Here you can find out the amount need to pay for specific amount of mortgage, you need to know the amount of mortgage you need, the down payment you can afford, the interest rate you can get qualified for, The property tax of the property you want to buy, the mortgage amortization period you want to apply for and if the property is a condo the condo fee they charge every month.
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What is Property Price?

The property price is the value of the property you want to buy. Ask your sales representative or check the property info sheet to find the property price

What is Interest Rate?

The interest rate is the amount of interest you need to pay to the lender for the money you borrow.
The money you pay back to the lender always includes a portion of the principal you borrowed and the interest rate. The more installment you pay the interest portion of the payment will become lower and that's because the less money you owe to the lender. here you see the amount of interest and the principal on every payment you make and the total amount of interest you pay over the life of your mortgage.
Our current lowest fixed interest rate: 2.04%, and variable rate: 1.55%

What is Amortization Period?

The amortization period is the life of the mortgage, that means after this number of years your mortgage will be paid off.
The longer amortization period means the less monthly payment you have but you will pay more on interest. So if you can afford it will save you a lot of money at the end if you go with longer amortization period.
We recommend to choose the safest amortization period for your mortgage.

What is Down Payment?

The down payment is the money you pay upfront for the property you want to buy. This money will help the lenders to feel more secure giving you the mortgage you are looking for.
In Ontario Canada there is a standard for the down payment which is 20% if you are looking for the best rate mortgage, but still you can buy your property with less than that, in some cases you can buy the property with zero down payment.
If you are looking for the best rate mortgage here is some calculations for the down payments
  • If the mortgage amount is $500,000 or less the down payment is minimum 5% of the amount
  • If the mortgage amount is between $500,000 to $1,000,000 the down payment is 5% of the $500,000 and 10% of the extra $500,000
    for example; let's say you want to buy a property for $800,000, the down payment you need to pay is
    5% X $500,000 = $25,000
    10% X $300,000 (the remaining balance) = $30,000
    Total down payment = $25,000 + $30,000 = $55,000
  • If the amount is more than $1,000,000 then the down payment is 20%
You don't have enough down payment? contact us
Serving Mortgage / Loan Industry in Greater Toronto Area (GTA) - Canada