Mortgage Calculator in Yukon of March 2025

What is the mortgage calculator in Yukon?

A Yukon mortgage calculator is a user-friendly tool to estimate your regular mortgage payments. In addition, the calculator will help you compare different mortgage terms you may qualify for. By adjusting the values used as input, you can see how mortgage parameters change your monthly payments. So, a Yukon mortgage calculator can help you choose the best option for your monthly budget.

How to use the Yukon mortgage calculator on Finanso?

The Finanso Yukon 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 value in Yukon

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

Let's assume you are financing a property priced at $570,000 and making the $240,000 down payment. So your mortgage principal amounts to $330,000; the amortization period is 20 years, payment frequency is monthly, and the interest rate is 4.81% for a 5-year term. After you enter these values in the calculator, you will get a monthly payment of $2,135. In the results section, you will see the total payments of $128,087 made throughout the term, including $55,773 toward the principal and $72,314 toward the interest.

Option 2. Calculation based on the loan amount in Yukon

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 Yukon 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 Yukon 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). Next, select the repayment date and the amount you will pay.

Option 3. Calculation based on the total cost of purchasing a property in Yukon

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 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 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 Yukon 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 Yukon

The typical mortgage loan term in Yukon ranges from 5 to 25 years, with the most common term being 25 years. However, some lenders may also offer longer loan terms of up to 30 or even 35 years. The loan term you choose will significantly impact your monthly mortgage payment and the total interest charges you will pay over the life of the loan.

When choosing a mortgage loan term, it's important to consider your financial goals and the amount of risk you're comfortable with. For example, shorter loan terms generally result in higher monthly payments but allow you to pay off your mortgage more quickly and pay less in total interest charges. Conversely, longer loan terms result in lower monthly payments but also mean you will pay more in interest charges over the life of the loan.

It's a good idea to consult with a mortgage broker or financial advisor to determine the best loan term for your individual situation and goals. They can help you compare different loan options and determine the most affordable mortgage payment based on your budget and financial goals.

What is the minimum mortgage amount in Yukon?

The minimum mortgage amount can vary depending on the lender and the borrower's financial circumstances, such as credit score and income. Therefore, it is best to contact a local financial institution or mortgage broker for more information and a personalized assessment of your specific situation. Typically, it is $50,000.

What is the maximum mortgage amount in Yukon?

The maximum mortgage amount in Yukon is determined by several factors, including the borrower's income, credit score, and property value. There is no set limit for the maximum mortgage amount in Yukon. The amount you can borrow will be determined by a lender based on their own lending criteria. Therefore, it is best to consult with a financial institution or mortgage professional for a personalized assessment of your borrowing potential.

In Canada, the maximum mortgage amount that can be insured by the Canada Mortgage and Housing Corporation (CMHC) is $1,000,000.

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

A down payment on a mortgage loan in Yukon refers to the initial payment made by the borrower to the lender at the time of purchasing a property. It is a portion of the total cost of the property that is paid upfront and is typically expressed as a percentage of the purchase price. The exact amount of down payment required for a mortgage loan in Yukon can vary depending on factors such as the lender's policies, the type of loan, and the borrower's credit score and income.

The minimum down payment required for a mortgage loan in Yukon is typically 5% of the property's purchase price. However, some lenders may require a higher down payment, especially for borrowers with lower credit scores or incomes. Additionally, programs and options, such as the First-Time Home Buyer Incentive, can help buyers in Yukon with a smaller down payment or even none. It's always best to check with specific lenders and research the options available to you to determine the minimum down payment you will need.

If your down payment is less than 20%, you will be obliged to purchase mortgage insurance.

Who can take out a mortgage in Yukon?

In Yukon, anyone who is at least 18 years old and has a stable source of income may be eligible to take out a mortgage loan. Lenders' other factors that may be considered when determining eligibility include credit score, debt-to-income ratio, and employment history. Additionally, certain conditions, such as citizenship status or residency, may also play a role in determining whether an individual is eligible for a mortgage loan in Yukon. To find out if you are eligible for a mortgage in Yukon, it's best to contact a lender or a mortgage broker for a more detailed assessment of your situation.

Types of mortgages in Yukon

In Yukon, some of the common types of mortgages available to borrowers include:

1. Conventional Mortgage. A conventional mortgage is a traditional loan that the government does not insure. It requires a down payment of at least 20% of the purchase price.
2. High-Ratio Mortgage. A high-ratio mortgage is a loan in which the down payment is less than 20% of the purchase price, making it necessary to purchase mortgage default insurance.
3. Fixed-Rate Mortgage. A fixed-rate mortgage is a loan with an interest rate that remains the same for the entire term of the loan.
4. Adjustable-Rate Mortgage (ARM). An adjustable-rate mortgage is a loan with an interest rate that changes over time in response to changes in the market.
5. First-Time Home Buyer Incentive. The First-Time Home Buyer Incentive is a program offered by the Government of Canada that can help first-time home buyers reduce their monthly mortgage payments by offering a shared equity mortgage.

It's important to note that each type of mortgage may have its own eligibility requirements, terms, and conditions. The best type of mortgage for you depends on your financial situation and needs. Therefore, it's always best to discuss your options with a lender or a mortgage broker to determine the best type of mortgage for you.

Where to get a mortgage in Yukon?

There are several places where you can get a mortgage loan in Yukon:

1. Banks. In Yukon, major banks and other financial institutions offer a wide range of mortgage products and services. For example, CIBC, BMO, TD Canada Trust, Simplii Financial, National Bank of Canada, Tangerine Bank, RBC, Manulife, Scotiabank, B2B Bank, and HSBC.
2. Mortgage Brokers. Mortgage brokers act as intermediaries between borrowers and lenders and can help you find the best mortgage option based on your individual financial situation. For example, Mortgage Alliance, Mortgage Centre, Mortgage Intelligence, Dominion Lending Centre, Centum, and Verico Zanders Associates.
3. Online Lenders. Some online lenders also offer mortgage loans in Yukon, like a First National allowing you to apply for and manage your loan entirely online.

It's recommended that you compare the mortgage options and interest rates offered by multiple lenders to find the best mortgage for your financial situation. Additionally, a mortgage broker can help you navigate the mortgage process and find the best option for you.