Mortgage calculator
Get a sense for your mortgage payments with our mortgage payment calculator.
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Frequently asked questions
We understand that navigating the real estate market can be complex. Here are answers to some common questions we receive. If you don't see your question here, please don't hesitate to reach out to us directly.
Why use a mortgage calculator?
When buying a home, it’s easy to focus on the purchase price or your mortgage amount, but what matters most to you will be your monthly mortgage payment—the amount coming out of your paycheque each month.
What is a mortgage payment?
Your payment covers both the principal (the loan amount) and the interest. It can also include things like CMHC insurance (if your down payment is less than 20%), property taxes, and other fees. In the beginning, most of your payment covers interest, but over time, more of it will go toward paying down your mortgage balance.
What are some factors that can affect your mortgage payments?
Several factors affect your mortgage payment:
- Home price: The more expensive the home, the bigger the loan you’ll need.
- Down payment: A larger down payment means a smaller loan and lower monthly payments.
- Mortgage amount: This is the home price minus your down payment, plus mortgage insurance (if applicable).
- Interest rate: The lower the interest rate, the lower your monthly payments. Variable rates tend to be lower than fixed, but fixed rates offer stability. Historically, variable rates have been the cheaper option for over 90% of Canadians, but if you prefer peace of mind, a fixed rate might be best.
- Amortization period: A longer amortization means smaller monthly payments but more interest paid over time.
How do I get approved for a mortgage?
To get approved for a mortgage, you’ll need a good credit score (680+ for the best rates), proof of income (pay stubs or tax documents), and the ability to pass the mortgage stress test (your contract rate + 2% or 5.25%, whichever is higher). And remember, a down payment of less than 20% means you'll also need mortgage default insurance.
How do I lower my mortgage payments?
Want to lower your mortgage payment? You can reduce the home price, make a bigger down payment, extend the amortization, or shop for a better mortgage rate. Use a calculator to see what your payments would be in different scenarios.
How can I pay off my mortgage faster?
Looking to pay off your mortgage faster? You can switch to a more frequent payment schedule, increase your payment amount, or make lump sum payments. Just be sure to check for any pre-payment penalties.
Still have questions?
Send us a message and we’ll answer you directly!
What's your home worth in Kamloops?
Thinking of selling? Get a professional evaluation of your home's value in today's Kamloops market. Our local expertise ensures you'll have the most accurate and up-to-date information to make informed decisions.