Mortgage Calculator

HOW MUCH CAN YOU AFFORD?

It's important to contact a mortgage professional to determine how much you are pre-approved for. Below, you will find a useful mortgage calculator to help you understand what your monthly payments may be! 

HELPFUL TIP: If you select "bi-weekly" mortgage payments, you will make 2 addtional payments per year and this will save you interest and time on your mortgage amortization!

DOWN PAYMENT REQUIREMENTS IN MANITOBA

From $0-500,000 = 5% of the purchase price

Example: $500,000 purchase price = $25,000 minimum down payment

From $500,000 and up = 5% on the first $500,000 and 10% on any amount over $500,000 

Example: $700,000 purchase price = $45,000 minimum down payment 

CMHC INSURED MORTGAGES

If you put less than 20% down payment on a purchase, you will be subject to additional CMHC fees. You can calculate how much these fees may be by using this CMHC CALCULATOR.

CONVENTIONAL MORTGAGES

A conventional mortgage is when you put 20% or more as a down payment on a purchase. You will not be subject to any fees from CMHC.