Should you buy a Pre-Sale Condo in Vancouver in 2023 This is the transcription of…
35 & 40 Year Mortgage Canada Calculator
$ per month
Year Fixed. % Interest Rate.
|Principal + Interest:||$|
35 Year Mortgage Calculator Canada
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 constantly watch 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 originally focused my mind on mortgages as have the more recent higher interest rates being charged.
One of the things I use online A LOT (OK, compulsively, all the time) is a mortgage calculator, so I thought I would have my own built to share.
Are Online 40 Year 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.
This 40 year mortgage calculator is designed to fix that.
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! (please confirm with a qualified mortgage specialist)
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.
I would love to hear your thoughts and comments on this Canadian Mortgage Calculator that is good for amortizations out to 40 years!
Please contact us with questions on 40 year mortgages.
40 Year Mortgage Calculator – How to Use It
As you may have noticed there are two calculators for mortgages. Both will do up to 40 year amortizations. The upper calculator is a simpler and newer version.
The first mortgage calculator is fairly self explanatory.
Just fill in the following for the monthly mortgage payment you want to calculate:
- Mortgage Term
- Interest Rate
- Down Payment
- List Price
and the monthly payment for the sums inputted will appear with out having to press calculate. (see below for an example of what to expect)
For the lower calculator, a higher level of detail is available with a mortgage chart showing exactly how much principal and interest is paid over time by clicking on the button “Mortgage Table” once you have inputted the date and hit “Calculate” (see below)
This calculator will show you the following:
- Interest payments per month and year
- Principal paydown per month and year
- Total interest
- And how a 40 year term or other amortization will affect principal and interest paid as well as the payment.
Should you have any questions or issues using this calculator, feel free to call me directly at 604-763-3136.
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!