What is the Manitoba mortgage calculator?

A Manitoba mortgage calculator is a user-friendly solution to estimate your mortgage repayment costs. Knowing how much you will have to pay for your mortgage monthly will help you budget your money accordingly. In addition, the online calculator tool will break down your total mortgage payments over the term into the principal and interest costs. Besides, using a Manitoba mortgage calculator will help you compare different mortgage solutions by adjusting the values entered as the key mortgage parameters.

In Manitoba, you can get both an open and a closed mortgage. The mortgage rates for 5-year fixed-rate mortgages range from 5.14% to 6.14%, with an average rate being 5.64%.

If you already have the key mortgage loan parameters in mind, you can define the approximate payment using a Manitoba Mortgage calculator.

How to use the Manitoba mortgage calculator on Finanso?

Using a Manitoba mortgage calculator is simple and straightforward — all you have to do is to fill out the required fields with the values for essential loan parameters: the property price, down payment, term, amortization, and interest rate. Once you do, you will get the estimated regular payment amount and the total payments (principal and interest) made over the term.

Option 1. Calculation based on the property price in Manitoba

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 will be required to make a minimum down payment of 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. If your down payment is less than 20%, you will be required to purchase mortgage default insurance.
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 Manitoba 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 more significant overpayment due to a slower principal repayment.

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

Say you want to purchase a property that costs $310,000 and make a $110,000 down payment; the mortgage principal is $200,000, the interest rate is 5.65%, the term is four years, and the amortization period is 15 years. After entering these figures in a Manitoba mortgage calculator, you will get a monthly mortgage payment of $1,643. The total payments over the term will constitute $78,872 (principal plus interest).

Option 2. Calculation based on the loan amount in Manitoba

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 taking into account the down payment). You might consider reviewing the maximum mortgage amounts granted by Manitoba lenders 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. For residential mortgages, the maximum amortization period in Manitoba 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 Manitoba

A mortgage calculator taking into account 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 land transfer tax, 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 will be required to 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. For residential mortgages, the maximum amortization period in Manitoba 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 Manitoba

In Manitoba, the loan term for a mortgage can vary and is typically determined by the borrower. A loan term is the length of time over which a borrower agrees to repay a mortgage loan.

The most common mortgage loan terms in Manitoba are:

5 years
10 years
15 years
25 years

Borrowers can choose a shorter loan term to pay off their mortgage faster and save on interest or a longer loan term to lower their monthly payments. The loan term will also impact the interest rate, with shorter terms usually having a higher rate and longer terms having a lower rate.

It's important to keep in mind that while you can choose the loan term, your lender may have restrictions on the minimum and maximum loan term based on the type of mortgage and your creditworthiness. A lender or mortgage broker can provide more information and help you determine the best loan term for your individual circumstances.

What is the minimum mortgage amount in Manitoba?

There is no set minimum mortgage amount in Manitoba. The minimum mortgage amount that you can obtain will depend on the lender and the type of mortgage you choose.

Some lenders may have a minimum loan amount that they are willing to provide, while others may have no minimum amount requirement. The amount you can borrow will also depend on factors such as your income, credit score, debt-to-income ratio, and the value of the property being purchased.

It's best to speak with a lender or mortgage broker to determine the minimum mortgage amount you may be eligible for based on your individual circumstances.

What is the maximum mortgage amount in Manitoba?

There is no set minimum mortgage amount in Manitoba. The minimum mortgage amount that you can obtain will depend on the lender and the type of mortgage you choose.

It's best to speak with a lender or mortgage broker to determine the minimum mortgage amount you may be eligible for based on your individual circumstances.

In Canada, the maximum mortgage amount that can be insured by the Canada Mortgage and Housing Corporation (CMHC) is $1,000,000. Purchasing mortgage loan insurance is obligatory if your down payment is less than 20%.

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

A down payment on a mortgage loan in Manitoba is a portion of the purchase price of a property that is paid upfront and in cash by the borrower. The remaining balance is usually financed through a mortgage loan.

The down payment size can impact the mortgage terms, such as the interest rate, loan amount, and monthly payments. In general, a larger down payment can result in a lower interest rate and smaller monthly payments.

