Calculate your monthly mortgage payments and plan your home buying journey with confidence
This doesn't include creditor insurance or mortgage default insurance.
The price of your home helps determine how much you need for a down payment and your mortgage amount.
Don't forget your closing costs. They may impact your offer, down payment and how much mortgage you qualify for.
Avoid paying mortgage default insurance with a down payment of 20% or more of the property value. Minimum down payments vary from 5% to 20%, depending on location.
Find ways to maximize your down payment: tap into your RRSP if you're a first-time home buyer, set a budget, pay down debts and save your work bonuses.
Your budget, payment flexibility and risk level are things to consider when picking your mortgage type. type.
Fixed or variable? With fixed-rate mortgages, your interest rate and monthly payment stay the same. With variable-rate mortgages, interest rates change with the market.
If you make more frequent payments, you'll pay less interest and be mortgage-free faster.
Choosing a shorter amortization period means higher payments but you'll pay less interest overall and own your home sooner.
Get financial protection for your CIBC Mortgage Loan if you can't work due to a disability, involuntary job loss or in the case of your death. Learn about creditor insurance for CIBC mortgages.
Required when down payment is less than 20%. This is added to
your mortgage amount.
$11,400
The portion of your payments that goes toward paying down the
loan amount.
$39,433
| Year | Total Payment | Interest | Principal | Balance |
|---|
Book a free strategy session with our team and discover how we can help you save thousands on your new home purchase.
