What is the Québec City mortgage calculator?

With a Québec City mortgage calculator, you can calculate your mortgage payments quickly and easily, given the essential parameters of your loan. By adjusting the figures further and testing down the input parameters, you can see how different mortgage scenarios compare in terms of repayment costs.

How to use the Québec City mortgage calculator on Finanso?

The Finanso Québec City 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 Québec City

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. 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 Québec 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 Québec, enter the values for the essential parameters of your mortgage into the designated fields in the Finanso Québec mortgage payment calculator.

Let's assume you want to purchase a house for $820,000 and make a $250,000 down payment. With a 5-year fixed closed mortgage principal of $570,000 paid over 25 years at a 4.77% interest rate on a bi-weekly basis, your bi-weekly payment will be $1,494. The total payments over the term will constitute $194,249 — $67,349 toward the principal and $126,900 toward the interest.

Option 2. Calculation based on the loan amount in Québec City

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 Québec 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 Québec 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 Québec City

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 Québec 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 Québec City

The standard mortgage loan term in Québec City is typically 25 years, although terms of 20, 25, or 30 years are common. The term of a mortgage loan is the time over which the loan must be repaid. The term of the loan is an important factor to consider when determining the monthly payment, as a longer-term will result in lower monthly payments but a higher total interest cost over the life of the loan. When choosing a mortgage loan term, borrowers should consider their financial goals, budget, and plans.

What is the minimum mortgage amount in Québec City?

There is no set minimum mortgage amount in Québec City, as it can vary depending on the lender and the type of mortgage being applied for. However, many lenders in Québec have a minimum mortgage amount of around $50,000 to $100,000. The minimum mortgage amount is often determined by the lender's internal lending policies, the purchased property type, and the borrower's financial situation. It's always best to check with specific lenders for their specific minimum mortgage amounts, as they can vary widely.

What is the maximum mortgage amount in Québec City?

The maximum mortgage amount in Québec City is generally determined by the lender based on the borrower's financial situation and the value of the purchased property. Lenders typically consider factors such as the borrower's income, credit score, debt-to-income ratio, and the property's value when determining the maximum mortgage amount.

In Canada, the government provides insurance for high-ratio mortgages, defined as mortgages where the borrower has a down payment of less than 20% of the property's purchase price. For insured mortgages, the maximum mortgage amount is typically capped at $1 million. However, for uninsured mortgages, the maximum mortgage amount can be higher and is typically determined by the lender based on the borrower's financial situation and the value of the purchased property.

It's always best to check with specific lenders for their specific maximum mortgage amounts, as they can vary widely.

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 Québec City?

The amount you need for a down payment on a mortgage loan in Québec City will depend on several factors, including the type of mortgage you are applying for, the property's purchase price, and your financial situation.

For high-ratio mortgages, where the borrower has a down payment of less than 20% of the property's purchase price, the minimum down payment is typically 5% of the purchase price. For example, if you purchase a property for $400,000, you would need a down payment of at least $20,000.

For conventional mortgages, where the borrower has a down payment of 20% or more of the property's purchase price, the minimum down payment is typically 20% of the purchase price. So, for example, if you purchase a property for $400,000, you would need a down payment of at least $80,000.

Remember that these are general guidelines, and specific lenders may have different requirements for down payments. Therefore, it's always best to check with specific lenders for their specific down payment requirements.

Who can take out a mortgage in Québec City?

In Québec City, anyone who meets the eligibility criteria set by lenders can take out a mortgage. The eligibility criteria for a mortgage loan typically include age, income, credit history, debt-to-income ratio, and employment status.

To be eligible for a mortgage loan in Québec City, you must:

Be at least 18 years of age
Have a stable income
Have a good credit history
Have a debt-to-income ratio that meets the lender's requirements
Be a Canadian citizen or permanent resident, or have the necessary work permits or visas if you are a non-resident

In addition to these basic eligibility criteria, some lenders may have additional requirements, such as a minimum down payment or a minimum credit score. Therefore, it's always best to check with specific lenders for their specific eligibility criteria.

Types of mortgages in Québec City

There are several types of mortgages available in Québec City. Some of the most common types of mortgages include:

Fixed-rate mortgage: This type of mortgage has a fixed interest rate for the entire term of the loan, which means that the monthly payments remain the same for the duration of the loan.
Variable-rate mortgage: This type of mortgage has an interest rate that can change over time based on changes in the market. This means that the monthly payments can change as the interest rate changes.
High-ratio mortgage: This type of mortgage is defined as a mortgage where the borrower has a down payment of less than 20% of the property's purchase price. High-ratio mortgages typically require mortgage insurance, which protects the lender if the borrower defaults on the loan.
Conventional mortgage: This type of mortgage is defined as a mortgage where the borrower has a down payment of 20% or more of the property's purchase price. Conventional mortgages typically do not require mortgage insurance, which can result in lower monthly payments.
Closed mortgage: This type of mortgage has a fixed interest rate and a set term, and the borrower is not allowed to pay off the mortgage before the end of the term without incurring a penalty.
Open mortgage: This type of mortgage has a variable interest rate and allows the borrower to pay off the mortgage at any time without incurring a penalty.

It's always best to speak with a mortgage professional or financial advisor to determine which type of mortgage is best for your specific financial situation.

Where to get a mortgage in Québec City?

There are several places where you can get a mortgage in Québec City, including:

Banks: Major banks such as TD, RBC, and Scotiabank offer mortgage products to their customers.
Credit Unions: Local credit unions in Québec City also offer mortgage products to their members. For example, Desjardins.
Online Lenders: A growing number of online lenders also offer mortgage products in Québec City.
Independent Mortgage Brokers: Independent mortgage brokers work with various lenders to find the best mortgage products for their clients.
Direct-to-consumer Lenders: Direct-to-consumer lenders offer mortgage products directly to consumers without needing a broker or intermediary.

It's always best to shop around and compare the different mortgage products and rates offered by various lenders to find the best mortgage for your specific financial situation. It's also important to work with a reputable lender or mortgage broker who can help you navigate the mortgage process and ensure you get the best deal possible.

Mortgage Calculator in Quebec City of March 2025