Mortgage Calculator in Calgary of March 2025

What is the Calgary mortgage calculator?

A Calgary mortgage calculator is a tool to estimate the monthly mortgage loan payments for a property in Calgary, Canada. The calculator requires inputs such as loan amount, interest rate, loan term, and sometimes such additional data as property taxes. Based on these inputs, the calculator can estimate the monthly payments, including principal and interest payments. This can help determine your budget and plan for owning a home in Calgary.

How to use the Calgary mortgage calculator on Finanso?

The Finanso Calgary mortgage calculator is easy to use. Just fill out the required fields with the key parameters of your mortgage — the home price, down payment, interest rate, amortization period, payment frequency, and additional details, if necessary. Then, hit the "Calculate" button and get the results.

Option 1. Calculation based on the property price in Calgary

To perform this operation, you will need our simple mortgage calculator that takes into account the loan amount, the term, and the repayment method. You may also be asked to specify the mortgage type or the interest rate if there are several mortgage options and only one calculating tool available on the page. Details necessary for the calculation:

• The cost of the property. This field suggests you enter the property price you plan to purchase. Remember that you must make a down payment of at least 5% of the property's price.
• The down payment. It is the initial up-front partial payment you have to make at the time of finalizing the transaction. In addition, you must purchase mortgage default insurance if your down payment is less than 20%.
• The loan term. The mortgage term is the time your mortgage contract is in effect, while amortization is the time it will take you to pay your mortgage in full. The maximum amortization period in Calgary for insured residential mortgages is 35 years.
• The mortgage interest rate. Our calculator takes into account the region's peculiarities. By default, the calculator has the average interest rate for the region where you calculate. In addition, minimum and maximum values for the country are embedded. You will see a notification if you input a value that does not correspond to the country.
• Payment type. The calculator features the possibility to specify the mortgage type: annuity or linear. Annuity payments are certainly convenient for both the borrower and the lender. Still, the client will expect a higher cost of borrowing due to a slower principal repayment.

To get an idea of an approximate mortgage payment in Calgary, enter the values for the essential parameters of your mortgage into the designated fields in the Finanso Calgary mortgage payment calculator.

Let’s assume you’d like to purchase a property for $460,000 and make a $60,000 down payment, and you opt for a 5-year fixed closed mortgage with a 4.73% interest rate, 15-year amortization period and monthly payments; your regular payment will be $3,098. The principal and interest amounts paid over the term will be $103,645 and $82,219, respectively.

Option 2. Calculation based on the loan amount in Calgary

Mortgage calculators suitable for such operations feature the early repayment calculation option. The difference between this tool and the simple one is that it is possible to evaluate the mortgage details at once and see the change in the debt amount if early repayment occurs, which may be convenient when you intend to reduce the overpayment. Details necessary for the calculation:

• The loan amount. This is the money you receive from the lender to purchase real estate (without considering the down payment). You might consider reviewing the maximum mortgage amounts the Calgary lenders grant at this point.
• The loan term. The mortgage term is the time your mortgage contract is in effect, while amortization is the time it will take you to pay your mortgage in full. The maximum amortization period in Calgary for residential mortgages is 35 years.
• The interest rate. Our calculator considers the region's peculiarities. By default, the calculator has the average interest rate for the area where you calculate. In addition, minimum and maximum values for the country are embedded. You will see a corresponding notification if you input a value that does not correspond to the country.
• Early repayment. This field allows you to choose the type of early repayment (partial or full). Select the repayment date and the amount you are going to pay.

Option 3. Calculation based on the total cost of purchasing a property in Calgary

A mortgage calculator featuring more details is necessary to calculate the total cost of acquiring a property. This calculator differs from the previous tools in that it considers the tax burden, such as annual property taxes, default insurance, and additional expenses, for example, an origination or a brokerage fee. In addition, it allows for more accurate calculations. Details necessary for the calculation:

• The cost of the property. In this field, enter the cost of the property you are planning to purchase. Remember that you must make a down payment of at least 5% of the property's price.
• The down payment. It is the initial up-front partial payment you have to make when at the time of finalizing the transaction;
• The loan term. The mortgage term is the time your mortgage contract is in effect, while amortization is the time it will take you to pay your mortgage in full. The maximum amortization period in Calgary for residential mortgages is 35 years.
• The interest rate. Our calculator takes into account the region's peculiarities. By default, the calculator has the average interest rate for the region where you calculate. In addition, minimum and maximum values for the country are embedded. You will see a corresponding notification if you input a value that does not correspond to the country.
• Additional data.

Mortgage loan term in Calgary

The mortgage loan term in Calgary refers to the time over which the borrower is committed to repaying the loan. The typical loan terms for a mortgage in Calgary range from 1 to 30 years, with the most common loan term being 25 years. The loan term chosen can affect the monthly payments, with longer loan terms typically resulting in smaller monthly payments but higher overall interest costs. Borrowers should consider factors such as their current financial situation, plans and goals, and ability to make higher monthly payments when choosing the loan term for their mortgage. It is essential to carefully review the terms and conditions of a mortgage loan before signing the agreement to ensure that the loan term meets your financial needs and goals.

What is the minimum mortgage amount in Calgary?

There is no set minimum mortgage amount in Calgary. The minimum amount you can borrow for a mortgage will depend on the lender's specific lending policies. However, most mortgage lenders have a minimum loan amount of around $50,000 to $75,000.

In addition to the lender's minimum loan amount, you may also need to consider the property's purchase price, closing costs, and any required down payment. The minimum down payment for a mortgage in Canada is typically 5% of the purchase price, but some lenders may have higher requirements.

