Purchase Calculator
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Rate
Your mortgage interest rate can either be Fixed for the term or Variable (which changes with the prime rate). The Rate Term is the contract length with a lender.
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Amortization
Amortization is the total time it takes to pay off your mortgage in full. New mortgages usually start with an amortization of 25 years or 30 years in Canada.
25 years 0 months
Home Expenses
To budget better and calculate a more realistic Total Monthly Cost, enter the additional home expenses here.
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Add Rental Income
If you plan to rent out part of your home, enter the rent amount here to reduce your total monthly cost.
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Total Monthly Cost
$2,765
Monthly Mortgage
$2,764.76 Home Expenses
$0.00 Other Expenses
$0.00 Rental Income $0.00
Mortgage Amount
$463,950.00
Closing Costs
$14,066.00
Details
Mortgage Payment $2,764.76
Net Mortgage $450,000.00
+ Mortgage Insurance
+ $13,950.00 Interest paid over term $114,161.66
Balance end of Term $412,225.96
Effective Amortization 25 Years