My mortgage payment calculator calculates your monthly payment and shows you the corresponding amortization schedule. If you are purchasing a home, our payment calculator allows you to test down payment and amortization scenarios, and compare variable and fixed mortgage rates.
There are a few ways to lower your monthly mortgage payments. You can reduce the purchase price, make a bigger down payment, extend the amortization period (if your down payment is less than 20%, the maximum is 25 years), or choose a lower mortgage rate. Use the calculator to try different variables to see what your payment will be with different scenarios.
CMHC insurance or mortgage default insurance, is mandatory in Canada for down payments between 5% and 19.99%, which are known as high-ratio mortgages. It is calculated as a percentage applied to your total mortgage amount. For more information on mortgage default insurance rates, please visit our mortgage default insurance page.
Often overlooked in the competitive mortgage market is the small print on your mortgage. We all know that it's important to know what your rate is and your term, however what about the options on paying down the principle amount or in the event of breaking out of your term the penalties associated with it. Be sure to ask those two very important questions to your mortgage representative.
An often overlooked expense when buying a new property is the land transfer tax, this tax is applied to each and every purchase and is purchase price dependent. Have a look at the following table:
|Purchase price of home||Marginal tax rate||First-time home buyer rebate|
|$30,000 - $90,000||0.5%||There is no land transfer tax rebate in Manitoba.|
|$90,000 - $150,000||1.0%|
|$150,000 - $200,000||1.5%|
For example, if you purchased a home for $300,000 which happens to be the average price of a single family detached dwelling in the city of Winnipeg as of the first quarter of 2017. You would pay a land transfer tax prior to possession of $3650.00 and for a quick way to figure out what your land transfer tax would be click here for a calculator.