MORTGAGE CALCULATOR
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Mortgage Help
Down Payment
The typical rule of thumb is to pay 20% of the home's price as your down payment, although some mortgage loans require as little as 5% 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.
Loan Term
Your loan program 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 loans. Fixed-rate loans 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. They start out at a specific interest rate which could be higher or lower than a fixed-rate loan depending on where Prime Rate is for the Bank of Canada, and will change anytime the Bank of Canada increases or decreases rates. The main benefits of a Variable-rate loan is the flexibility of being able to take advantage of rates if they go down or locking in to a fixed rate at any time if they start to go up. Additionally, there are less penalties for breaking a Variable-rate mortgage compared to a Fixed-rate mortgage.
Interest Rate
This field is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors like credit score and down payment.
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 the loan program. You can edit this number in the mortgage calculator advanced options.
Strata Fees
Strata fees, sometimes referred to as maintenance fees, are payments made by strata lot owners. This money is used to help pay for maintenance and the upkeep of the community. Strata fees are mandatory, and every owner must pay their fair share. The majority of this fee goes to ongoing expenses while a portion goes to something known as the contingency reserve fund (CRF). This helps to pay for larger expenses that occur less than once a year, or that do not usually occur. Examples include: replacing the roof, upgrading the elevator or repaving a road.