Vancouver Mortgage Calculator
How Do You Estimate Your Vancouver Mortgage payments?
There are a number of factors that go into estimating how much your regular monthly mortgage payment will be. The most important numbers when using our Vancouver mortgage calculator are:
- The price of the home – Down payment + Mortgage insurance (if applicable)
- The amortization period (the number of years the mortgage payments will be spread across
- The mortgage rate (the rate of interest paid on the mortgage).
If you are purchasing a home in British Columbia, our mortgage payment calculator calculates your monthly payment and shows you the corresponding amortization schedule. Use our mortgage calculator to determine what you can afford before you start looking for your dream home.
When using our Vancouver mortgage calculator, Please enter the purchase price, and select your amortization period and mortgage rate to test down payment and amortization scenarios and see what your payments will be if mortgage rates go up. You can also estimate your total monthly expenses, including your Annual Property Tax, Annual Hazard Insurance and Monthly Strata/ HOA fees.
The amount of money paid 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 insurance.
Mortgage insurance, also known as CMHC insurance, is required on all mortgages with down payments of less than 20%. The insurance protects the lender in the case that the borrower defaults on the mortgage. Mortgage insurance is calculated as a percentage applied to your mortgage amount.
Mortgage Rates In British Columbia
The rate of interest that will be paid on the outstanding balance of the mortgage. This is determined by the mortgage type and mortgage provider.
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.
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 committed 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.