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Mortgage Help

Down Payment

The minimum down payment in Canada is 5 percent of the loan value. Some borrowers may choose to make a larger down payment, depending on how it affects their interest rate and mortgage insurance. Any borrower who puts less than 20 percent down on a property must get mortgage loan insurance which adds a one-time premium payment. Your down payment reduces the total amount of your mortgage loan, so the more money you put down, the lower your payments will be - or the more expensive a house you can buy.

Loan Term

Your loan program can affect your interest rate and monthly payments. Choose from 30-year fixed, 15-year fixed, and more in the calculator. Keep in mind that mortgage insurance companies will not insure a 30 year amortization so the highest you can go with less than 20% down is 25 years.

Loan Type

There are several types of mortgage loans, but the most commonly used are fixed-rate and adjustable-rate loans. Fixed-rate loans have the same interest rate for the term of the loan. That means your monthly payment will be the same each month. Two benefits to this loan type are stability, and being able to calculate your total interest up front. Variable rate mortgages have interest rates that can change over time. These types of loans have lower interest rates at first but the borrower runs the risk of interest rates possibly rising before their term is up.

Interest Rate

This field is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors like credit score and down payment.

Property Tax Rate

The mortgage payment calculator includes estimated property taxes based on the home's value. You can edit this in the advanced options.

Home Insurance

Home insurance or homeowners insurance is typically required by lenders, depending on the loan program. You can edit this number in the mortgage calculator advanced options.

Condo/HOA Fees

Condo fees (called "strata fees" in Britsh Columbia) are the monthly fees that are payable for maintenance and services of the condo building. A homeowners association fee (HOA fee) is an amount of money that must be paid monthly by owners of certain types of residential properties, and HOAs collect these fees to assist with maintaining and improving properties in the association.

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Cory Alexander: 250-575-5452

Royal LePage Kelowna

1-1890 Cooper Road,

Kelowna, BC, V1Y 8B7

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