Tools
We've got a lot to say about mortgages. But we want you to say even more. Our mortgage calculator will help you find your perfect loan, with rates and programs that suit your specific capabilities, needs, and goals.
Mortgage Payment Calculator.
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Amortization is the process of spreading out a loan into a series of payments over a period of time. The maximum period for conventional mortgage is 25 years and typically 30 years for unconventional loan. |
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Interest rate is the amount a lender charges a borrower and is a percentage of the principal amount. The interest rate on a loan is typically noted on an annual basis known as the annual percentage rate (APR). |
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Mortgage Loan is the net amount used to finance a property. It doesn’t include the down payment and closing fees paid directly by the borrower. Sometimes, it includes the default insurance premium fee, but not the provincial tax. |
| Ex.: | Property Value | + | $500,000 |
| Down Payment | - | $25,000 | |
| Default Insurance | + | $19,000 | |
| Mortgage Amount | = | $494,000 |
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Mortgage Payment are made up of your principal and interest payments. When you take out a mortgage, you're borrowing money to buy or refinance a property. You make regular payments to repay this loan, usually monthly. The amount you borrow is the loan principal. With each payment you make, you'll be paying off part of the principal amount and part of the interest. |
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Property Tax is a tax paid yearly on property owned by an individual and is a percentage of the assessment of the property; not to confuse with the market value. |
| Ex.: | Ontario 0.61% to 1.81% | Avr. 1.10% |
| Québec 0.59% to 1.46% | Avr. 1.13% |
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Property Tax Payment is the total amount of your yearly tax bill divided by the number of payments you will do during that year. Borrowers have the option to pay their own taxes or have the lender add an amount on each mortgage payment to cover the property tax. |
Affordability Calculator.
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Amortization is the process of spreading out a loan into a series of payments over a period of time. The maximum period for conventional mortgage is 25 years and typically 30 years for unconventional loan. |
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Condo Fees is the amount of money collected that cover a resident’s shared expenses for the upkeep of all common areas for a particular period. |
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Debt service is the amount of money that is required to cover your payment of interest and principal on all your debt for a particular period.
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Mortgage Default Insurance protects lenders in the event a borrower defaults on their mortgage. It does not protect the borrower or a guarantor. The insurance premium is most of the time capitalised into your mortgage loan amount. |
| Ex.: | Loan Amount | + | $100,000 |
| Default Insurance Premium | + | $4,000 | |
| Mortgage Loan Amount | = | $104,000 |
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Down Payment is the amount of money you put towards the purchase of a property from your own savings. Your lender deducts the down payment from the purchase price of your home. Your mortgage covers the rest of the price of the home. In some case, the down payment can from a gift, usually from a close family member. |
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Gross Income is the total income from all sources, including returns, discounts, and allowances, before deducting any expenses or taxes. |
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Heating Cost is the amount of money needed to cover your payment to heat your property for a given period. For the purposes of a mortgage application, this amount ranges from $85 to $125/m depending on the size of the building and is part of the borrower qualification considerations. |
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Interest is the portion of each payment that represents the cost of borrowing money for a particular period. |
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Interest Rate is the amount a lender charges a borrower and is a percentage of the principal amount. The interest rate on a loan is typically noted on an annual basis known as the annual percentage rate (APR). |
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Mortgage Loan amount is the net loan amount used to finance a property. It doesn’t include the down payment and closing fees paid directly by the borrower. Sometimes, it includes the default insurance premium fee, but not the provincial tax. |
| Ex.: | Property Value | + | $500,000 |
| Down Payment | - | $25,000 | |
| Default Insurance | + | $19,000 | |
| Mortgage Amount | = | $494,000 |
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Principal is a portion of a payment that goes toward the original amount of a loan that is owed for a particular period. This amount is deducted from your loan balance at each payment. |
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Property Tax is a tax paid yearly on property owned by an individual and is a percentage of the assessment of the property; not to confuse with the market value. |
| Ex.: | Ontario 0.61% to 1.81% | Avr. 1.10% |
| Québec 0.59% to 1.46% | Avr. 1.13% |
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Property Value is the price amount to purchase a property or the its fair market value. |
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Mortgage Payment are made up of your principal and interest payments. When you take out a mortgage, you're borrowing money to buy or refinance a property. You make regular payments to repay this loan, usually monthly. The amount you borrow is the loan principal. With each payment you make, you'll be paying off part of the principal amount and part of the interest. |
Mortgage Default Insurance Calculator.
Under Construction
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Mortgage Default Insurance protects lenders in the event a borrower defaults on their mortgage. It does not protect the borrower or a guarantor. The insurance premium is most of the time capitalised into your mortgage loan amount. |
| Ex.: | Loan Amount | + | $100,000 |
| Default Insurance Premium | + | $4,000 | |
| Mortgage Loan Amount | = | $104,000 |
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Down Payment is the amount of money you put towards the purchase of a property from your own savings. Your lender deducts the down payment from the purchase price of your home. Your mortgage covers the rest of the price of the home. In some case, the down payment can from a gift, usually from a close family member. |
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Mortgage Loan amount is the net loan amount used to finance a property. It doesn’t include the down payment and closing fees paid directly by the borrower. Sometimes, it includes the default insurance premium fee, but not the provincial tax. |
| Ex.: | Property Value | + | $500,000 |
| Down Payment | - | $25,000 | |
| Default Insurance | + | $19,000 | |
| Mortgage Amount | = | $494,000 |
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Property Value is the price amount to purchase a property or the its fair market value. |
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Provincial Sale Tax is the tax imposed by the province to purchase a good or service. When your mortgage loan is insured, the premium is taxable. The provincial tax become a closing fee for this transaction. |
Land Transfer Tax Calculator
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The term first-time home buyer generally refers to an individual who purchases a principal residence for the very first time. It also refer to a governement incentive that aims to help first-time homebuyers without adding to their financial burdens. Participants must meet minimum insured mortgage down payment requirements. You may qualify as a first time home buyer if you didn't own a residence for the last 4 years. |
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Property Value is the price amount to purchase a property or the its fair market value. |
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Land Tansfer Tax (provincial): When you acquire property or land, you pay land transfer tax to the province when the transaction closes. The tax rates calculated base on the transaction value and is a segmented tax-bracket. |
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Municipal Land Tansfer Tax: Same as the provincial Land Transfer Tax, the municipal land tasfer tax is imposed by certain city like Toronto in Ontario and Montréal in the province of Québec. |
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Rebate represent the discount on the Land Trasfer Tax you receive fom the government as an incentive for first time home buyer. |
Mortgage Guide
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Disclaimer and Disclosure
While every effort is made to keep this tool up-to-date, Team Orleans does not guarantee the accuracy, reliability or completeness of any information or calculations provided by this calculator. Team Orleans is not liable for loss or damage of any kind arising from the use of this tool.
Our tools babove are for illustrative purposes only. Users should not rely on this calculator to make any financial decisions. Approval for mortgage application includes verification of income, debt ratios evaluation, credit history analysis and mortgage stress test. Contact us for an analysis of your project, we can provide you with the real story at no cost for you.