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Mortgage Calculation tables

Below you'll find a few calculation tables to help you determine the basic budget of your home-buying project. Once you have worked out this simplified budget, it's time to meet the loan advisor at you local UNI. Together you can go over all the possibilities you have to choose from.

1. MAXIMUM PURCHASE PRICE FOR THE HOUSE
Your gross annual income
$
Your spouse's gross annual income
$
Total gross annual income
$(A)
Maximum purchase price for a house1
$(B)
1- This figure is a realistic estimate only if your financial commitments are reasonable.
2. DOWN PAYMENT AND START-UP COSTS
Cash assets2
$
Start-up costs3
$
Down payment available
$(C)
Maximum purchase price for a house
$(Voir B)
% of the down payment4
% (D)
2 - Cash assets are sums of money available on short notice. They include stable savings accounts, chequing accounts, and transaction accounts. Savings that can be made liquid within 90 days, investment funds and savings bonds are also considered cash assets. Under certain conditions, they can also be derived from an RRSP, in which case the maximum amount is $20,000 per borrower.
3 - Expect between $3,000 and $5,000.
4 - When the percentage of the minimum down payment is...
Between 5% and 10%: This ratio represents the minimum required to be admissible for a loan under the Home Buyers' Plan.
Between 10% and 25%: Your loan must be insured by the CMHC.
25% or more: Your loan is a conventional loan.
3. AMOUNT OF THE MORTGAGE LOAN
Maximum purchase price for the house
$(Voir B)
Down payment available
$(Voir C)
Amount of the mortgage loan
$(E)

4. MONTHLY MORTGAGE INSTALMENT
Amortization
years
Interest rate - Check the rates
%
Amortization coefficient5
$(F)
Amount of the mortgage loan
$(Voir E)
Approx. monthly mortgage instalment
$(G)

5 - To determine your amortization coefficient, use the interest rates and amortization period that correspond to your loan in the following table of coefficients. For example, an interest rate of 6.5% and an amortization period of 25 years sets the coefficient at 0.00670.
Amortization coefficients
INTEREST RATE
MORTGAGE AMORTIZATION PERIOD
%
15 years
20 years
25 years
3.00
0.00690
0.00554
0.00473
3.50
0.00714
0.00579
0.00499
4.00
0.00738
0.00604
0.00526
4.50
0.00763
0.00630
0.00553
5.00
0.00788
0.00657
0.00582
5.50
0.00814
0.00685
0.00611
6.00
0.00840
0.00712
0.00640
6.50
0.00866
0.00741
0.00670
7.00
0.00893
0.00769
0.00700
7.50
0.00921
0.00799
0.00732
8.00
0.00948
0.00828
0.00763
8.50
0.00976
0.00859
0.00795
9.00
0.01004
0.00889
0.00828
9.50
0.01033
0.00920
0.00861

Once you've given this simple exercise a try, it's time to meet the loan advisor at you local UNI. He or she will help you make the right choice among all the options available to you, and suggest a mortgage solution that is properly tailored to your needs.

The information presented on this site may, despite our best efforts, contain errors and UNI does not guarantee that the information is accurate or complete or that it is updated at all times. This information is not meant to replace any consultation of a legal, financial or other nature, and should be used as such. UNI is not responsible for any type of damage that you might incur by relying on or use the information contained on this website.

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