 Year
7.00%
?
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
–
–
–
–
About UNI Mortgages
Operating strictly online and providing financial services & products to all of Canada is UNI, a financial corporation that is licensed under and a division of Caisse Populaire Acadienne Ltee. Nowadays, people seek the convenience of online banking and UNI offers a large assortment of financial products and services for personal and business related needs. Financial solutions are just a few clicks away within the UNI website, which is loaded with information outlining all products & services available, even mortgages! First time home buyers looking for a new mortgage loan will find a great deal of information on mortgage products, how products vary, interest rates, and even mortgage tools like the UNI mortgage calculator to help home buyers become acquainted with how mortgages are broken down. Are mortgages complicated? To a certain degree, the answer is yes; mortgage types and the various interest rates that are tied individually to each product can seem a bit jumbled and hard to understand. This is where working with a mortgage specialist will come in handy for many home buyers. Not new to the mortgage market and looking for a mortgage renewal, second mortgage, home equity loans/lines of credit, or mortgage refinancing? UNI can help with that too!
Once you have used the UNI mortgage calculator, you will discover that the mortgage type that you will be using is important to know. Mortgage types vary, but you may be familiar with the top three most popular, which is a fixed rate mortgage, an adjustable rate mortgage, or a variable rate mortgage. The difference between a variable rate and an adjustable rate is how the difference in the fluctuation of the interest rate is applied to your mortgage. As both the variable rate and the adjustable rate mortgages are set to keep pace with the prime rate, any movement (up or down) affects the mortgage. An adjustable rate mortgage will take the difference in interest rate amount and apply it immediately to the monthly payment amount, whereas a variable rate mortgage places the interest rate difference directly on the principal of the loan. A fixed rate mortgage interest rate percentage is a set rate by the lender and is not set to the prime rate, which is locked in for an agreed-upon term. There are pros and cons with all mortgage products, so it is best to know up front if your lender is offering you a closed or open mortgage (open offers flexibility and closed is locked in, so applicable with terms, conditions & contract).