Mortgage Calculator

Purchase

Renewal or Refinance

Asking Price
Go

 STEP 1
Enter the price of the home you’re interested in 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.



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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.




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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 for insurable mortgages is 25 years. Longer amortization periods allow homeowners to make smaller monthly payments, but equate to more interest paid over the life of the mortgage.




 		 
 

STEP 2
Choose an amortization period.




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
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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:
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STEP 4
If necessary, update your profile to calculate land transfer tax.

Profile

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.




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Municipal:
    



 

Municipal
Some municipalities, like Toronto, levy an additional LTT, which is similarly calculated as a percentage of the purchase price of a home.




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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.




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Explore the drop-downs to better understand your mortgage choice.


Cash Needed

How much extra cash will I need when my house closes?



Monthly Expenses

Can I afford my monthly expenses & mortgage payments?



Interest Rate Risk

What would my payment be at higher interest rates?



Amortization Schedule

What do my payments look like over time?


Select rate




Provider Rate Select
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Custom rate Select

CENTURY 21 Parkland Ltd. Brokerage

INFO & SERVICES

CENTURY 21 Parkland Ltd. Brokerage

2179 Danforth Avenue, Toronto, ON M4C1K4

(877) 690-2121

INFO & SERVICES

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