Mortgage calculator

Calculate how much you can borrow with our easy-to-use Mortgage Affordability Calculator. Plus, estimate what your mortgage payment and amortization schedules will be with the Mortgage Payment Calculator. And with the Mortgage Comparison Calculator it helps you establish which mortgage product is right for you.

For personalized advice, or to apply for a mortgage contact a Mortgage Specialist.

This Mortgage Calculator assumes the following:

1. Constant annual interest rate throughout amortization period. Interest is compounded semi-annually. This calculator cannot be used to calculate payments for variable or floating rate mortgages.
2. Maximum mortgage amount does not include closing costs such as legal fees and property transfer taxes.
3. Insurance premium can be up to 4.00% of mortgage amount. Affordable mortgage amount may decrease to finance insurance premium. The monthly expenses you enter above should accurately reflect your monthly household expenses.

You must qualify for a mortgage using a minimum qualifying rate set by the federal government to show you’ll be able to afford payments at an interest rate typically higher than the actual rate of your mortgage contract. As of June 1, 2021, this minimum qualifying rate is either 5.25% or your interest rate plus 2%, whichever is higher.

To get a better estimate of what you could qualify for when using the Affordability calculator, complete your calculation by completing “enter your own rate” using 5.25%.

These calculators are for illustration purposes only and any examples are hypothetical. The applicability and accuracy of the calculations are not guaranteed. Vancity does not make any express or implied warranties or representations with respect to any information or results in connection with this calculator. Vancity will not be liable for any losses or damages arising from any errors or omissions in any information or results, or any action or decision made by you relying on any information or results. Actual mortgage rates may fluctuate and are subject to change at any time without notice. Mortgage prepayments may be subject to a prepayment charge. You may qualify for a larger mortgage amount based on other sources of income such as rental income. For mortgage approval you will typically need at least 5% of the purchase price as a down payment. Mortgage default insurance is mandatory for down payments between 5% and 19.99% of the purchase price.