Use the Payment Calculator to see how much your payment will be based on a particular mortgage rate, term length and amortization. This calculator allows you to compare up to three scenarios to help you determine the best suited option for you. The Amortization Calculator helps you determine the length of your amortization based on the mortgage and payment amount inputted.
Refer to the: Mortgage Basics: Types of Mortgages and Prepaying Mortgages page for additional information, such as:
- Suggestions on how you can take advantage of our flexible mortgage prepayment privileges to pay off your mortgage faster and reduce or eliminate prepayment charges.
- Explanations on how prepayment charges are calculated, including examples of the Interest Rate Differential (IRD) and 90 days interest are calculated
- All disclosed values, amounts, and rates are generated by the Coast Capital Mortgage Calculator using a Gross Debt Service (GDS) ratio of 35% and a Total Debt Service (TDS) ratio of 42%.
- These calculators are made available to you as tools for independent use and are not intended to provide credit advice. The values, amounts, and rates intend to serve as a guideline and may vary depending on your application. All examples and options are hypothetical and are for illustrative purposes only. We cannot and do not guarantee their applicability or accuracy. Your actual values, amounts, and rates will be disclosed in your loan renewal documents, prior to the date of your renewal.
- Rates are subject to change without notice. If there are no additional costs of borrowing charges, the Annual Percentage Rate (APR) and the interest rate will be the same. If other fees or charges apply, the APR may increase. Your actual APR will be disclosed in your loan renewal documents, prior to the date of your renewal.
- All home buyers must pass a stress test to show that their finances could handle a rate increase. This test uses a minimum qualifying rate (MQR) set by the Bank of Canada, or your mortgage rate, depending on the amount of your down payment. We’ve included the MQR as the default option in the Mortgage Calculator, though this is subject to change.
- When applying for additional funds and adding it to your mortgage at Coast Capital, or when moving your mortgage to another financial institution, you must pass a stress test to show that your finances could handle a rate increase. This test uses the higher of the minimum qualifying rate (MQR) set by the Bank of Canada or your mortgage rate.