The minimum down payment required for a mortgage in Manitoba depends on the purchase price of the property and the type of mortgage you are obtaining.

For properties with a purchase price of less than $500,000, the minimum down payment is 5% of the purchase price.

For properties with a purchase price between $500,000 and $999,999, the minimum down payment is 5% of the first $500,000 and 10% of the remaining amount.

For properties with a purchase price of $1 million or more, the minimum down payment is 20% of the purchase price.

For high-ratio mortgages, where the loan-to-value ratio is greater than 80%, a minimum of 5% down payment is required, and mortgage insurance is required.

It's important to note that while these are the minimum down payment requirements, many lenders may require a higher down payment, and some borrowers may choose to put down more to lower their monthly payments or avoid mortgage default insurance.

Who can take out a mortgage in Manitoba?

In Manitoba, anyone who is of legal age and has a stable source of income can apply for a mortgage. This typically includes:

First-time homebuyers
Repeat homebuyers
Self-employed individuals
Joint applicants, such as couples or business partners

To be eligible for a mortgage in Manitoba, you'll need to meet certain criteria, such as having a good credit score, a stable income, and a debt-to-income ratio that is within the lender's guidelines.

Lenders will also consider factors such as your employment history, length of time at your current job, and other sources of income when evaluating your mortgage application.

It's important to note that even if you meet the general eligibility criteria, not all lenders will offer you a mortgage. The terms and interest rate offered may vary based on your circumstances. It's recommended that you speak with a lender or mortgage broker to determine your mortgage eligibility and learn about your options.

Types of mortgages in Manitoba

In Manitoba, the types of mortgages available include:

Conventional mortgage: a traditional mortgage loan with a down payment of at least 20% of the purchase price.
High-ratio mortgage: a mortgage with a down payment of less than 20% of the purchase price, where mortgage default insurance is required.
Fixed-rate mortgage: a mortgage with an interest rate that remains fixed for the term of the loan.
Variable-rate mortgage: a mortgage with an interest rate that fluctuates based on changes to the prime lending rate.
Adjustable-rate mortgage: a mortgage with an interest rate that can change periodically over the term of the loan based on changes to an underlying benchmark rate.
Cash-back mortgage: a mortgage that provides a lump sum cash payment to the borrower at closing, in addition to the loan amount.
Combined mortgage: a mortgage that combines the features of a fixed-rate mortgage and a variable-rate mortgage, allowing for some portion of the loan to be at a fixed rate and some portion at a variable rate.

The type of mortgage you choose will depend on your financial situation, short- and long-term goals, and risk tolerance. It's recommended that you speak with a lender or mortgage broker to determine the best type of mortgage for your individual circumstances.

Where to get a mortgage in Manitoba?

In Manitoba, you can get a mortgage from several sources, including:

Banks: Most major banks in Manitoba offer mortgage products and services, including mortgages for first-time homebuyers, self-employed individuals, and those with good or bad credit. Laurentian Bank, CIBC, Equitable Bank, HSBC, TD Bank, BMO, Simplii Financial, Canadian Western Bank, National Bank of Canada, RBC, Tangerine Bank, Motusbank, Manulife, and Scotiabank are among the available options.
Credit unions: Credit unions in Manitoba offer mortgage products and services, often with competitive interest rates and flexible terms. For example, like Access Credit Union, Cambrian Credit Union, Assiniboine Credit Union, Steinbach Credit Union, and Desjardins.
Mortgage brokers: A mortgage broker acts as an intermediary between you and the lender and can help you find the best mortgage option for your individual circumstances. In Manitoba, Nesto, Mortgage Alliance, and Dominion Lending are available options.
Online lenders: Some online lenders offer mortgage products and services, allowing you to apply for and manage your mortgage online.
Private lenders: Private lenders, also known as hard money lenders, offer mortgage loans for individuals who may not be eligible for a traditional mortgage.

You should shop around and compare the terms and interest rates offered by different lenders to find the best mortgage option for your circumstances. You may also consider speaking with a mortgage broker, who can help you find the best mortgage option based on your individual needs and circumstances.

Mortgage Calculator in Manitoba of March 2025