CIBC Mortgage Calculator of March 2024

CIBC mortgage calculator in Canada in 2024. How to calculate a mortgage yourself? How to work with a CIBC mortgage calculator? CIBC mortgage rates. What can I find out using a CIBC mortgage calculator?

CIBC Mortgage Calculator of March 2024
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Compare Mortgage Offers Today 19.03.2024

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

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Start your housing search with our CIBC 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 CIBC mortgage options available in Canada in March, 2024. 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.

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. CIBC provides bank accounts, credit cards, CIBC 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.

CIBC 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:

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

  • CIBC Variable Flex Mortgage with a low variable rate of 4.70% for three or 5-year terms. This offer allows you to prepay up to 20% of your original mortgage annually.

  • CIBC Variable-Rate Open Mortgage for five years for an annual interest rate of 8%.

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.

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

  • CIBC Fixed-Rate Closed Mortgage rates from 4.74% to 7.49% depending on the home loan period: 1, 2, 3, 4, 5, 7, or 10 years. High-ratio mortgages for a 5-year fixed interest rate of 5.17%. With this option, you may prepay up to 10% of the original mortgage amount annually and pay up to 100% of your regular payment amount.

  • CIBC Fixed-Rate Open Mortgage for six months 8.25% or one year 6.35% rate. This option lets you make large lump sum payments or settle the entire home loan at any time. It fits if you want to sell your property soon.

  • CIBC Convertible Mortgage offers you to change options. You may choose a short-term 6-month term closed home loan with a fixed rate of 4.75% to save your money at the current favorable rate. Then convert your home loan to a long-term closed loan at any time.
    If you want to minimize the risk of varying payment amounts, make additional repayments and prepay up to 10% of your original home loan amount, take some time to think about which closed-term CIBC home loan to switch to next; you may choose the Convertible mortgage option.

  • CIBC Wealth Builder Mortgage lets you purchase a home and build up your savings. It suits your goals if you don't want to put your savings plans on hold because of the home loan. Instead, you may meet your financial goals sooner with 3, 4, 5, 7, and 10-year fixed rate closed options. For example, with a 5-year term, $250,000 home loan, you can build $4,500 in savings.

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.

  • Open the Mortgage payment calculator.

  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.

  • Open the Mortgage Affordability Calculator.

  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.

  • Open the Mortgage prepayment charge calculator.

  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.

  • Open Home equity calculator.

  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.

Alexandra V
Editor
Alexandra V
04.08.2022
-
Last update 09.02.2024
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