It is recommended to speak with a mortgage professional or a financial advisor to determine the minimum mortgage amount for your specific needs and financial situation.

What is the maximum mortgage amount in Calgary?

A specific governing body does not set the maximum mortgage amount in Calgary, and it varies among lenders. The maximum mortgage amount you can borrow will depend on several factors, including your income, credit score, and debt-to-income ratio. Most lenders will consider these factors to determine the maximum mortgage amount they are willing to offer.

In Canada, the maximum mortgage amount is typically capped at 80% to 95% of the property's purchase price, including the down payment. However, government regulations and policies can also influence the maximum mortgage amount, such as the stress test for borrowers that came into effect in 2018.

It is recommended to speak with a mortgage professional or a financial advisor to determine the maximum mortgage amount you may be eligible for based on your specific financial situation.

In Canada, the maximum mortgage amount that can be insured by the Canadian Mortgage and Housing Corporation (CMHC) is $1,000,000.

How much do I need for a down payment on a mortgage loan in Calgary?

The amount you need for a down payment on a mortgage loan in Calgary will depend on several factors, including the purchase price of the property and the mortgage loan type. The minimum down payment in Canada for a mortgage loan is 5% of the purchase price. However, some lenders may have higher requirements.

For homes priced up to $500,000, the minimum down payment is 5%. For homes priced between $500,000 and $1 million, the minimum down payment is 5% for the first $500,000 and 10% for the portion over $500,000. For homes priced over $1 million, the minimum down payment is 20%.

It is important to note that putting more money down as a down payment can result in lower monthly payments and a lower overall interest cost over the life of the loan. In addition, a higher down payment can also help you avoid paying for mortgage default insurance, which is required for down payments of less than 20%.

It is recommended to speak with a mortgage professional or a financial advisor to determine the amount you need for a down payment on a mortgage loan in Calgary based on your specific financial situation.

Who can take out a mortgage in Calgary?

In Calgary, anyone 18 or older with a stable income and good credit history can take out a mortgage loan. However, the eligibility criteria for a mortgage loan can vary among lenders, and some lenders may have stricter requirements.

To be eligible for a mortgage loan in Calgary, you will typically need to meet the following criteria:

1. Proof of income: You must have a stable income that meets the lender's minimum requirement.
2. Good credit history: You must have a good credit score and a clean credit history, free of any recent delinquencies or bankruptcies.
3. Debt-to-income ratio: You must have a debt-to-income ratio that falls within the lender's guidelines. This ratio is calculated by dividing your monthly debt payments by your monthly gross income.
4. Down payment: You must have a down payment that meets the lender's requirements.

In addition, you may also need to provide additional documentation such as proof of employment, proof of savings, and other financial information to support your mortgage application.

It is important to note that lenders' eligibility criteria for a mortgage loan can vary. Therefore, it is recommended to speak with a mortgage professional or a financial advisor to determine your eligibility for a mortgage loan in Calgary based on your specific financial situation.

Types of mortgages in Calgary

Several types of mortgages are available in Calgary, each with unique features and benefits. The following are some of the most common types of mortgages:

1. Fixed-rate mortgages: These are mortgages with a fixed interest rate that stays the same for the entire term of the loan. This type of mortgage offers stability and predictability, as the monthly payments remain the same throughout the loan term.
2. Adjustable-rate mortgages (ARMs): These are mortgages with an interest rate that can change periodically, typically once a year. ARMs can offer lower initial interest rates than fixed-rate mortgages, but the monthly payments can increase over time if interest rates rise.
3. Hybrid mortgages: These mortgages combine features of fixed-rate and adjustable-rate mortgages. They typically offer a fixed rate for a certain period, after which the rate becomes adjustable.
4. Open and closed mortgages. A closed mortgage is a mortgage with a fixed interest rate for the term of the mortgage, usually ranging from 6 months to 10 years. The interest rate and monthly payments are fixed for the mortgage term, and the borrower cannot make prepayments without penalty. On the other hand, an open mortgage allows the borrower to make unlimited prepayments and/or pay off the mortgage in full at any time without penalty. Open mortgages typically have a higher interest rate than closed mortgages and are often more flexible, but they also lack the security of a fixed payment.
5. First-time homebuyer mortgages: These are designed specifically for first-time homebuyers and may offer lower down payment requirements, interest rates, and other benefits.

It is recommended to speak with a mortgage professional or a financial advisor to determine the best type of mortgage for your specific financial situation and home-buying needs.

Where to get a mortgage in Calgary?

There are several options for getting a mortgage in Calgary:

1. Banks: Many of the major banks in Canada, including Laurentian Bank, Equitable Bank, ATB, CIBC, TD Bank, HSBC, Canadian Western Bank, Simplii Financial, National Bank of Canada, RBC, Tangerine Bank, Motusbank, Manulife, and Scotiabank, offer mortgage loans in Calgary.
2. Credit unions: Credit unions are a popular alternative to banks, and they often offer competitive mortgage rates and personalized customer service. In Calgary, connectFirst, First National, and Servus Credit Union are operating.
3. Online lenders: Online lenders offer a convenient and fast way to apply for a mortgage and may offer competitive rates and low fees.
4. Independent mortgage brokers: Independent mortgage brokers can help you compare and find the best mortgage rates and terms from various lenders, including banks, credit unions, and online lenders. For example, Butler Mortgage and Nesto.

It is recommended to compare rates and terms from multiple sources and to speak with a mortgage professional or a financial advisor to determine the best option for your specific financial situation and home-buying needs.