Home Purchase Calculator

Home Purchase Mortgage Calculators

Below you will find options for a Calgary mortgage calculator to help you figure out mortgage loans, compare mortgages, and also compare costs of renting vs. buying.

Mortgage Loan Calculator

Use this calculator to generate an amortization schedule for your current mortgage. Quickly see how much interest you will pay, and your principal balances. You can even determine the impact of any principal prepayments! Press the report button for a full amortization schedule, either by year or by month. You can do this for any location: Calgary, Edmonton, Alberta, or all throughout Canada.

CalculateView ReportGlossary of Terms

Glossary of Terms


Mortgage Comparison Calculator

Determining which mortgage provides you with the best value is more than simply comparing monthly payments. Use this calculator to sort through the monthly payments, fees and other costs associated with getting a new mortgage. By comparing these important variables side by side, this calculator can help you pick the mortgage that works best for you. You can do this for any location: Calgary, Edmonton, Alberta, or all throughout Canada.

CalculateView ReportGlossary of Terms

Glossary of Terms

Mortgage amount: Original or expected balance for your mortgage.

Mortgage amount: The total amount for this mortgage.

Interest rate: The interest rate on this mortgage.

Mortgage amortization: The number of years over which you will repay this mortgage.
The most common amortization for mortgages are 20 years and 25 years.

Any fees that should be included in the APR calculation. These fees can vary by lender, but at a
minimum usually includes prepaid interest.

Mortgage payment: Monthly principal and interest payment (PI) using semi-annual compounding.

Equivalent monthly payment: The sum of periodic payments for a year divided by
12 months.

Accelerated weekly and bi-weekly payments: Accelerated weekly and accelerated
bi-weekly payment options are calculated by taking a monthly payment schedule and assuming only four
weeks in a month. We calculate an accelerated weekly payment, for example, by taking your normal
monthly payment and dividing it by four. Since you pay 52 weekly payments, by the end of a year you
have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan
payoff by going directly against your loan’s principal. The effect can save you thousands in interest
and take years off of your mortgage.

The accelerated bi-weekly payment is calculated by dividing your monthly payment by two. You then make
26 bi-weekly payments. Just like the accelerated weekly payments you are in effect paying an additional monthly
payment per year.

Annual percentage rate (APR): A standard calculation used by lenders. It is designed
to help
borrowers compare different loan options. For example, a loan with a lower stated interest rate may be
a bad value if its fees are too high. Likewise, a loan with a higher stated rate with very low fees could
be an exceptional value. APR calculations incorporate these fees into a single rate. You can then compare
loans with different fees, rates or different amortizations. It is important to note that the APR calculation
for mortgages can be less than the stated rate. This is due to the way interest is compounded in Canada.
All mortgages calculated with this calculator use semi-annual compounding which produces a lower
APR than a mortgage compounded more frequently such as monthly, or weekly.


Rent vs. Buy Calculator

Should you rent or should you buy your home?
It takes more than looking at your mortgage payment to answer this question. This calculator helps you weed through the fees, taxes, and monthly payments to help you make a good financial decision. You can do this for any location: Calgary, Edmonton, Alberta, or all throughout Canada.

CalculateView ReportGlossary of Terms

Glossary of Terms

Price of home: Purchase price of the home you wish to buy.

Cash on hand: Cash you have for the down payment and closing costs.

Interest rate: The current interest rate you can receive on your mortgage.

Amortization in years: The number of years over which you will repay this mortgage.

Property tax amount: The annual amount you pay in property taxes.

Mortgage fees: Fees your financial institution charges for originating your mortgage.

Maintenance/Condo Fee: Monthly fee charged for your condominium and any other
maintenance costs you expect to incur with the ownership of this home. Please note that condominiums
are referred to as “strata” in the Province of British Columbia.

Other closing costs: Estimate of all other closing costs for this loan. This
should include filing fees, appraiser fees and any other misc. fees paid.

Total closing costs: Total up front costs to close your loan. This is the sum of
the loan origination fee, amount paid for CMHC premium and other closing costs.

Mortgage amount: Total amount for this mortgage.

After-tax investment return: Annual percentage return you would retain, after
income tax was paid, if you invested your closing costs and down payment instead of purchasing a home.

Monthly rent payment: Amount you currently pay for rent per month.

Expected inflation rate: Inflation rate used to adjust amounts subject to annual increases. This includes rent,
insurance and tax payments.

Home appreciates at: Annual appreciation you expect in the home you are purchasing.

Future sales commission: The percent of your homes selling price you expect to
pay to a broker or real estate agent when you sell your home.

GST: This calculator calculates GST at 7% of a new home’s purchase price minus a
GST rebate. GST rebates are calculated as follows. For homes under $350,000, the rebate amounts to
36% of GST, up to a maximum rebate of $8,750. For homes between $350,000 and $450,000, the maximum
rebate of $8750 declines to zero on a proportional basis. All homes selling for more than $450,000
receive no GST rebate.

CMHC Premium: Mortgage insurance is paid to the Canadian Mortgage and Housing
Corporation (CMHC). This includes all loans secured with less than 25% down and depending on your
financial institution, with as much as 35% down. This calculator assumes that financial institutions
will not charge any CMHC premium if you have more than a 25% downpayment. This calculator assumes that
your CMHC premium can be financed by your mortgage, which can greatly reduce the amount of
upfront money that is required to purchase a home.

Dominion Lending Centres Westcor 114 1212 1st ST. SE, Calgary, Alberta. Phone: 403-228-7800. .