Mortgage calculator in Victoria

Mortgage calculator in Victoria in 2023. How to calculate a mortgage yourself? How to work with a mortgage calculator? Mortgage rates. What can I find out using a mortgage calculator?

Real estate value calculation
Loan amount calculation
How much will the property cost me
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Mortgage Calculator
Interest rates in Victoria on 08.02.2023
50000 C$ 3000000 C$
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4.74 % 6.59 %
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Early repayment
50000 C$ 3000000 C$
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Total Monthly Payment
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Details
Amortization Table
Total Monthly Payment

In this section, you can see your approximate monthly mortgage payment amount

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Mortgage Amount
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Cost of borrowing
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Payment

Here is the breakdown of the total cost of your loan: the principal and the interest.

 

 

Annual schedule

Your Mortgage Payment Information
Mortgage interest rates for February 2023

We collect and analyze the best mortgage interest rates in Canada on a daily basis

Max Rate (5-year Fixed) 6.49 %
Min Rate (5-year Fixed) 4.45 %
Average Rate (5-year Fixed) 6.45 %
Max Rate (10-year Fixed) 8,1 %
Min Rate (10-year Fixed) 5,19 %
Average Rate (10-year Fixed) 5,75 %
Max Rate (25-year Fixed) 10 %
Min Rate (25-year Fixed) 7,58 %
Average Rate (25-year Fixed) 9,75 %
Nesto

Get 1% cashback on your mortgage value (Up to $9,250*) mortgage cashback

4.54 %
Profitably

Rent vs Buy: What is cheaper in Victoria?

We have prepared for you an analytical block to help you compare the financial advantages of renting and taking out a mortgage loan. With the help of this chart, you can figure out whether, at the moment, it is more profitable to rent a property or to buy it. The data is relevant for February 2023 of the year and does not consider inflation and the rise in the price of real estate.

1 bd condo
2 bd condo
3 bd condo
2 bd home
3 bd home
4 bd home
4+ bd home
Mortgage is cheaper!
On 08.02.2023 Mortgage is cheaper than Rent
10 C$ Your benefit!

Benefit for 1 year
120 C$

Benefit for 5 years
600 C$
Average data in Canada for February 2023 of the year
We collect and analyze the cost of real estate in Canada on a monthly basis
Mortgage
1 490 C$

Rent
1 500 C$

Difference
10 C$
Rent is cheaper!
On 08.02.2023 Rent is cheaper than Mortgage
80 C$ Your benefit!

Benefit for 1 year
960 C$

Benefit for 5 years
4 800 C$
Average data in Canada for February 2023 of the year
We collect and analyze the cost of real estate in Canada on a monthly basis
Rent
1 800 C$

Mortgage
1 880 C$

Difference
80 C$
Rent is cheaper!
On 08.02.2023 Rent is cheaper than Mortgage
430 C$ Your benefit!

Benefit for 1 year
5 160 C$

Benefit for 5 years
25 800 C$
Average data in Canada for February 2023 of the year
We collect and analyze the cost of real estate in Canada on a monthly basis
Rent
2 300 C$

Mortgage
2 730 C$

Difference
430 C$
Rent is cheaper!
On 08.02.2023 Rent is cheaper than Mortgage
3 150 C$ Your benefit!

Benefit for 1 year
37 800 C$

Benefit for 5 years
189 000 C$
Average data in Canada for February 2023 of the year
We collect and analyze the cost of real estate in Canada on a monthly basis
Rent
1 800 C$

Mortgage
4 950 C$

Difference
3 150 C$
Rent is cheaper!
On 08.02.2023 Rent is cheaper than Mortgage
3 960 C$ Your benefit!

Benefit for 1 year
47 520 C$

Benefit for 5 years
237 600 C$
Average data in Canada for February 2023 of the year
We collect and analyze the cost of real estate in Canada on a monthly basis
Rent
2 500 C$

Mortgage
6 460 C$

Difference
3 960 C$
Rent is cheaper!
On 08.02.2023 Rent is cheaper than Mortgage
2 960 C$ Your benefit!

Benefit for 1 year
35 520 C$

Benefit for 5 years
177 600 C$
Average data in Canada for February 2023 of the year
We collect and analyze the cost of real estate in Canada on a monthly basis
Rent
3 500 C$

Mortgage
6 460 C$

Difference
2 960 C$
Rent is cheaper!
On 08.02.2023 Rent is cheaper than Mortgage
3 450 C$ Your benefit!

