Manitoba Mortgage Calculator

Our mortgage calculator contains Manitoba current mortgage rates, so you can determine your monthly payments. Our calculator also includes mortgage default insurance (CMHC insurance), land transfer tax and property taxes. Advertising Disclosure

Purchase

Renewal or Refinance

Asking Price

Asking Price

Go  STEP 1 Enter the price of the home you're interested in and press GO. Enter the amount of the mortgage you wish to renew or refinance and press GO.

Down payment	Down payment The amount of money you pay up front to obtain a mortgage. The minimum down payment in Canada is 5%. For down payments of less than 20%, home buyers are required to purchase mortgage default insurance, commonly referred to as CMHC insurance.		Down payment 1 (%)	Down payment 2 (%)	Down payment 3 (%)	Down payment 4 (%)
		minus	Down payment 1 ($)	Down payment 2 ($)	Down payment 3 ($)	Down payment 4 ($)
Mortgage insurance	Mortgage insurance Mortgage default insurance, commonly referred to as CMHC insurance, protects the lender in the case the borrower defaults on the mortgage. Mortgage default insurance is required on all mortgages with down payments of less than 20%, which are known as high ratio mortgages. Mortgage default insurance is calculated as a percentage applied to your mortgage amount.	plus
Total Mortgage Required		equals	$-	$-	$-	$-
Amortization period	Amortization period The length of time it will take a homeowner to pay off his/her mortgage. In Canada, the maximum amortization period for insurable mortgages is 25 years. Longer amortization periods allow homeowners to make smaller monthly payments, but equate to more interest paid over the life of the mortgage.		STEP 2 Choose an amortization period. Amortization period 1 Select 5 years 10 years 15 years 20 years 25 years 30 years Other	Amortization period 2 Select 5 years 10 years 15 years 20 years 25 years 30 years Other	Amortization period 3 Select 5 years 10 years 15 years 20 years 25 years 30 years Other	Amortization period 4 Select 5 years 10 years 15 years 20 years 25 years 30 years Other
Mortgage rate	Mortgage rate The rate of interest you will pay on the outstanding balance of your mortgage. This is determined by the mortgage type and mortgage provider. To see how rates vary by type and provider, click on "Select Rate" link on the right.		STEP 3 Choose a mortgage rate to calculate the corresponding payment. Select rate	Select rate	Select rate	Select rate
Mortgage type	Mortgage type The mortgage type includes the term of the mortgage, between 1-10 years, and the rate type, variable or fixed. The mortgage term is the length of time you commit to the terms, conditions and mortgage rate with a specific lender. The mortgage rate type can be fixed for the duration of the term or variable, fluctuating with the prime rate. Fixed rates are most popular in Canada and represent 66% of all mortgages, according to the Canadian Association of Accredited Mortgage Professionals (CAAMP).
Total Mortgage Payment			$- Get rate	$- Get rate	$- Get rate	$- Get rate
Frequency Monthly Bi-weekly Accelerated Bi-weekly	Mortgage payment The monthly mortgage payment is calculated based on the inputs you provided: the mortgage amount, rate type (fixed or variable), term, amortization period, and payment frequency. A general affordability rule, as outlined by the Canada Mortgage and Housing Corporation, is that your monthly housing costs should not exceed 32% of your gross household monthly income.
Land Transfer Tax: $-				STEP 4 If necessary, update your profile to calculate land transfer tax. Profile Location: I am a first-time home buyer I am buying a newly built home
Provincial:	Provincial Land transfer tax (LTT), typically calculated as a percentage of the purchase price of a home, is required when purchasing a home in Canada. All provinces have a LTT, and the amount varies in each province.	plus
Municipal:	Municipal Some municipalities, like Toronto, levy an additional LTT, which is similarly calculated as a percentage of the purchase price of a home.	plus
Rebate:	Rebate If you are a first-time home buyer in British Columbia or Ontario, you will be eligible for LTT rebates, equal to the value of the LTT up to a maximum amount set by the province.	minus
Land Transfer Tax $-
Provincial:	Provincial Land transfer tax (LTT), typically calculated as a percentage of the purchase price of a home, is required when purchasing a home in Canada. All provinces have a LTT, and the amount varies in each province.	plus
Municipal:	Municipal Some municipalities, like Toronto, levy an additional LTT, which is similarly calculated as a percentage of the purchase price of a home.	plus
Rebate:	Rebate If you are a first-time home buyer in British Columbia or Ontario, you will be eligible for LTT rebates, equal to the value of the LTT up to a maximum amount set by the province.	minus
*You will be required to pay a title transfer fee.
STEP 4 If necessary, update your profile to calculate land transfer tax. Profile
Location
I am a first-time home buyer
I am buying a newly built home

 

Explore the drop-downs to better understand your mortgage choice.

Cash Needed

How much extra cash will I need when my house closes?

