MORTGAGE CALCULATOR
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Mortgage Help
Down Payment
The typical rule of thumb is to pay 20 percent of the home's price as your down payment, although some mortgage loans require as little as 5 percent down. Your down payment reduces the total amount of your mortgage loan, so the more money you put down, the lower your payments will be - or the more expensive a house you can buy. Also keep in mind the costs associated with the Canadian Mortgage & Housing Corporation (CMHC) fee's associated with purchases with Insured mortgages (Purchases with less than 20% downpayment).
Loan Term
Your loan type can affect your interest rate and monthly payments. Choose from 30-year fixed, 25-year fixed, and more in the calculator.
Loan Type
There are several types of mortgage loans, but the most commonly used are fixed-rate and variable-rate mortgages. Fixed-rate mortgages have the same interest rate for the entire duration of the loan. That means your monthly payment will be the same, even for long-term loans, such as 30-year fixed-rate mortgages. Two benefits to this loan type are stability, and being able to calculate your total interest up front. Variable-rate mortgages have interest rates that can change over time. Typically they start out at a higher interest rate than a fixed-rate loan, and could fluctuate over the years, as rates fluctuate with the Bank of Canada (BoC). For example, if you have a 5 year Fixed-Rate term, you will have the same interest rate for the 5 years. Vs a Variable-Rate mortgage will have variying rates throughout the duration of the term of the 5 years for example. The main benefit of a variable rate is in circumstances where the rates are on the decline.
Interest Rate
This field is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors like the type of property, location, your credit score, down payment & type of mortgage to name a few.
Property Tax Rate
The mortgage payment calculator includes estimated property taxes based on the home's value. You can edit this in the advanced options.
Home Insurance
Home insurance or homeowners insurance is typically required by lenders, depending on various factors such location, type of property, mortgage & etc. You can edit this number in the mortgage calculator advanced options.
Condo or POTL Fees
A Condo or POTL (Parcel of Tied Land)fee is an amount of money that must be paid monthly by owners of certain types of residential properties, and the condominium corporation's management collects these fees to assist with the maintenance, improvements & upkeep of the properties within the association.