![]() ![]() You may be able to extend your amortization, depending on your down payment or other details (talk to our mortgage experts for more info). Amortization is first set to a standard 25 years. Monthly repayments The calculator divides the mortgage amount and the total interest payable by the total number months in the mortgage term.The transfer tax is usually paid for by the seller, but that will depend on what terms you negotiate when you put an offer on the property. For example, if the home you buy is 200,000, you’ll pay 1,100 in mortgage tax (divide 200,000 by 100 and multiply by 0.55). You can choose other options in the dropdown - notice how much sooner you'll pay off your mortgage with an accelerated schedule! Usually the buyer will pay this charge of 0.55 per 100 of the purchase price. Payment Frequency is first set to monthly.Want to truly compare rates? Take a spin with our Compare & Save Calculator. Adjust the rate to calculate the effect on your payment and how much you save with a better rate (for which you'll need to qualify through the federal stress test). Mortgage Rate is first set to our lowest 5-year fixed rate.Enter the purchase price for a home you’re interested in buying, or play around with a range of prices to see how they affect your monthly mortgage payment. You only need eight pieces of information to calculate your mortgage payment with our mortgage calculator: Home price. Pick a different rate or term to see the effect on your numbers. How to calculate a monthly payment using our mortgage calculator. Mortgage Term is first set to a 5-year fixed rate, the most common term and rate type chosen by our clients.If you have less than 20% down, you'll need to purchase mortgage default insurance, which is calculated as part of your mortgage payment. It shows 3 options: the minimum down payment required (based on federal regulations listed in our FAQs below), a 20% option ( conventional mortgage that doesn't require insurance), or enter your custom amount. Down Payment is automatically calculated.Enter the price of your specific home or property. Purchase Price defaults to an average home price in Canada.Here's how our mortgage payment calculator works: To save money, your best rate and mortgage payment go hand-in-hand.
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