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CIBC mortgage calculator

CIBC mortgage calculator online in Canada in 2022. How to figure out a mortgage loan yourself?

Your city
Bank
TD Bank TD Bank
TD Bank TD Bank
Royal Bank of Canada Royal Bank of Canada
Scotiabank Scotiabank
Bank of Montreal Bank of Montreal
Canadian Imperial Bank Of Commerce (CIBC) Canadian Imperial Bank Of Commerce (CIBC)
HSBC HSBC
Tangerine Bank Tangerine Bank
ATB Financial ATB Financial
Coast Capital Savings Coast Capital Savings
Calculation according to the real estate value
Calculation according to the loan amount
Calculate the mortgage
Interest rates are given in accordance with the rates of the bank in Ottawa as of 24.09.2022
Loan amount
i

Specify the desired loan amount

CAD
CAD
50000 $
4000000 $
CIBC mortgage calculator CIBC mortgage calculator CIBC mortgage calculator CIBC mortgage calculator CIBC mortgage calculator
Loan amount
i

Loan amount

CAD
CAD
50000 $
4000000 $
Down payment
i

Enter the percentage of the down payment

%
$
5
50
Your loan amount
$
Loan term
i

Specify the loan term for the calculation

years
months
0.5
25
Interest rate
i

Choose the interest rate on the loan

4 %
8.5 %
Type of payments
i

Specify the type of payment for calculating

Fill out an application for a mortgage!
Fill out an application for a mortgage!

Take advantage of our mortgage selection system with a free credit rating check!

What is the CIBC mortgage calculator?

CIBC — Canadian Imperial Bank of Commerce — is a banking and financial services corporation based in Toronto, working in Canada, the US, and the Caribbean. CIBS provides bank accounts, credit cards, CIBS online banking, creditor insurance for personal lines of credit, lending, home loan offers, investment, and other banking services. It's one of the most reputable banks in Canada.

CIBS offers a significant number of mortgage options that are represented on the company's website to choose from.

You may review Canadian Imperial Bank of Commerce home loan offers:

  1. Variable-rate mortgages. Fluctuating interest rates could potentially be higher or lower and save money or cost more.

With this offer, you pay a set payment amount. If the CIBC prime rate reduces, more of your payment goes to the mortgage principal; if the rate increases, more of your payment goes to interest.
You can make unlimited additional payments and repay up to 100% of your home loan.

  1. Fixed-rate mortgages. It lets you know the exact amount of your payments, no matter how the rate changes.

Payment frequency includes weekly, bi-weekly, semi-monthly, or monthly variants. The minimum home loan amount is $10,000.

Mortgage creditor insurance options include CIBC Mortgage Disability Insurance+, Mortgage Disability Insurance Plus (includes job loss coverage), and Mortgage Life Insurance provided by The Canada Life Assurance Company (Canada Life).

Attention! When your minimum down payment is less than 20% of the purchase price, a home loan is considered a high ratio, and you need to buy mortgage default insurance. If a borrower defaults, a lender is secured by the insurance. That's why the rates of insured mortgages are lower. In addition, the maximum amortization period for insured home loans is 25 years, and 30 years for loans that don't have default mortgage insurance.

Also, there is a solution as CIBC Home Power Plan. You may combine a mortgage with a home equity line of credit (HELOC). It allows to borrow a maximum amount of 80% of the value of your property and get ongoing access to funds at a low-interest rate. Generally, with lines of credit, you may qualify to borrow up to 65% of the appeased value of your home.

A range of online home loan tools and resources on the Canadian Imperial Bank of Commerce website is helpful for every home buyer. You can get pre-qualified, pre-approved, and apply for a home loan online or get your credit score instantly, for free for clients on the CIBC Mobile Banking App.

You may find the calculators which are extremely helpful when you want to start a mortgage process:

  1. Mortgage affordability calculator. It is designed to help you understand how much you may borrow based on the information about your income and expenses.

  2. Mortgage payment calculator. Find out how much your payments may be, and enter different values to see how changing your payment frequency and making prepayments will assist you in declining the interest paid within the duration of the loan.

  3. Mortgage prepayment charge calculator. Assist you in paying off a home loan faster. Estimate the cost of paying parts or the whole mortgage before the maturity date.

  4. Home equity calculator. When you use the option of borrowing from your home's equity, it's essential to compute your available equity and how much you can borrow from it.

Why do you need the CIBC mortgage calculator?

All CIBC home loan tools and resources are connected to assist borrowers and provide a way easy to go. For example, you may start with the mortgage affordability calculator, choose one of CIBC's home loan products and end up with an online application.

When you already have a student loan, lines of credit, car loan, or credit card debt, it is crucial to calculate the home loan amount you can afford to understand if the home loan fits your budget.

With a house affordability calculator, you could start the mortgage process. It's easy and fast for first-time home buyers to input your info and estimate how much mortgage may be comfortable to pay back in your specific financial situation.

As the calculator gives you a range of potential prices for your home, you can determine what property is affordable for you and start seeking a suitable home.