Benefit for 1 year
41 400 C$

Benefit for 5 years
207 000 C$
Average data in Canada for February 2023 of the year
We collect and analyze the cost of real estate in Canada on a monthly basis
Rent
4 000 C$

Mortgage
7 450 C$

Difference
3 450 C$

Compare mortgage offers for 08.02.2023

Use the mortgage loan matching configurator. Select the necessary parameters and click on the "Show" button

HELOC
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Refinance
Conventional
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Syndicated
Self-Employed
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Commercial
C$100,000
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5-years
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300
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Mortgage offers

Start your housing search in Victoria with our mortgage calculator

Calculate your monthly payment Step 1

It might be a good idea to figure out how much you can spend before applying for a mortgage, as your monthly payment will be your most significant expense. For your convenience, we designed a user-friendly mortgage payment calculator that takes into account many factors, for example, your insurance costs and interest deduction.

Look through the terms and conditions Step 2

Check out the mortgage options available in Victoria in February, 2023. The system will select the most relevant offers according to the results of your calculation.

Check your credit score Step 3

To assess the mortgage loan approval probability, we recommend you check your credit score through our website. It is free. The minimum rating required for a mortgage with a traditional lender is 680. If your rating is lower than 680, we could recommend you a mortgage broker.

Check your debt Step 4

Buying a house is one of the most important money moves you'll ever make. It might be helpful to check if you owe money to someone before starting your house-hunting journey. To do it, you could use our debt-checking service. It's free. Banks tend to favor debt-free customers; therefore, if you see yourself in arrears, you’d better pay off all your debts before applying for a mortgage loan.

Apply Step 5

If your credit score is at least 680 and you don't have any outstanding debts, we recommend you start the application process. To apply for a mortgage, you can go to the bank's website by clicking the corresponding button in the offers listed above. Alternatively, you can use our mortgage application form.

Wait for the decision Step 6

Mortgage experts of the selected bank will assess your credit score and legal and financial risks associated with your application. After that, you will receive the decision on your application.

Find the right home Step 7

After your credit limit is approved, you can start looking for a home. If you need help figuring out where to start, you could take advantage of real estate websites such as REALTOR.ca, centris.ca, and zolo.ca to find your dream house.

Useful articles about mortgages in Victoria

If you decide to apply for a mortgage loan, we recommend you read the articles in this section. This minimum amount of information can help you do everything right.

Go to articles

What is a Victoria mortgage calculator?

Victoria, BC, is not the cheapest city to live in. Like in Toronto and Mississauga, the average house price here exceeds $1 million. A single-family home there would cost you $1,364,200 as of February 2023. Given the median household annual income after taxes of $61,151 in Victoria, mortgages are not that affordable there. In 2021, the average mortgage amount in Victoria was $430,681, with a $1,709 average monthly payment. All these obstacles are forcing home buyers to shop around for better interest rates because even a slight reduction in the rate may result in huge interest savings. 

In Victoria, you can get a mortgage at the following financial institutions:

Mortgages in Victoria are available at both fixed and variable rates. The interest rates for a 5-year fixed-rate mortgage in Victoria range from 4.79% to 6.59%, and the average rate is 5.69%. With an insured mortgage, you can get a lower interest rate.

If you are wondering what monthly mortgage repayment costs in Victoria may be, use a Victoria mortgage payment calculator.

Attention! All mortgage and other loan calculators are for informational purposes only and provide general information. 

How to use a Victoria mortgage calculator?

To figure out the estimated mortgage payment amount, enter the values for the home price, down payment amount, mortgage term, interest rate, amortization period, and payment frequency into the designated fields in a Victoria mortgage calculator.

Let’s assume you want to buy a house priced at $1,250,000 and make the $300,000 down payment; the amortization period is 30 years, payment frequency is semi-monthly, and the interest rate is 5.02% for a 5-year term. Once you put these figures into a Victoria mortgage calculator, you will get a semi-monthly payment of $2,538. Along with the regular payment, you will see the total payments of $304,570 made over the term, including the principal of $78,020 and interest of $225,550.

Benefits of a Victoria mortgage calculator

A Victoria mortgage calculator is useful to estimate your regular mortgage payment, including principal and interest paid over the term. In addition, you can use it to compare different mortgage solutions by adjusting the input values for the key mortgage parameters — the purchase price, down payment amount, interest rate, payment frequency, and amortization period.

Olga R
Author of articles
Olga R
10.11.2022
03.02.2023

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