Purchase Renewal or Refinance Asking Price Asking Price Go STEP 1 Enter the price of the home you're interested in and press GO. Enter the amount of the mortgage you wish to renew or refinance and press GO. Down payment Down payment The amount of money you pay up front to obtain a mortgage. The minimum down payment in Canada is 5%. For down payments of less than 20%, home buyers are required to purchase mortgage default insurance, commonly referred to as CMHC insurance. Down payment 1 (%) Down payment 2 (%) Down payment 3 (%) Down payment 4 (%) minus Down payment 1 ($) Down payment 2 ($) Down payment 3 ($) Down payment 4 ($) Mortgage insurance Mortgage insurance Mortgage default insurance, commonly referred to as CMHC insurance, protects the lender in the case the borrower defaults on the mortgage. Mortgage default insurance is required on all mortgages with down payments of less than 20%, which are known as high ratio mortgages. Mortgage default insurance is calculated as a percentage applied to your mortgage amount. plus Total Mortgage Required equals $- $- $- $- Amortization period Amortization period The length of time it will take a homeowner to pay off his/her mortgage. In Canada, the maximum amortization period is 35 years. Longer amortization periods allow homeowners to make smaller monthly payments, but equate to more interest paid over the life of the mortgage. STEP 2Choose an amortization period. Amortization period 1 Select 5 Years 10 Years 15 Years 20 Years 25 Years 30 Years 35 Years Other Amortization period 2 Select 5 Years 10 Years 15 Years 20 Years 25 Years 30 Years 35 Years Other Amortization period 3 Select 5 Years 10 Years 15 Years 20 Years 25 Years 30 Years 35 Years Other Amortization period 4 Select 5 Years 10 Years 15 Years 20 Years 25 Years 30 Years 35 Years Other Mortgage rate Mortgage rate The rate of interest you will pay on the outstanding balance of your mortgage. This is determined by the mortgage type and mortgage provider. To see how rates vary by type and provider, click on "Select Rate" link on the right. STEP 3 Choose a mortgage rate to calculate the corresponding payment. Select Rate Select Rate Select Rate Select Rate Mortgage type Mortgage type The mortgage type includes the term of the mortgage, between 1-10 years, and the rate type, variable or fixed. The mortgage term is the length of time you commit to the terms, conditions and mortgage rate with a specific lender. The mortgage rate type can be fixed for the duration of the term or variable, fluctuating with the prime rate. Fixed rates are most popular in Canada and represent 66% of all mortgages, according to the Canadian Association of Accredited Mortgage Professionals (CAAMP). Total Mortgage Payment $- Pre-approval $- Pre-approval $- Pre-approval $- Pre-approval Frequency Monthly Weekly Accelerated Weekly Bi-weekly Accelerated Bi-weekly Mortgage payment The monthly mortgage payment is calculated based on the inputs you provided: the mortgage amount, rate type (fixed or variable), term, amortization period, and payment frequency. A general affordability rule, as outlined by the Canada Mortgage and Housing Corporation, is that your monthly housing costs should not exceed 32% of your gross household monthly income. Land Transfer Tax: $- STEP 4If necessary, update your profile to calculate land transfer tax. Profile Province Please select British Columbia Alberta Saskatchewan Manitoba Ontario Quebec New Brunswick Nova Scotia Prince Edward Island Newfoundland Yukon Northwest Territories Nunavut City Loading... I am a first-time home buyer Provincial: Provincial Land transfer tax (LTT), typically calculated as a percentage of the purchase price of a home, is required when purchasing a home in Canada. All provinces have a LTT, and the amount varies in each province. plus Municipal: Municipal Some municipalities, like Toronto, levy an additional LTT, which is similarly calculated as a percentage of the purchase price of a home. plus Rebate: Rebate If you are a first-time home buyer in British Columbia or Ontario, you will be eligible for LTT rebates, equal to the value of the LTT up to a maximum amount set by the province. minus Land Transfer Tax $- Provincial: Provincial Land transfer tax (LTT), typically calculated as a percentage of the purchase price of a home, is required when purchasing a home in Canada. All provinces have a LTT, and the amount varies in each province. plus Municipal: Municipal Some municipalities, like Toronto, levy an additional LTT, which is similarly calculated as a percentage of the purchase price of a home. plus Rebate: Rebate If you are a first-time home buyer in British Columbia or Ontario, you will be eligible for LTT rebates, equal to the value of the LTT up to a maximum amount set by the province. minus *You will be required to pay a title transfer fee. STEP 4If necessary, update your profile to calculate land transfer tax. Profile Province City I am a first-time home buyer Explore the drop-downs to better understand your mortgage choice. Funds RequiredHow much extra cash will I need when my house closes? When you purchase a house, there are a number of costs you'll need to put cash aside for in addition to your down payment. These costs depend on a number of factors including things like what kind of home you are buying (i.e. house vs. condo) and where the home is located. Our tool will help you calculate these costs, so you know how much you'll need to save. Type of home: House Condominium Required Cash Expenditures Scenario: 1 (5% down) 2 (10% down) 3 (15% down) 4 (20% down) Down payment $- PST on mortgage insurance $- Land Transfer Tax $- Lawyer fees $- Title insurance $- Estoppel certificate fee $- Total Cash Required $- Other Cash Considerations Home inspection fees $300 - $500 Appraisal fees $300 Monthly CostsCan I afford my monthly expenses & mortgage payments? Expenses Scenario: 1 (5% down) 2 (10% down) 3 (15% down) 4 (20% down) Mortgage payment $- Property Tax $- Monthly debt payments Utilities Condo Fees Property insurance Phone Cable Internet Total $- Understanding Interest RateWhat would my payment be at higher interest rates? When determining the size of home you can afford, it's important to look at the long term horizon. The mortgage rate you pay today could be substantially different from the mortgage rates available when the time comes to renew your mortgage. The calculation below shows how much of your mortgage principal will be left at the end of the term. Mortgage Amount Scenario: 1 (5% down) 2 (10% down) 3 (15% down) 4 (20% down) Mortgage amount today $- Less: Principal paid off over term $- Mortgage remaining at end of term: $- Using this amount, below we calculate the corresponding mortgage payments at a variety of interest rates: Interest Rate PaymentSelected Scenario Selected Rate $- Average 5-year Fixed Rates (2000 - 2010) 3.89% $- Average 5-year Fixed Rates (1990 - 2000) 7.23% $- Average 5-year Fixed Rates (1980 - 1990) 11.92% $- Amortization ScheduleWhat do my payments look like over time? Scenario: 1 (5% down) 2 (10% down) 3 (15% down) 4 (20% down) Year Total Paid Principal Paid Interest Paid Balance Mortgage Rate Type: Fixed Rates Variable Rates Term: 1 Year2 Years3 Years4 Years5 Years6 Years7 Years8 Years9 Years10 Years Province: Please select British Columbia Alberta Saskatchewan Manitoba Ontario Quebec New Brunswick Nova Scotia Prince Edward Island Newfoundland Yukon Northwest Territories Nunavut Provider Rate Select Select
