![]() ![]() If your income took a hit during the pandemic and hasn’t recovered yet, extending your mortgage can give you the financial breathing room you need. Adding ten extra years to your loan term could significantly reduce the amount you owe every month. 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. The main benefit of a 40-year mortgage for borrowers is lower payments. These longer amortizations can be useful and powerful for investors (but are not for everyone!). YES! Mortgages that are the low ratio (ie less than 80% loan to value) amortizations of up to 40 years are still allowed!. The monthly payment on a 30-year, 100,000 loan at 4 percent is 477.42 with a total interest cost of 71,869.51 Mortgage calculator: Calculate your monthly payment For a 60-year loan, the payment slips all the way down to 355. 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.īut 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).Īmortizations of up to 40 years are still allowed in Canada? Why are 40 Year Amortizations on this Mortgage Calculator? 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. That being said, would you consider a longer loan term to make the repayments a bit easier With some lenders now offering loan terms of up to 40 years, its. In using online mortgage calculators I noticed that many of the calculators I found are specific to the US and not Canada. The current ultra-low mortgage rates (Like 2.99% on a 5 Year Fixed Rate Mortgage!?) have really focused my mind on mortgages and one of the things I use online A LOT (OK, compulsively, all the time) is a mortgage calculator.įrustration with Online Mortgage CalculatorsĬonsistently finding a good Canadian mortgage calculator that could work for both investors and owner occupiers was quite frustrating for me. I am constantly watching 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. I am both a property owner in Vancouver and a Realtor. Canadian Mortgage Calculator for Vancouver Real Estate with Amortizations up to 40 Years
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