Calculators

Property Transfer Tax (PTT) Calculator

Understanding the financial obligations associated with purchasing property is crucial. Our Property Transfer Tax (PTT) Calculator enables you to accurately estimate the tax payable on your property’s sale price in British Columbia. Property transfer tax is typically calculated as a percentage of the purchase price and is a required cost when buying a home in the province.

If you’re a first-time home buyer in British Columbia, you may be eligible for a significant PTT rebate. This rebate can cover the value of the property transfer tax up to a maximum amount set by the province, potentially saving you thousands of dollars.

Mortgage Loan Calculator

The Mortgage Loan Calculator is a versatile tool that helps prospective homebuyers and homeowners estimate their mortgage payments based on key inputs such as the purchase price, amortization period, and mortgage rate. By default, it displays the best available rates in your province, but users can input custom rates as needed. The calculator provides a detailed breakdown of four different payment scenarios based on varying down payment amounts and includes the cost of mortgage default insurance. Additionally, users can adjust the down payment amount and payment frequency to see how these changes impact their monthly payments. For added convenience, the calculator estimates land transfer taxes, closing costs, and total monthly expenses, offering a comprehensive financial overview. It also allows users to simulate potential payment changes if interest rates rise and displays how the mortgage balance will decrease over time.

Whether you're purchasing a new home, renewing, or refinancing, the calculator can be tailored to your needs. Homebuyers can use it to determine their affordability range before beginning their property search, while those renewing or refinancing can use the "Renewal or Refinance" tab to estimate payments without factoring in a down payment. To make the most of the calculator, users should have key information handy, such as the home price, the intended down payment amount, and any applicable condo fees. By inputting these details, users can better prepare for their financial commitments and make informed decisions throughout the mortgage process.

Mortgage Affordability Calculator

Determining how much you can afford is a pivotal step in the home-buying journey. Our Mortgage Affordability Calculator evaluates your income, expenses, and debt obligations to provide an estimate of the maximum mortgage amount you can secure. This insight empowers you to search for homes within your financial reach, streamlining the buying process.

CMHC Premium Calculator

The CMHC Premium Calculator is an essential tool for homebuyers in Canada who plan to secure a high-ratio mortgage—one where the down payment is less than 20% of the purchase price. Since these buyers are considered higher-risk, mortgage default insurance is mandatory, and the Canada Mortgage and Housing Corporation (CMHC) provides this coverage to protect lenders in case of default. The calculator estimates the mortgage insurance premium by factoring in the purchase price, down payment, and amortization period, giving buyers a clear understanding of the additional cost that will be added to their mortgage loan. This helps buyers budget more effectively, as the premium impacts their overall monthly payments. In British Columbia, an added benefit is that CMHC premiums are exempt from Provincial Sales Tax (PST).

By using the CMHC Premium Calculator, homebuyers can explore different down payment scenarios and see how each impacts their premium and monthly payments. This tool is complemented by additional resources from CMHC, including their website and mobile app, which offer guidance on mortgage insurance, down payment options, and personalized advice. It’s also important to note that mortgage default insurance is not solely provided by CMHC—other providers, such as Sagen and Canada Guaranty, offer similar services. Ultimately, the CMHC Premium Calculator equips buyers with the financial insights needed to make more informed decisions as they navigate the home-buying process.

Mortgage Renewal Calculator

As your mortgage term concludes, it's essential to anticipate changes in your payment structure. Our Mortgage Renewal Calculator estimates potential adjustments to your mortgage payments upon renewal, considering current interest rates or a rate of your preference. This foresight enables you to prepare for future financial obligations and make informed decisions about renewing or refinancing your mortgage.