Mortgage types
Residential mortgagesBuying a home or first home✓ Minimum down: From 5%✓ Approval: Income + credit + stress testDetails and tools →Commercial mortgagesBuying retail, office or industrial✓ Loan-to-value: Typically 65-75%✓ Approval: Property income + borrower strengthDetails and tools →Private & second mortgagesDeclined by a bank (income proof, damaged credit)✓ Loan-to-value: Usually up to about 75-80%✓ Approval: Home equity + exit planDetails and tools →
Land loan
Financing to buy land, whether you plan to build on it or hold it.
Construction loan
Financing to build on your land after purchase; repaid when the finished property is sold or refinanced.
See summary, chart and yearly schedule
Your Data
| Mortgage Amount | $630,000.00 | |
|---|---|---|
| Interest Rate | 4.89% | |
| Amortization Period | 25 Years | |
| Payment Frequency | Monthly (12x per year) | |
| Term | 5 Years |
Calculation Summary
| Category | Term | Amortization Period |
|---|---|---|
| Number of Payments | 60 | 300 |
| Mortgage Payment | $3,624.76 | $3,624.76 |
| Prepayment | $0.00 | $0.00 |
| Principal Payments | $73,371.43 | $630,000.00 |
| Interest Payments | $144,114.23 | $457,428.32 |
| Total Cost | $217,485.66 | $1,087,428.32 |
Mortgage Summary
- Over the amortization period: 300 payments of $3,624.76, total principal $630,000.00, interest $457,428.32, total cost $1,087,428.32.
- Over the term: 60 payments of $3,624.76, total principal $73,371.43, interest $144,114.23, total cost $217,485.66.
- At the end of the term, the remaining balance is $556,628.57.
Payment Diagram
Payment Schedule
| Period | Principal Payment | Interest Payment | Total Payment | Ending Balance |
|---|---|---|---|---|
| Term | ||||
| $13,291.71 | $30,205.43 | $43,497.13 | $616,708.29 | |
| $13,949.62 | $29,547.52 | $43,497.13 | $602,758.67 | |
| $14,640.09 | $28,857.04 | $43,497.13 | $588,118.58 | |
| $15,364.75 | $28,132.39 | $43,497.13 | $572,753.84 | |
| $16,125.27 | $27,371.87 | $43,497.13 | $556,628.57 | |
| Term Totals | $73,371.43 | $144,114.23 | $217,485.66 | $556,628.57 |
| After Term | ||||
| $16,923.43 | $26,573.70 | $43,497.13 | $539,705.14 | |
| $17,761.10 | $25,736.03 | $43,497.13 | $521,944.03 | |
| $18,640.24 | $24,856.89 | $43,497.13 | $503,303.79 | |
| $19,562.89 | $23,934.24 | $43,497.13 | $483,740.90 | |
| $20,531.21 | $22,965.92 | $43,497.13 | $463,209.69 | |
| $21,547.46 | $21,949.67 | $43,497.13 | $441,662.23 | |
| $22,614.01 | $20,883.12 | $43,497.13 | $419,048.22 | |
| $23,733.36 | $19,763.78 | $43,497.13 | $395,314.86 | |
| $24,908.11 | $18,589.03 | $43,497.13 | $370,406.75 | |
| $26,141.00 | $17,356.13 | $43,497.13 | $344,265.75 | |
| $27,434.92 | $16,062.21 | $43,497.13 | $316,830.83 | |
| $28,792.89 | $14,704.24 | $43,497.13 | $288,037.93 | |
| $30,218.08 | $13,279.05 | $43,497.13 | $257,819.85 | |
| $31,713.81 | $11,783.33 | $43,497.13 | $226,106.05 | |
| $33,283.57 | $10,213.56 | $43,497.13 | $192,822.48 | |
| $34,931.03 | $8,566.10 | $43,497.13 | $157,891.44 | |
| $36,660.04 | $6,837.09 | $43,497.13 | $121,231.40 | |
| $38,474.64 | $5,022.50 | $43,497.13 | $82,756.76 | |
| $40,379.04 | $3,118.09 | $43,497.13 | $42,377.72 | |
| $42,377.72 | $1,119.41 | $43,497.13 | $0.00 | |
| After Term Totals | $556,628.57 | $313,314.09 | $869,942.66 | $0.00 |
| Mortgage Totals | $630,000.00 | $457,428.32 | $1,087,428.32 | $0.00 |
Click + to see each payment. Prepayments are assumed to arrive in time for the next interest calculation.
Related loan documents
- Residential mortgage guideDocument placeholder
- Commercial mortgage guideDocument placeholder
- Private mortgage guideDocument placeholder
Official calculator: Financial Consumer Agency of Canada
FAQ
What is the difference between fixed and variable?
A fixed rate stays the same for the whole term. A variable rate moves with the lender's prime rate. (Placeholder answer.)
How much down payment do I need?
In Canada the minimum is 5% on the first $500,000, with more required above that. (Placeholder answer, confirm with the client.)
What is a private mortgage?
A short-term loan from a private lender, often used when a bank cannot approve. (Placeholder answer.)
How long does approval take?
Placeholder answer. To be supplied by the client.