Choose a Manulife Bank mortgage calculator
Check your mortgage affordability online and see how much you could save with Manulife One.
What if buying a home in Canada could be more predictable?
We think it can be. That’s why we created our mortgage rate calculators to help you discover exactly what you can afford to fulfil your home ownership dream in Canada.
Explore our home mortgage calculators below to see how much you can save with Manulife Bank.
Go beyond mortgage rate calculators
There’s a mortgage that’s right for you. The only question is, which one?
Using a mortgage rate calculator is just the start of finding a home loan that fits your needs. We have a range of mortgages for a range of lifestyles, including the innovative Manulife One, the flexible Manulife Select mortgage.
If you’ve used the different home mortgage calculator options on this page and you have a good grasp of your budget and your choices, you can explore loan options here: Manulife Bank Mortgages
What is mortgage insurance?
An online mortgage payment calculator helps you understand the monthly payments on your future loan, and how taxes and utilities can factor in. But there’s another cost to buying a home: mortgage insurance.
Mortgage insurance is a type of coverage that protects you, your home, and your investment. It’s usually required for mortgages with down payments of less than 20%, and its premium is calculated as a percentage of your total mortgage amount. While it adds a cost to your home ownership journey in Canada, mortgage insurance is a tool that can help you buy a home with a down payment as low as 5%.
That’s why our Manulife Bank mortgage payment calculator isn’t just about discovering how much you’ll pay on your mortgage. It’s also one of the best ways to plan for your investing future, from how to shave time off your repayment to how to plan for the cost of mortgage insurance.
Want to discuss budgeting for home ownership? Contact a mortgage specialist today.
These tools can help take the stress out applying for a home loan. They let you calculate your down payment and find out what your estimated monthly payments and property taxes would be in different scenarios.
And the best part about using a mortgage loan calculator? You get to use real data. From your existing debts to your salary and the current value of your assets, you don’t have to guess or estimate to get a complete picture.
Two main factors determine how mortgage payments are calculated. The first is the amount of your down payment, which is a percentage of the total cost of your home that you pay up-front. It can be as low as 5%, and as high as 20% or more.
The second factor is your interest rate. The interest rate is the amount charged on the remaining balance of your loan.
Try our mortgage rate payment calculator to get a better sense of what your monthly payments might look like, and to help determine what down payment you can afford and what potential interest rate you’ll qualify for.
A mortgage amortization period is the total time it will take you to pay off your mortgage at your current interest rate, and on your current payment schedule. As you renew your mortgage with different interest rates, your amortization period will change.
A home mortgage rate calculator can help you understand what your monthly payments will be with different mortgage rates and different down payments. However, the calculator’s representation is limited, as your real-life amortization period will change over time.
The amount of your down payment can vary. You can get a mortgage with a down payment of as little as 5%; however, this means that you’re borrowing 95% of the value of your home, which poses a greater risk for the lender. In these cases, you’ll need to be protected by mortgage insurance.
Your down payment can also be up to 20%, meaning that your payments will be lower, and you’ll likely be able to pay your mortgage off faster.
Interest rates can be fixed, meaning that they won’t change during a set time period. They can also be variable, meaning that they can change according to external economic conditions such as inflation.
Want to learn more?
Discover the ins and outs of how mortgage insurance works.
Explore mortgages at Manulife Bank and find the right fit for your needs.