What is the Quebec mortgage calculator?

A Quebec mortgage calculator is a tool that allows you to estimate your monthly mortgage payments based on various inputs, such as the loan amount, interest rate, and term of the mortgage. The calculator can also take into account the principal and interest payments, property taxes, and insurance to give you an estimate of your monthly mortgage payment.

How to use the Quebec mortgage calculator on Finanso?

The Finanso Quebec mortgage calculator is easy to use. Just fill out the required fields with the key parameters of your mortgage — the home price, down payment, loan term, 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 Quebec

To perform this operation, you will need our simple mortgage calculator that considers 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 Quebec 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 undoubtedly 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 monthly payment on your mortgage in Quebec, enter the values for the essential parameters of your mortgage into the designated fields in the Finanso Quebec mortgage payment calculator.

Option 2. Calculation based on the loan amount in Quebec

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 Quebec 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 Quebec 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 Quebec

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 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 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 Quebec 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 Quebec

The mortgage loan term in Quebec refers to the length of time over which a borrower agrees to repay a mortgage loan. In Quebec, the standard mortgage loan term is usually 25 years but can range from 1 to 30 years, depending on the borrower's specific needs and financial situation.

Longer mortgage terms, such as 25 or 30 years, result in lower monthly payments and a higher overall cost due to the accumulation of interest over a more extended period. Conversely, shorter mortgage terms, such as 10 or 15 years, suggest higher monthly payments and a lower overall cost due to the reduced interest accumulation.

The mortgage loan term in Quebec is a crucial factor to consider when applying for a mortgage, as it affects not only the monthly payments but also the overall cost of the mortgage. Therefore, it's important to consider your budget and financial goals carefully and to speak with a mortgage broker or financial advisor to determine the best mortgage term for your specific situation.

What is the minimum mortgage amount in Quebec?

The minimum mortgage amount in Quebec can vary depending on the lender and the type of mortgage loan you are applying for. For example, some lenders may have a minimum loan amount requirement, while others may allow you to finance a smaller amount.

Typically, the minimum mortgage amount in Quebec is $50,000, but this can vary depending on the lender's requirements and your financial situation. If you are looking to finance a smaller amount, it may be best to speak with a mortgage broker or financial advisor who can help you find a lender that meets your needs.

What is the maximum mortgage amount in Quebec?

The lender determines the maximum mortgage amount in Quebec and depends on various factors such as income, credit score, and the value of the purchased property. Therefore, there is no set maximum mortgage amount in Quebec, as it can vary significantly from lender to lender and from borrower to borrower.

Typically, a lender will consider your debt-to-income ratio and credit score when determining the maximum mortgage amount you may be eligible for. They may also consider factors such as your employment history, the value of the property being purchased, and the amount of down payment you can afford.

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 Quebec?

A down payment on a mortgage loan in Quebec is a portion of the purchase price of a property that the borrower pays upfront while borrowing the rest from a lender. Its size can vary, but a typical minimum down payment in Quebec is 5% of the purchase price. A larger down payment can lead to lower monthly mortgage payments and reduced interest charges over the loan term.

Who can take out a mortgage in Quebec?

In Quebec, anyone of legal age who meets the lender's eligibility criteria can apply for a mortgage loan. To be eligible for a mortgage, you typically need a stable source of income, a good credit score, and sufficient assets to cover the down payment and closing costs. In addition, lenders may also require proof of income, employment history, and other financial information to assess your ability to repay the loan. If you are self-employed, have a low credit score, or have other financial challenges, you may face more difficulty obtaining a mortgage, but it's still possible to do so with the help of a mortgage broker.

Types of mortgages in Quebec

In Quebec, there are several types of mortgages that you can choose from, including:

Fixed-rate mortgages: The interest rate remains fixed for the entire term of the loan. This type of mortgage is ideal if you want predictable monthly payments and stability.
Adjustable-rate mortgages (ARMs): The interest rate can change over the term of the loan, usually tied to a specific index. This type of mortgage is ideal if you expect your income to increase over time and you're comfortable with the possibility of rising interest rates.
Hybrid mortgages: A combination of fixed-rate and adjustable-rate mortgages, where the interest rate is fixed for a certain period, then becomes adjustable.
High-ratio mortgages: A mortgage where the down payment is less than 20% of the purchase price. In these cases, the lender typically requires mortgage default insurance, which protects the lender in case the borrower defaults on the loan.
Reverse mortgages: A type of loan for seniors where the lender provides a lump sum or monthly payments in exchange for the equity in their home. The loan is repaid when the house is sold.

It's essential to carefully consider your financial situation and goals when choosing a mortgage type and to compare the terms and conditions offered by different lenders. A mortgage broker can help you determine which type of mortgage is best for your needs.

