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Canadian Mortgage Calculator for Vancouver Real Estate with Amortizations up to 40 Years

I am both a property owner in Vancouver and a Realtor. I am constantly watching the mortgage market here in Canada to see how changes to mortgage interest rates and amortization affect both the Vancouver real estate market and my personal real estate holdings.

Ultra-low mortgage rates have really focused my mind on mortgages and one of the things I use online A LOT (OK, compulsively, all the time) is a mortgage calculator.

Are Online Mortgage Calculators Useful?

Consistently finding a good Canadian mortgage calculator that could work for both investors and owner occupiers was quite frustrating for me. In using online mortgage calculators I noticed that many of the calculators I found are specific to the US and not Canada.

This mortgage calculator you see above is proudly Canadian and Canadian made! Among the Canadian mortgage calculators, I also noticed that they could not do long amortizations out to 40 years.

Why are 40 Year Amortizations on this Mortgage Calculator?

In the Spring of 2011, Canada’s Department of Finance changed the amortization rules so that INSURED mortgages could not have an amortization longer than 35 years.

But keep in mind, that is ONLY for mortgages INSURED by the CMHC which are at 80% loan to value (ie a property where the mortgage is less than 80% of the properties value, like a property worth $1 that has a mortgage on it for $.80 or less).

Are 40 year Amortizations allowed in Canada?

YES! Mortgages that are the low ratio (ie less than 80% loan to value) amortizations of up to 40 years are still allowed!. These longer amortizations can be useful and powerful for investors (but are not for everyone!). The rarity of decent Canadian Mortgage Calculators with amortizations of up to 40 years is a major reason I had this calculator set up on my site.

Just to clarify, you can get up to a 40-year amortization on low ratio mortgages!

I would love to hear your thoughts and comments on this Canadian Mortgage Calculator that is good for amortizations out to 40 years!

Worried about Buying a Nightmare Condo in Vancouver? Check out this great post on How To Avoid Leaky Condos!

Thinking of Getting a Mortgage on a Presale Condo in Vancouver? Check out this great video on Mortgages for Presale Condos in Vancouver!

This Post Has 5 Comments

  1. The formula in this mortgage calculator is inserted correctly, and the calculator works quite well. I am going to enter all the data that I have currently and I hope that I get the right mortgage. That would be best for me.

    1. Hi Zyrene,

      Good to hear from you.

      Not sure about Ontario.

      Would you like me to put you in touch with a mortgage broker?


  2. Says 40 yr. max. but I punched in 50 and it actually did a calculation.
    Just checking cause there was a builder offering VTB w/50 yr amort.
    I was playing with the numbers.
    I did find another online site that did 50 but the payments come out way higher than this calculator.

    1. Hi Carla,

      Good to hear from you.

      Thanks for that feedback.

      I did not know the calculator worked for 50 year amortizations.

      Very cool!

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