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Mortgage Insurance Calculator

A mortgage insurance calculator is just that, a calculator that estimates what you might pay. The cost of mortgage insurance is between 0.5% to 1% of your entire loan and paid annually. This type of insurance should not be mistaken for private mortgage insurance (PMI).

The difference between mortgage insurance and PMI is that PMI is designed for the mortgage lender and mortgage insurance is designed for the buyer. With PMI, the lender will be reimbursed should the borrower default on their loan, and your property is not worth the value of the loan.

Mortgage insurance is for the protection of you, the buyer/borrower. It will cover a mortgage payment for an allotted amount of time if you are unable to pay your monthly costs because of job loss or becoming disabled. Your mortgage insurance will compensate lenders for losses due to the default of a mortgage loan.

Mortgage Insurance Providers

When it comes to a mortgage insurance provider you, the buyer, have a few options from which to choose. Spectrum Realty is recommending the following providers for your convenience.

Canada Mortgage and House Corporation (CMHC) is a national institution designed to help Canadians purchase homes and provide financial stability. CMHC is the premier mortgage loan insurance provider in Canada offering mortgage-backed securities, housing policy, housing program and housing research. To find out more about CMHC go HERE.

Genworth Financial is a private sector mortgage insurance company providing the only private sector mortgage insurance in Canada. Genworth has been providing private sector mortgage insurance since 1995 and supports the housing market through focusing on the safety of the mortgage financing system.

Find out more about Genworth Financial right here.

Ontario Land Transfer Tax Calculator

If you are buying a home or condo in Ontario, you will need to pay a land transfer tax upon purchasing the property. The land transfer tax is a tax the buyer funds, not the seller. Land transfer taxes are paid at the time you close on the property.

A land transfer tax calculator can help you determine how much you will owe at closing. Figuring out how much you will owe for the land tax can be confusing, below is a breakdown of the Ontario land transfer tax scale and the Toronto land transfer tax scale.

Ontario Land Transfer Tax Break Down:

•    0.5% - on the first $55,000
•    1.0% - on portion between $55,000.01 - $250,000
•    1.5% - on portion between $250,000.01 - $400,000
•    2.0% - on portion between $400,000.01 - $2,000,000
•    2.5% - on anything over $2,000,000.01

Qualifying first time buyers receive up to a $4000 rebate on homes with a purchase price over $368,333 and full rebate on homes with a purchase price less than $368,333.

Toronto Land Transfer Tax Break Down:

•    0.5% - on the first $55,000
•    1.0% - on portion between $55,000.01 - $250,000
•    1.5% - on portion between $250,000.01 - $400,000
•    2.0% - on portion between $400,000.01 - $2,000,000
•    2.5% - on anything over $2,000,000.01

First time buyers can receive a rebate of up to $4475.

Land Transfer Tax Rebates

If you are a first-time home buyer, you will want to make a note of the land transfer tax rebate that is available to you. As a first-time home buyer, you are eligible for both municipal and provincial land transfer tax rebates as follows: Municipal Land Transfer Tax maximum $4475; Provincial Land Transfer Tax maximum $4000.

As with all the complex aspects of home buying, talking with your Spectrum Realty agent will help walk you through the process.

Mortgage Calculator

Understanding how much you will pay for your monthly mortgage can be confusing, with Spectrum Realty’s mortgage purchase calculator, you can get an approximate view of what you will likely pay each month for your home. A few different factors go into the mortgage calculator to determine each payment including the asking price, down payment amount, annual property taxes, annual mortgage insurance, your interest rate and mortgage term. It is important to note though, in order to get a truly accurate mortgage calculation, you must speak with a mortgage broker and get a pre-approval done based on your income, credit and employment.

How a Mortgage Calculator Works

The Spectrum Realty mortgage purchase calculator is entirely free for you to use. Keep in mind while our mortgage calculator offers you an idea of your monthly mortgage payment it is not hard and fast truth. Our calculator provides you an estimate of your monthly fee, but the results may not be exact to the loan terms you receive.

Some benefits of using a mortgage payment calculator include the ability to find out if you’re on track with what you can afford. The calculator will let you know, depending on purchase price and down payment, if the monthly payment is a realistic figure for you.

Another way you can benefit from the mortgage payment calculator is by identifying whether you want to consider an ARM loan or find out when your home will reach 20% equity, so you can drop private mortgage insurance (PMI) from your costs. Lastly, you can use our calculator to determine if and how you can pay your mortgage off early.

To schedule an appointment with us to view your dream home call 416-736-6500 or contact us here.


Spectrum Realty Services Inc., Brokerage

8400 Jane Street Unit 9, Vaughan, Ontario L4K4L8
Office: 416-736-6500
Fax: 416-736-9766

Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.

Toronto Real Estate Board - IDX Last Updated: 11/16/2019 8:27:06 AM