What is the Regina mortgage calculator?

With a Regina 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 Regina mortgage calculator on Finanso?

The Finanso Regina 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 value in Regina

To perform this operation, you will need a 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 Regina 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 Regina, enter the values for the essential parameters of your mortgage into the designated fields in the Finanso Regina 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 Regina

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 Regina 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 Regina 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 Regina

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 Regina 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 Regina

The mortgage loan term in Regina, Saskatchewan, Canada, typically ranges from 6 months to 25 years. The term you choose will depend on your financial goals, such as paying off the mortgage sooner to save on interest or opting for a longer term to lower your monthly payments.

It's important to consider factors such as your budget, current interest rates, and future financial plans when deciding on the right mortgage loan term. Consider consulting with a financial advisor or a mortgage specialist for personalized advice and guidance.

What is the minimum mortgage amount in Regina?

There is no set minimum mortgage amount in Regina, Saskatchewan, Canada. The minimum amount you can borrow will depend on several factors, including the lender's requirements, the type of mortgage you choose, and your creditworthiness.

Typically, lenders will set a minimum mortgage amount based on their criteria, which may vary from one lender to another. For example, some lenders may have a minimum mortgage amount of $50,000, while others may have a minimum of $100,000.

It's best to consult with a lender or mortgage specialist to determine the minimum mortgage amount you may be eligible for based on your specific financial situation and goals.

What is the maximum mortgage amount in Regina?

The maximum mortgage amount in Regina, Saskatchewan, Canada, is generally determined by the lender and the value of the purchased property. Most lenders will lend up to a certain percentage of the property's value, known as the loan-to-value (LTV) ratio. The LTV ratio will vary depending on the lender and the type of mortgage, but it's typically between 80-95% of the property's value.

For example, if a lender has an LTV ratio of 80%, and the property you are purchasing is valued at $500,000, the maximum mortgage amount you could receive would be $400,000 ($500,000 x 80%).

Remember that the maximum mortgage amount you may be eligible for will depend on other factors such as your income, debt-to-income ratio, and credit score. A mortgage specialist can provide personalized advice and guidance on how much you can borrow based on your 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 Regina?

The amount you need for a down payment on a mortgage loan in Regina, Saskatchewan, Canada, will depend on several factors, including the type of mortgage you choose, the value of the property, and your creditworthiness.

For conventional mortgages, a down payment of at least 20% of the property's value is usually required. However, there are also options for low-down payment mortgages with as little as 5% down, such as a high-ratio mortgage or a mortgage with mortgage default insurance.

It's important to remember that the larger your down payment, the lower your monthly mortgage payments will be and the less interest you'll pay over the life of the loan.

It's best to consult with a lender or mortgage specialist to determine the amount you'll need for a down payment based on your specific financial situation and goals. They can help you understand the different mortgage options available and determine the best strategy for achieving homeownership.

Who can take out a mortgage in Regina?

In Regina, Saskatchewan, Canada, anyone who meets the eligibility criteria set by lenders and the government can take out a mortgage. To be eligible for a mortgage, you typically need to meet the following requirements:

Age: Most lenders require that you be at least 18 years old to apply for a mortgage.
Income: You need to have a steady income to make your monthly mortgage payments. Lenders will review your employment history and income to determine your ability to repay the loan.
Credit history: Lenders will review your credit history and credit score to assess your creditworthiness. A good credit score and a history of making payments on time will increase your chances of being approved for a mortgage.
Down payment: Most lenders require a down payment of at least 5-20% of the property's value.
Property: The property you are buying must meet the lender's requirements, including a satisfactory property inspection, title search, and appraisal.

It's important to keep in mind that these requirements may vary from lender to lender and can change over time. Therefore, it's best to consult with a lender or mortgage specialist for the most up-to-date information and personalized advice based on your financial situation.

Types of mortgages in Regina

There are several types of mortgages available in Regina, Saskatchewan, Canada. The most common types include:

Conventional mortgage. A conventional mortgage is a traditional mortgage loan that the government does not insure. These loans typically require a down payment of at least 20% of the property's value.
High-ratio mortgage. A high-ratio mortgage has a down payment of less than 20% of the property's value. This type of mortgage requires default insurance, which protects the lender if you default on the loan.
Fixed-rate mortgage. A fixed-rate mortgage with an interest rate that remains the same for the entire term of the loan. This type of mortgage provides stability and predictability, as your monthly payments will not change even if interest rates increase.
Variable-rate mortgage. A variable-rate mortgage is a mortgage with an interest rate that can change over time. The interest rate on this type of mortgage is tied to a benchmark rate, such as the prime rate, and will fluctuate with changes to the benchmark rate.
Open mortgage. An open mortgage is a mortgage that allows you to make extra payments or pay off the entire loan at any time without incurring any penalties. This type of mortgage is flexible but typically has a higher interest rate than a closed mortgage.
Closed mortgage. A closed mortgage has predetermined terms and conditions, such as the interest rate and payment amount. This type of mortgage usually has lower interest rates but may have penalties for early repayment.

It's important to consider your financial goals, budget, and plans when choosing the right mortgage for you. A mortgage specialist can provide personalized advice and guidance on the best type of mortgage for your specific needs.

Where to get a mortgage in Regina?

There are several places where you can get a mortgage in Regina, Saskatchewan, Canada:

Banks: Major banks, such as TD, RBC, and Scotiabank, offer mortgage services and have branches in Regina. You can visit a branch, speak with a representative, and apply for a mortgage in person.
Credit unions: Credit unions, such as SaskCentral and Affinity Credit Union, are popular for mortgage lending in Regina. They offer competitive rates and personalized service and are a good option for those who prefer a more community-focused financial institution.
Online lenders: Online lenders, such as ratehub.ca, provide a convenient and fast way to compare mortgage rates and apply for a mortgage from the comfort of your home.
Mortgage brokers: Mortgage brokers act as intermediaries between borrowers and lenders and can help you find the best mortgage for your specific needs. They have access to a wide range of lenders and mortgage products and can provide personalized advice and guidance.

It's important to shop around and compare rates and terms from multiple lenders to find the best mortgage for you. A mortgage specialist can help you understand your options and determine the best strategy for achieving homeownership.

Mortgage Calculator in Regina of March 2025