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 Ratehub mortgage calculator

Ratehub 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
 Ratehub mortgage calculator  Ratehub mortgage calculator  Ratehub mortgage calculator  Ratehub mortgage calculator  Ratehub mortgage calculator
Loan amount
i

Loan amount

CAD
CAD
50000 $
7000000 $
Down payment
i

Specify the percentage of the down payment

%
$
5
50
Your loan amount
$
Loan term
i

Specify the loan term for the calculation

years
months
1
30
Interest rate
i

Choose the interest rate on the loan

3 %
9 %
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 Ratehub mortgage calculator?

Ratehub is an online comparison platform for mortgage rates, credit cards, deposits, and insurance. It was founded to help its users make smart financial decisions with the help of a professional team of advisors and a set of information and analysis tools for the loan products offered by various lenders. Ratehub does not promote any financial solutions but provides calculators to clarify market offers for those who want to buy their first home, plan a renovation or invest in real estate but do not have sufficient funds (or do not want to deplete their savings) to make such a significant purchase.

Ratehub has developed a series of calculators available 24/7 for personal analysis. They help you identify the advantages and disadvantages of all credit products and the consequences of your financial decisions and see alternatives.
Online calculators provide accurate results based on the data you enter. Still, they cannot analyze all the details of your financial situation and therefore cannot replace the advice of a financial expert or a mortgage specialist.

On the other hand, calculators help bring more transparency to the financial market for ordinary customers who want to use their income wisely and enjoy a high standard of living.

Ratehub mortgage calculators

In total, Ratehub offers five loan calculators that are related to mortgage financing and apply to the entire life cycle of your perspective loan. Below we briefly describe what the calculators can do and how they can help you make decisions.

In addition to mortgage calculators, Ratehub offers such automated tools for calculations as:

These calculators consider multiple factors like mortgage rate, purchase price, land transfer tax, land transfer tax, CMHC insurance, and mortgage payments. The tools offered by Ratehub help you decide on the minimum down payment and amortization period that work best for you. Ratehub claims that 1,200,000 Canadians a month save money and make better financial decisions using the tools elaborated by this platform.

Why do you need the Ratehub mortgage calculators?

Ratehub loan calculators are necessary if you are planning to buy a home or if you enjoy financial stability and want to choose the best option available to you in your current financial circumstances.

There are many things to consider when making such significant purchases like a property, such as:

These and many other questions can be answered before you schedule an appointment with a broker, mortgage specialist, or financial advisor. By entering the exact numbers available, you can get a quick overview of your economic horizon and be better prepared to decide.

Besides, mortgage calculators are created for informational purposes and do not mean any compromise with lending institutions.

How to use the Ratehub calculator

Mortgage calculators require you to do some preparation before you can enjoy a one-click calculation.

First of all, you need to determine the purpose of your loan and be clear about your priorities. Then, this can be a quick repayment, whether you pay high monthly installments but within a few years, or lower installments and then a faster repayment of the original loan by refinancing at a better interest rate.

You know best for yourself whether you are inclined to make risky choices, such as a lottery with floating interest rates that may be low at the moment but grow high over the life of your loan due to certain macroeconomic factors.

Another thing is that you need to gather initial information, such as the average or exact cost of the desired property and its location because you will be asked to give provincial details as well.

So, let us give a brief overview of Ratehub mortgage calculators and how to work with them step by step.

The interest rate risk section is automatically calculated and shows you the historical trend of interest rate fluctuations, including repayments over the life of the loan.

Attention! This calculator's renewal or refinance option requires information about the amortization period, mortgage rate and type, and mortgage payment frequency.

This calculator allows you to leave this section blank if you do not know the costs. In such a case, average values will be used, and you will still get the results of your calculation;

current debt payments (credit card loan, car loan, etc., or leave this section blank if you do not use other credit products; therefore, these expenses are irrelevant to your budget).

As a result, you will receive information about the mortgage amount you can bear. Then, you can negotiate with the owner about the property price or choose another option that suits your current financial capabilities.

Then you have to choose if you want a better rate or access equity. The lower rate option requires you to key in the following:

  1. The mortgage penalty calculator shows you the price of canceling the previous mortgage that you must pay before taking out a new mortgage for your property.
    You can determine the approximate mortgage redemption fee based on the outstanding mortgage amount, the current mortgage rate, and the three-month interest rate. Of course, you can get exact figures from your lender. Still, it's always relevant to know in advance the consequences of your financial decisions and how they would affect your household's income distribution.

  2. The Maximum Equity Through Refinance calculator requires you to enter your home's value and the mortgage's outstanding amount. It will show you what cash you can expect as the difference after repaying the mortgage and the mortgage renewal amount.

Mortgage calculators are easy to use and allow you to consider land transfer taxes before entering into the deal, forecast mortgage payments before signing a loan agreement, and compare the price with your financial abilities. One more feature of calculators is that you can change the maximum amortization period one or more times and find options for mortgage insurance. So if you buy a newly built property, you can expect savings opportunities if you are eligible. For more details, check with your mortgage provider.

What is Ratehub?

Ratehub is an informational service that helps over one million Canadians a month improve their financial decisions. Check out current rates and fees and choose the best deals on different types of insurance, mortgages, etc. In addition, Ratehub provides information about third-party lenders, insurance companies, and its entity that offers financial services. Ratehub users can make better financial decisions using the tools developed by this platform’s team.

Ratehub is a Canada-based brokerage with a young but professional team of executives and employees who contribute to the best financial future for Canadians on a daily basis. The company sends its weekly newsletter that contains tips and news and encourages users to be informed on the latest changes, tips on how to pay minimum down payment, determine the asking price correctly, what lend transfer taxes are "waiting" for you, and other tips news and deals which can be used as information for making financial decisions using the official website.

What is the average 5-year mortgage rate in Canada?

According to Ratehub information, the average 5-year mortgage rate for fixed interest varies depending on the province and lenders presented on the market there. For instance, a five-year fixed mortgage interest rate amounts to:

  • 4,6% in Ontario;

  • 4,8% in Manitoba;

  • 4,68% in Alberta;

  • 4,96% Quebec;

  • 5,16% Newfoundland;

  • 4,8% Saskatchewan.

The average fixed rate for a 5-year mortgage in Canada makes approximately 4,83%, but as you know, average figures give only general information about the market situation. In your province, the lenders might be able to offer such loans under 4,6%, and you would save quite a good amount of money with a lower interest rate on your loan amount.

How much per month is a 500k mortgage?

To make it more illustrative, let us take an example of a real estate purchase in Quebec under five years fixed rate:

  • the purchase price makes $538,851;

  • the down payment is 10% which means $53,885;

  • the mortgage insurance is $15,034;

  • the municipal tax makes $6,583;

  • the mortgage amount makes $500,000;

  • monthly mortgage payment makes $9,444;
    assuming that:

  • the total cash required is $63,360;

  • the home inspection fees make up to $500;

  • the appraisal fees are $300;

  • the monthly expenses equal $11,084, including:

  • the mortgage payment is $9,444 for the new mortgage loan;

  • the property tax is $795;

  • the monthly debt payment for other loan commitments (credit cards, etc.) is $200;

  • the utilities $450;

  • property insurance $50;

  • phone $40;

  • cable $60;

  • internet $45.

Note: If the mortgage amortization term is 25 years, the monthly mortgage payment under similar conditions will make $2,934, and monthly expenses, including this mortgage, are only $4,574.