To plan your budget, you should know the monthly payments you can pay. There may be variants of repayment frequency and amount of prepayments you are willing to make to pay off your mortgage early. Depending on home loan options, you could make additional payments up to the mortgage balance.

A mortgage payment calculator assists in considering different ways to settle your loan and minimize the interest accrued during the mortgage term. Change variants of mortgage types, amortization period, and payment frequency, and review the result.

You may find out that with a shorter amortization period and more frequent mortgage payments, you will save money on interest and repay the home loan faster.

Ensure that you can afford monthly payments before applying.

The mortgage prepayment charge calculator will calculate the cost of the fast loan settlement. However, it could be challenging to consider all the details as different home loan options have various conditions, terms, and charges.

A mortgage combined with a HELOC may give an excellent opportunity to have one low-rate loan whose line of credit will automatically increase as soon as you repay the home loan. But before making financial decisions, it's essential to analyze your situation.

A home equity calculator helps to evaluate your equity amount and set future HELOC amount you could apply for.

How to use the CIBC mortgage calculators?

Visit the CIBC website. Choose "Buying home" or "Mortgages," and you will see all home loan tools, resources, and valuable articles.

  1. Choose if you buy a home or renew.

  2. Input the purchase price, including the closing costs, to compute the needed down payment and home loan amount.

  3. Enter the down payment amount and/or down payment percentage. Minimum down payments vary from 5% to 20%. You may change the percentage to see how much you should save to afford a larger down payment. You don't have to purchase mortgage default insurance if a down payment is more than 20% of the home purchase price.

  4. Choose the type of your home loan, term, fixed or variable rate, and annual interest rate.

  5. Choose payment frequency (monthly — weekly) and amortization period.

  6. Add creditor insurance if necessary.

  7. Click the "Get my results" button.

  8. Review the monthly payment and payment plan as a graph or table. This table shows how your debt reduces over the amortization period.

  9. Add annual prepayment, one-time prepayment, or increase payment to consider how to become mortgage-free faster in your financial situation.

  1. Fill out your gross annual household income (the total income, before taxes, for all co-borrowers on a mortgage), down payment, loans and other debt payments per month, credit cards and lines of credit debt, condo fees (if applicable), select province or territory of residence.

  2. Click the "Calculate" button to see the results.

  3. Get a monthly payment, maximum purchase price, and total mortgage amount which consists of mortgage principal and default insurance.

  4. Change the mortgage type, down payment amount, amortization period, mortgage term, annual interest rate, and expenses such as property tax and heating cost to overview your affordability opportunities.

  1. The terms for prepayment charges are defined in the mortgage agreement. Refer to your mortgage documents to find the information you need. For details about your mortgage, sign on to CIBC Online Banking® or call 1-888-264-6843.

  2. Choose if you want to pay a part or all of your home loan.

  3. Choose your mortgage type — fixed or variable rate. Then, it helps to calculate your prepayment charge: maturity interest, three months' interest, or interest rate differential (IRD).

  4. Input your mortgage details and term: current mortgage balance, maturity date, and payment frequency.

  5. For those who want to pay off a part of a home loan, input the annual prepayment privilege percentage and prepayment amount.

  6. Fill in the cashback amount (if you have a cashback loan).

  7. Fill in the home loan rate.

  8. Click the "Get my results" button.

  9. Review your estimated prepayment charge, remaining home loan amount, and amount exceeding prepayment privilege.

  10. Change any value or mortgage type and compare how much charge you must repay if you pay all or part of the loan.

Important! Additional costs may apply.

  1. Choose your property province or territory.

  2. Input your home's purchase price.

  3. Enter the total amount of your mortgage balance and other secured debts as you pay off your home loan and your equity increases.

  4. Click the "Get my results" button.

  5. Get an estimated amount you may qualify for with a lender as a mortgage refinancing or lines of credit. It's also visualized as a diagram of equity you may borrow, mortgage balance, and other secured debt.

  6. You are free to edit your calculations immediately and change any value to see how you could borrow more against your home. For example, pay off a home loan faster. A mortgage payment calculator may assist you.

  7. Choose how you want to borrow against your property. For example, if you choose a lump sum of money, CIBC will offer a Home Power mortgage option; if you select ongoing access to your funds, the bank will offer a Home Power Plan Line of Credit mortgage option.

For example, your home is in British Columbia, it is worth $733,453, and your mortgage balance is $280,131. The amount you will be able to access is up to $306,631. $196,613 with a line of credit only.

If you decrease your debts to $179,190, you may qualify for $407,572.

How much do you pay monthly for a 500k house?

The approximate monthly payment is $2,855 with a 5-year closed mortgage for a 5.34% fixed rate.

What mortgage can I get with a $100.000 salary in Canada?

The total mortgage amount is $197,600. A down payment of $10,000 for a 5-year closed home loan for a 5.34%fixed rate and no other debt payments. The average amortization period is 25 years.

What is the formula for a 30-year mortgage?

M = P [ i(1 + i)^360] / [ (1 + i)^360 – 1]

  • M = monthly mortgage payment

  • P = principal loan amount

  • i = monthly interest rate

  • 360 = number of months required to repay the loan.