Where to get a mortgage in Quebec?

There are several options for getting a mortgage in Quebec, including:

Banks: Many of the major banks in Quebec offer a range of mortgage products, and they can be a good choice if you have a good credit history and a stable source of income. For example, Canada's Big Banks like RBC, TD Bank, Scotiabank, BMO, CIBC, and National Bank, and smaller-sized banks like Equitable Bank, HSBC, Simplii Financial, Manulife, Motusbank, and Tangerine Bank.
Credit unions: Credit unions, such as First National and Desjardins, are member-owned financial institutions that offer mortgages to their members. They often have more flexible lending criteria and may offer lower interest rates than banks.
Non-bank lenders: Several non-bank lenders (Canada Life, CMLS, and Investors Group) offer mortgages in Quebec, which can be a convenient and cost-effective option.
Mortgage brokers: Mortgage brokers such as Nesto, Team Levine, Mortgage Architects, and Dominion Lending are independent agents who can help you find the best mortgage loan from various lenders. They can provide you with various mortgage options, help you compare rates and terms, and guide you through the application process.

Regardless of the lender you choose, it's important to shop around and compare the terms and conditions different lenders offer to find the best mortgage for your needs.

FAQ

How much is the average house payment in Quebec?

The average house payment in Quebec can vary greatly depending on factors such as the size and location of the home, the interest rate on the mortgage, and the term of the loan. However, as a rough estimate, the average monthly mortgage payment in Quebec can range from around $1,000 to $2,000 or more, depending on these factors.

It's essential to remember that the average mortgage payment is just one of several costs associated with homeownership, including property taxes, insurance, maintenance, and repairs. You should also factor in these costs when determining how much you can afford to spend on a home. It's a good idea to work with a mortgage broker or financial advisor to get a more accurate estimate of your monthly housing costs based on your specific situation.

What credit score do you need for a mortgage in Quebec?

The credit score required for a mortgage in Quebec can vary depending on the lender and the type of mortgage loan you are seeking. Generally, a good credit score is considered in the range of 650 to 700 or higher. With a higher credit score, you may be eligible for better interest rates and loan terms.

Keep in mind that lenders will also consider other factors when evaluating your mortgage application, including your income, employment history, debt-to-income ratio, and assets. If you have a lower credit score, you may still be able to qualify for a mortgage, but you may face more difficulty and may be required to pay a higher interest rate.

If you're unsure what your credit score is, you can check it free from several credit bureaus, such as Equifax or TransUnion. Before applying for a mortgage, it's a good idea to review your credit report and take steps to improve your credit score, if necessary.

How much do you have to put down on a property in Quebec?

The amount you have to put down on a property in Quebec can vary depending on the lender, the type of mortgage loan you seek, and your financial situation. However, a typical down payment requirement in Quebec is 5% of the purchase price.

For high-ratio mortgages, where the down payment is less than 20% of the purchase price, the lender typically requires mortgage default insurance, which protects the lender in case the borrower defaults on the loan. In these cases, the minimum down payment requirement is 5% of the purchase price.

Remember that a larger down payment can lead to lower monthly mortgage payments and reduced interest charges over the loan term. Therefore, it's essential to carefully consider your financial situation and goals when determining the size of your down payment. A mortgage broker or financial advisor can help determine how much you can afford to put down on a property.

How much house can I afford in Quebec, making 100K a year?

The amount of house you can afford in Quebec, making 100K a year, will depend on several factors, including your debt-to-income ratio, credit score, and other monthly expenses.

Lenders typically recommend that your monthly housing costs, including mortgage payments, property taxes, and insurance, not exceed 28% to 33% of your gross monthly income. For example, if you make 100K a year or approximately 8,333 dollars per month before taxes, your monthly housing costs should not exceed 2,777 to 3,333 dollars.

However, this is just a rough estimate, and your affordability will depend on your financial situation and spending habits. It's important to factor in your monthly expenses, including debt payments, groceries, transportation, and entertainment when determining how much you can afford to spend on a home.

What would the monthly mortgage payments on a $350,000 house be in Quebec?

The monthly mortgage payment on a $350,000 house in Quebec can vary depending on several factors, including the interest rate, loan term, and other fees and charges. However, as a rough estimate, you can use the following formula to calculate the monthly mortgage payment:

Monthly Mortgage Payment = (Mortgage Principal x Interest Rate) / (1 - (1 + Interest Rate)^(-Loan Term))

For example, if you take out a 25-year mortgage at a 3% interest rate, your monthly mortgage payment would be approximately:

$350,000 x 3% / (1 - (1 + 3%)^(-25 years)) = $1,430.94

Alternatively, you can use the Finanso Quebec mortgage payment calculator.

Mortgage Calculator in Quebec of March 2025