Mortgage Payment Calculator

When searching for a new home, the first step is to figure out how much you can afford. Newcomermortgage.ca takes the most important factors like your income and expenses and determines the maximum purchase price that you can qualify for.

Purchase

Renewal

Home Price

Start

Enter the price of the home you're interested in and press GO.

Down payment	Down payment		Down payment 1 (%)	Down payment 2 (%)	Down payment 3 (%)	Down payment 4 (%)
Down payment	Down payment		Down payment 1 ($)	Down payment 2 ($)	Down payment 3 ($)	Down payment 4 ($)
Mortgage insurance	Mortgage insurance
Total Mortgage Required		equals	$-	$-	$-	$-
Amortization period	Amortization period		STEP 2 Choose an amortization period. Amortization period 1	Amortization period 2	Amortization period 3	Amortization period 4
Mortgage rate	Mortgage rate		STEP 3 Choose a mortgage rate to calculate the corresponding payment. Select rate	Select rate	Select rate	Select rate
Mortgage type	Mortgage type
Total Mortgage Payment			$- Get rate	$- Get rate	$- Get rate	$- Get rate
Frequency	Mortgage payment		$- Get rate	$- Get rate	$- Get rate	$- Get rate
Land Transfer Tax: $-				STEP 4 If necessary, update your profile to calculate land transfer tax. Profile Location: I am a first-time home buyer I am buying a newly built home
Provincial:	Provincial
Municipal:	Municipal
Rebate:	Rebate

Land Transfer Tax $-
Provincial:	Provincial Land transfer tax (LTT), typically calculated as a percentage of the purchase price of a home, is required when purchasing a home in Canada. All provinces have a LTT, and the amount varies in each province.
Municipal:	Municipal Some municipalities, like Toronto, levy an additional LTT, which is similarly calculated as a percentage of the purchase price of a home.
Rebate:	Rebate If you are a first-time home buyer in British Columbia or Ontario, you will be eligible for LTT rebates, equal to the value of the LTT up to a maximum amount set by the province.
*You will be required to pay a title transfer fee.
STEP 4 If necessary, update your profile to calculate land transfer tax. Profile
Location
I am a first-time home buyer
I am buying a newly built home

Explore the drop-downs to better understand your mortgage choice.

Cash Needed
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:

Required Cash Expenditures

Scenario:

Down payment $-
PST on mortgage insurance $-
Land Transfer Tax $-
Lawyer fees $-
Title insurance $-
Estoppel certificate fee $-
Total Cash Required $-

Other Cash Considerations

Home inspection fees $300 - $500
Appraisal fees $300

Monthly Expenses
Can I afford my monthly expenses & mortgage payments?

Expenses

Scenario:

Mortgage payment $-
Property Tax
Monthly Debt Payments
Utilities
Condo Fees
Property insurance
Phone
Cable
Internet
Total $-

Interest Rate Risk
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.

Mortgage Amount

Scenario:

Mortgage amount today $-
Less: Principal paid off over term $-
Mortgage remaining at end of term: $-

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

Purchase interest rate		Payment Selected Scenario
Selected Rate		$-
Average 5-year Fixed Rates (2000 - 2010)	3.89%	$-
Average 5-year Fixed Rates (1990 - 2000)	7.23%	$-
Average 5-year Fixed Rates (1980 - 1990)	11.92%	$-