When you purchase a house, there are a number of costs you'll need to put cash aside for in addition to your down payment. These costs depend on a number of factors including things like what kind of home you are buying (i.e. house vs. condo) and where the home is located.

Our tool will help you calculate these costs, so you know how much you'll need to save.

Type of home: House Condominium

Required Cash Expenditures

Scenario: 1 (5.00% down) 2 (10.00% down) 3 (15.00% down) 4 (20.00% down)

• Down payment $-
• PST on mortgage insurance $-
• Land Transfer Tax $-
• Lawyer fees $-
• Title insurance $-
• Estoppel certificate fee $-
• Total Cash Required $-

Other Cash Considerations

• Home inspection fees $300 - $500
• Appraisal fees $300

Monthly Expenses

Can I afford my monthly expenses & mortgage payments?

Expenses

Scenario: 1 (5.00% down) 2 (10.00% down) 3 (15.00% down) 4 (20.00% down)

• Mortgage payment $-
• Property Tax
• Monthly Debt Payments
• Utilities
• Condo Fees
• Property insurance
• Phone
• Cable
• Internet
• Total $-

Interest Rate Risk

What would my payment be at higher interest rates?

When determining the size of home you can afford, it's important to look at the long term horizon. The mortgage rate you pay today could be substantially different from the mortgage rates available when the time comes to renew your mortgage.

The calculation below shows how much of your mortgage principal will be left at the end of the term.

Mortgage Amount

Scenario: 1 (5.00% down) 2 (10.00% down) 3 (15.00% down) 4 (20.00% down)

• Mortgage amount today $-
• Less: Principal paid off over term $-
• Mortgage remaining at end of term: $-

Using this amount, below we calculate the corresponding mortgage payments at a variety of interest rates:

Purchase interest rate		Payment Selected Scenario
Selected Rate		$-
Average 5-year Fixed Rates (2000 - 2010)	3.89%	$-
Average 5-year Fixed Rates (1990 - 2000)	7.23%	$-
Average 5-year Fixed Rates (1980 - 1990)	11.92%	$-

Below is a graph that displays the approximate values of competitive 5-year fixed mortgage rates since 2006.

5-year Fixed Mortgage Rates

Amortization Schedule

What do my payments look like over time?

Scenario: 1 (5.00% down) 2 (10.00% down) 3 (15.00% down) 4 (20.00% down)

Year	Total Paid	Principal Paid	Interest Paid	Balance

Select rate

Type: Fixed Rates Variable Rates

Term: 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years

Location:

Provider	Rate	Select
Loading...
Custom rate		Select

Manitoba mortgage calculator

If you're in the market for a Canadian mortgage, a mortgage calculator is one of the best tools you have available. However, it needs to be tailored to your province. If you're specifically after a mortgage in Manitoba, you'll need to make sure your mortgage calculator factors in both the national mortgage regulations, as well as the fees and taxes levied in Manitoba.

Ratehub.ca’s Manitoba mortgage calculator takes all of these factors into account automatically. Read on for a summary of the mortgage regulations that will be considered.

Canada-wide taxes, fees, and regulations

The regulations for mortgage lending in Canada are set by the federal finance minister. These regulations aim to protect home owners and lenders by setting requirements on minimum down payments, maximum amortization periods, and buying mortgage default insurance (also called CMHC insurance). Ratehub.ca’s Manitoba mortgage calculator automatically uses the following guidelines in its calculations:

• Minimum down payments: For homes valued less than $1 million, minimum down payments are 5% of the first $500,000, then 10% of any value between $500,000 and $1 million. For homes valued over $1 million, a flat 20% minimum down payment is required.
• Amortization Period: Canada sets a 25 year maximum amortization periods for mortages with down payments of less than 20%, and 35 year maximum amortization periods for other mortgages.
• Mortgage default insurance: Also called CMHC insurance, mortgage default insurance must be purchased for down payments of less than 20%. Visit Ratehub.ca’s CMHC insurance page for more details.

Manitoba mortgage taxes, regulations, and fees

Looking specifically at Manitoba, home buyers must be aware of Manitoba’s land transfer taxes and Manitoba mortgage rates.

Manitoba’s mortgage rates

Lenders and brokers often charge different mortgage rates in different parts of the country. Ratehub.ca’s Manitoba mortgage calculator presents the lowest mortgage rates specific to Manitoba. These mortgage rates can also be found on the Manitoba mortgage rates page .

By population, Manitoba is the fourth largest province in Canada, after Ontario, Quebec, British Columbia, and Alberta. This results in relatively high levels of competition between mortgage lenders, which typically results in lower mortgages rates.

Taxes and fees in Manitoba

Manitoba charges a land transfer tax that varies from 0% to 2.0%, depending on the value of the property purchased. This tax is calculated as a percent of the home’s value estimated using its selling price. These rates are listed in the table below.

In addition, there is a $70 registration fee for the land transfer tax. For more information on tax rates and regulations, see our Manitoba land transfer tax page .