Manitoba Mortgage Payment Calculator

Manitoba mortgage calculator

If you're in the process of getting a mortgage in Canada, 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 searching for a mortgage in Manitoba, you'll need to make sure your mortgage calculator factors in both federal mortgage regulations that apply across the country as well as rules, fees and levies specific to 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 when you use this helpful tool.

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 mortgages 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.