This Mortgage Calculator assumes the following:

Results assume 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.
Maximum mortgage amount does not include closing costs such as legal fees and property transfer taxes.
Insurance premium can be up to 2.9% of mortgage amount. Affordable mortgage amount may decrease in order to finance insurance premium. The monthly expenses entered above accurately reflect your monthly household expenses.

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 in reliance on any information or results.

These calculators are for illustration purposes only and are not intended to provide investment advice. The applicability and accuracy of the calculations are not guaranteed. All examples are hypothetical and are for illustrative purposes only. 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.

Mortgage Amortization