Mortgage scenario tool
Compare mortgages side by side.
Change any number and every result updates. Set up an insured bank mortgage against a conventional one or an Alt-A option, and see what each costs and whether it passes the stress test.
Sample numbers shown. Replace them with your own and current rate quotes.The purchase and your finances
Results
How these numbers are worked out
- Fixed rates compound semi-annually and variable rates compound monthly, as Canadian lenders quote them.
- Mortgage insurance applies when the down payment is under 20%. Premiums are 2.80% (80.01 to 85% loan-to-value), 3.10% (85.01 to 90%) and 4.00% (90.01 to 95%), plus 0.20% when amortization is over 25 years. The premium is added to the mortgage.
- Minimum down payment is 5% of the first $500,000 and 10% of the price between $500,000 and $1.5M. At $1.5M and above it is 20% and insurance is not available.
- The stress test qualifies you at the greater of your rate plus 2% or 5.25%. Federally regulated lenders must apply it. Many credit unions and Alt-A lenders do not, so you can switch it off for each scenario.
- Qualifying ratios use a 39% gross debt service limit and a 44% total debt service limit. Individual lenders set their own limits and may be stricter or more flexible.
- Interest, principal and balance are for the term you choose, not the full amortization.
These are estimates for illustration. Final figures depend on the lender, your credit, the property and current rules.
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