5/21/2014 Mortgage Payment Calculator | Mortgage Payment Calculator Canada | Includes Downpayment, CMHC insurance & Taxes

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CASH NEEDED

Required Cash Expenditures Scenario: 4 (20 % down)

Down payment $30,000

PST on mortgage insurance $0

Land Transfer Tax $970

Lawyer fees $1,000

Renewal or Refinance

Mortgage Payment Calculator

Our mortgage payment calculator calculates your monthly payment and shows you the corresponding amortization

schedule. If you are purchasing a home, our payment calculator allows you to test down payment and amortization

scenarios, and compare variable and fixed mortgage rates. We also help you calculate CMHC insurance and land

transfer tax.

Asking Price $150,000

Down payment5% 10% 15% 20 %

$7,500 $15,000 $22,500 $30,000

Mortgage insurance $4,489 $3,240 $2,295 $0

Total Mortgage Required $146,989 $138,240 $129,795 $120,000

Amortization period 25 Years 25 Years 25 Years 30 Years

Mortgage rate

Mortgage type 5-Year Fixed 5-Year Fixed 5-Year Fixed 5-Year Fixed

Total Mortgage Payment $687PRE-APPROVAL

$646PRE-APPROVAL

$607PRE-APPROVAL

$498PRE-APPROVALFrequency Monthly

Provincial: $970

Municipal: $0

Rebate: $0

HOW 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

COMPARE MORTGAGE RATES

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EDUCATION CENTRE

Term vs. amortization

Variable vs. fixed mortgage

Prepayment options

Mortgage down payment

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RRSP for down payment

Closing costs

Land transfer tax

First-time home buyer tax credit

Mortgage broker vs. bank

Mortgage approval process

BROKER MORTGAGE RATES

Dominion mortgage rates

Invis mortgage rates

All broker mortgage rates

Purchase

2.89 %

Select Rate

2.89 %

Select Rate

2.89 %

Select Rate

2.89 %

Select Rate

Land Transfer Tax: $970 Profile

Province Manitoba

City Winnipeg

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Title insurance $150

Total Cash Required $32,120

Other Cash Considerations

Home inspection fees $300 - $500

Appraisal fees $300

MONTHLY EXPENSES

Expenses Scenario: 4 (20 % down)

Mortgage payment $498

Property Tax $179

Monthly debt payments $0

Utilities $300

Property insurance $50

Phone $40

Cable $60

Internet $45

Total $1,171

INTEREST RATE RISK

Mortgage Amount Scenario: 4 (20 % down)

Mortgage amount today $120,000

Less: Principal paid off over term ($13,562)

Mortgage remaining at end of term: $106,438

CAN I AFFORD MY MONTHLY EXPENSES & MORTGAGE PAYMENTS?

WHAT 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.

Using this amount, below we calculate the corresponding mortgage payments at a variety of interest rates:

Interest RatePayment

Selected Scenario

Selected Rate 2.89 % $498

Average 5-year Fixed Rates (2000 - 2010) 3.89% $563

Average 5-year Fixed Rates (1990 - 2000) 7.23% $808

Average 5-year Fixed Rates (1980 - 1990) 11.92% $1,201

Below is a graph that displays the approximate values of competitive 5-year fixed mortgage rates over the

past 35+ years.

5/21/2014 Mortgage Payment Calculator | Mortgage Payment Calculator Canada | Includes Downpayment, CMHC insurance & Taxes

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AMORTIZATION SCHEDULE

Scenario: 4 (20 % down)

WHAT DO MY PAYMENTS LOOK LIKE OVER TIME?

Year Total Paid Principal Paid Interest Paid Balance

2015 $5,973 $2,559 $3,414 $117,441

2016 $5,973 $2,633 $3,339 $114,808

2017 $5,973 $2,710 $3,263 $112,098

2018 $5,973 $2,789 $3,184 $109,309

2019 $5,973 $2,870 $3,103 $106,438

Total (term) $29,864 $13,562 $16,302 $106,438

The highlighted line above displays the totals at the end of your mortgage term. At this time, you will renew

your mortgage and choose among the rates that are available. The following analysis assumes you will

lock in the same rate for the remainder of the amortization period which may not be possible.

