PC Financial Mortgage Calculator

Asking Price

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 STEP 1
Enter the price of the home you're interested in 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.
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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 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.
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.
4.44% PC Financial
4.44% PC Financial 4.44% PC Financial 4.44% PC Financial
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).   5-Year Fixed 5-Year Fixed 5-Year Fixed 5-Year Fixed

Total Mortgage Payment

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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
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
 
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.

Required Cash Expenditures

  • 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

  • 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

  • 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?

Year Total Paid Principal Paid Interest Paid Balance

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How to Estimate Payments

Your PC Financial mortgage payments are based on the purchase price or renewal amount of your property, the size of your down payment (applicable for new home purchases only), the amortization period you’ve selected and your mortgage rate. All of the information can be placed into the mortgage calculator, which will then provide you with an estimate of your mortgage payments.


About PC’s Mortgage Rates

Being a predominately online bank, PC Financial is able to pass on the savings to you through lower mortgage rates and higher interest rates on savings accounts. This can be seen in lower posted mortgage rates relative to its competitors.

PC Financial also gives you the ability to earn PC points based on the size of your mortgage. For example, a $200,000 mortgage will earn you $500 worth of PC points. Keep in mind that this offer is not available on all PC Financial mortgages, and it’s also possible to save a lot more money by shopping around for a lower mortgage rate.

PC also allows you to convert your variable rate mortgage to a fixed term mortgage of three years or more at any time without a pre-payment charge. It’s important to know that PC Financial’s variable rate mortgages are based on CIBC’s prime rate.

Also, PC Financial offers the option to skip a payment, which is only available on uninsured PC Financial mortgages. In order to qualify for the so-called Rainy day option, the property must be owner-occupied and you must have a clean repayment history for at least six months. With that being said, skipping a payment is not the best option to free up cash flow. This is because the interest portion of your skipped payments gets added to the principal of your loan balance and you’ll be required to pay interest on the interest.


Looking to lower your payments

Comparing your PC mortgage rate to other providers will help you find the lowest mortgage rate in the market. You can also enlist the help of a mortgage broker who can look at all of the mortgage rates available and find you a mortgage that meets your needs at a lower rate.

To further decrease your mortgage payments, look into increasing the amount of your down payment or extending your amortization period.


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