Calculate how your mortgage payments will fluctuate under different down payment scenarios, mortgage rates and amortization periods. Use our mortgage rate selector to select the best current mortgage rates.
Determine how much you can afford based on your income and expenses and the funds you have available for a down payment, as well as the upfront cash required to cover closing costs. While closing costs such as Land Transfer Tax (LTT) and legal fees are a one-off expenditure, living expenses like heat and hydro will be incurred throughout the life of your mortgage.
Mortgage default insurance, otherwise known as CMHC 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. Compare CMHC rates across down payment amounts.
Find out your provincial land transfer tax. Land transfer taxes vary by province, and an additional municipal tax is levied by Toronto. First-time home buyers in Ontario and British Columbia, however, are eligible for land-transfer tax rebates.
Determine the benefits and costs of refinancing your mortgage.
Determine the penalty for breaking your mortgage early.
Determine your savings by combining high interest debt into a loan backed by your home.
Determine how much home equity you can access through a mortgage refinance.