2020 $5,973 $2,954 $3,019 $103,485

2021 $5,973 $3,040 $2,933 $100,445

2022 $5,973 $3,128 $2,845 $97,317

2023 $5,973 $3,219 $2,754 $94,098

Ra

te (

%)

5-year Fixed Mortgage Rates

2007 2008 2009 2010 2011 2012 2013 20142

3

4

5

6

7

Amortization Schedule

Interest Principal Balance

2015 2020 2025 2030 2035 2040$0.00

$25,000.00

$50,000.00

$75,000.00

$100,000.00

$125,000.00

$0

$2,000

$4,000

$6,000

$8,000

$10,000

5/21/2014 Mortgage Payment Calculator | Mortgage Payment Calculator Canada | Includes Downpayment, CMHC insurance & Taxes

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2024 $5,973 $3,313 $2,660 $90,785

2025 $5,973 $3,409 $2,563 $87,375

2026 $5,973 $3,509 $2,464 $83,867

2027 $5,973 $3,611 $2,362 $80,256

2028 $5,973 $3,716 $2,257 $76,540

2029 $5,973 $3,824 $2,149 $72,716

2030 $5,973 $3,935 $2,037 $68,781

2031 $5,973 $4,050 $1,923 $64,731

2032 $5,973 $4,168 $1,805 $60,563

2033 $5,973 $4,289 $1,684 $56,274

2034 $5,973 $4,414 $1,559 $51,860

2035 $5,973 $4,542 $1,430 $47,318

2036 $5,973 $4,675 $1,298 $42,643

2037 $5,973 $4,811 $1,162 $37,833

2038 $5,973 $4,951 $1,022 $32,882

2039 $5,973 $5,095 $878 $27,787

2040 $5,973 $5,243 $730 $22,544

2041 $5,973 $5,396 $577 $17,148

2042 $5,973 $5,553 $420 $11,595

2043 $5,973 $5,714 $258 $5,881

2044 $5,973 $5,881 $92 $0

Total $179,182 $120,000 $59,182 $0

If you have any questions please let our most frequently asked questions guide you

Is your mortgage payment calculator free?

Absolutely! Our calculators, website and rate comparisons are completely free for users. RateHub.ca earns revenue

through advertising. We promote the lowest rates in each province offered by brokers, and allow them to reach

customers online.

Why does your monthly calculator have four columns?

We think it's important for you to compare your options side by side. We start the calculator by outlining the four

most common options for down payment scenarios, but you are not limited to those options. We also allow you to

vary amortization period as well as interest rates, so you'll know how a variable vs. fixed mortgage rate changes

your payment.

How do payments differ by province in Canada?

While majority of the mortgage regulation in Canada is consistent across the provinces (minimum down payment

5%; maximum amortization period 35 years), there are some things that do vary. This table summarizes the

differences:

5/21/2014 Mortgage Payment Calculator | Mortgage Payment Calculator Canada | Includes Downpayment, CMHC insurance & Taxes

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Disclaimer | Agent Login | Affiliate Login

PST on CMHC

insurance

Land transfer

taxes

Land transfer

rebate

British Columbia

BCYES YES

Alberta

ABNO

Saskatchewan

SKYES

Manitoba

MBYES

Ontario

ONYES YES YES

Quebec

QCYES YES

New Brunswick

NBYES

Nova Scotia

NSYES

Prince Edward Island

PEYES

Newfoundland and Labrador

NLYES

What is CMHC Insurance?

CMHC insurance or mortgage default insurance, is mandatory in Canada for down payments between 5% and

19.99%, which are known as high-ratio mortgages. It is calculated as a percentage applied to your total mortgage

amount. For more information on mortgage default insurance rates, please visit our mortgage default insurance

page.

What is an amortization schedule?

An amortization schedule shows your monthly payments over time and also indicates the portion of each payment

paying down your principal vs. interest. The maximum amortization in Canada is 25 years on down payments less

than 20%. Though your amortization may be 25 years, your term will be much shorter. With the most common term

in Canada being 5 years, your amortization will be up for renewal before your mortgage is paid off, which is why our

amortization schedule shows you the balance of your mortgage at the end of your term.

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