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Cashback Mortgage Calculator | Citadel Mortgages

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Today’s Mortgage Rates updated as of December 12, 2024 8:06 pm

For a property located in

5-year fixed*

4.29

5-year Variable*

5.40

(Prime -1.15%)

*Insured loans. Other conditions apply. Rate in effect as of today.

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Cashback Mortgage Calculator

What is a Cashback Mortgage Calculator?

The Cashback Mortgage Calculator by Citadel Mortgages helps you understand the potential benefits of a cashback mortgage. This innovative calculator estimates how much cashback you can receive from your lender based on your mortgage amount, term, and interest rate. Whether you’re a first-time homebuyer or refinancing, this tool is designed to give you a clearer picture of how cashback can fit into your financial strategy.

Learn more about today’s best mortgage rates in Canada.

Compare Current Mortgage Rates in Canada

How Does the Cashback Mortgage Calculator Work?

A cashback mortgage provides a percentage of your mortgage amount as cash upfront, which can be used for closing costs, renovations, debt consolidation, or other financial needs. The calculator considers factors like loan size, lender-specific cashback offers, and interest rates to estimate the amount you’ll receive.

Here’s how to use it:

  1. Enter Mortgage Details

    • Input your mortgage amount, interest rate, and term length.
  2. Select Cashback Percentage

    • Choose the percentage of cashback offered by your lender (e.g., 1%, 3%, or 5%).
  3. View Results

    • See an estimate of the cashback amount and how it affects your monthly payments.

Key Features of the Cashback Mortgage Calculator

1. Customized Cashback Estimates

  • Tailored to your mortgage amount and lender-specific offers, providing accurate calculations.

2. Impact Analysis

  • Understand how receiving cashback influences your interest rate and total mortgage cost.

3. Budget Planning

  • Use the estimated cashback to plan for closing costs, home improvements, or other expenses.

Read about how fixed and variable rates compare on the Government of Canada website.

Discover the average savings of current Citadel Mortgage clients when they choose Citadel Mortgages over the top banks!

While 33% of non-homeowners believe they’ll never own*, our Citadel mortgage brokers are 100% confident they can make it happen. How? With our expert advice and guidance.

$300,000
Mortgage Loan

$12,414

(5-years interest savings with Citadel Mortgages)**

$232/month

(Interest savings with Citadel Mortgages)

$500,000
Mortgage Loan

$17,090

(5-years interest savings with Citadel Mortgages)**

$290/month

(Interest savings with Citadel Mortgages)

Who Can Benefit from a Cashback Mortgage?

The Cashback Mortgage Calculator is ideal for:

  • First-Time Homebuyers: Offset closing costs or fund essential purchases for your new home.
  • Budget-Conscious Homeowners: Use cashback to consolidate debt or cover unexpected expenses.
  • Refinancers: Access extra funds for renovations or investments.

Example Scenario

ScenarioMortgage AmountCashback PercentageCashback Amount
Standard Mortgage$400,0002%$8,000
Larger Cashback Offer$400,0005%$20,000

Impact of Cashback on Total Mortgage Costs

FeatureWith CashbackWithout Cashback
Interest Rate5.50%5.00%
Monthly Payment$2,268$2,148
Total Mortgage Cost (25 Years)$680,400$644,400
Difference in Cost+$36,000

Find more tips on mortgage approval from the FCAC.

How to Use Your Cashback

  • Cover Closing Costs

    • Pay for legal fees, appraisals, and other expenses associated with your mortgage.
  • Home Renovations

    • Upgrade or repair your new home without dipping into your savings.
  • Debt Consolidation

    • Use cashback to pay off high-interest debts and improve your financial position.
  • Emergency Savings

    • Set aside funds for unexpected expenses or future investments.

 

We compare mortgage rates from top lenders, including BMO mortgage rates, CIBC mortgage rates, RBC mortgage rates, TD Bank Mortgage Rates, and MCAP mortgage rates, alongside our exclusive Citadel Smart Home Plan mortgage rates. Let us simplify the process and help you secure approval quickly and stress-free!

Advantages and Disadvantages of Cashback Mortgages

AdvantagesDisadvantages
Immediate access to fundsHigher interest rates compared to standard mortgages
Helps cover upfront costsTotal mortgage cost may be higher
Flexible use of cashback fundsMay not be available for all borrowers
Reduces out-of-pocket expensesLower cashback percentages for large mortgages

 

Cashback Mortgage Calculator

Instructions for Using the Mortgage Payment Calculator

Input the Loan Amount

Enter the amount you plan to borrow for your mortgage. This represents the total sum you need to finance your home purchase or refinance.

Select the prevailing interest rate based on current market conditions. Citadel Mortgages’ Mortgage Payment Calculator allows you to adjust this rate to see how it affects your monthly payments.

Determine the number of years it will take to fully repay your mortgage. Adjusting the amortization period will give you insights into how it impacts your monthly payments.

Click the “Calculate” button to generate accurate estimates of your monthly mortgage payments. Our Mortgage Payment Calculator will provide you with the principal and interest portions of your payment.

Explore different scenarios by adjusting the loan amount, interest rate, or amortization period. See how changes in these factors affect your monthly payments and make more informed decisions.

Remember, while our Mortgage Payment Calculator provides initial estimations for a comprehensive analysis tailored to your specific financial situation, we recommend consulting with a qualified mortgage professional at Citadel Mortgages.

Take control of your mortgage journey with the Citadel Mortgages Mortgage Payment Calculator. Estimate your monthly mortgage payments accurately, plan your budget effectively, and make informed decisions about your home financing. Use our Mortgage Payment Calculator today and embark on your path to homeownership with confidence.

Empower yourself with knowledge. Start using the Citadel Mortgages Mortgage Payment Calculator now and gain valuable insights into your mortgage payments. Trust in our reliable and user-friendly tool to guide you towards a brighter financial future.

Why Choose Citadel Mortgages?

At Citadel Mortgages, we’re committed to helping Canadians achieve their financial goals. The Become Mortgage-Free Sooner Calculator is just one of the tools we offer to empower you with actionable insights for a brighter financial future.

What Sets Us Apart?

  1. Tailored Advice: Personalized solutions based on your unique financial situation.
  2. Integrated Tools: Combine the power of financial planning with advanced technology.
  3. Competitive Rates: Access some of the lowest rates in Canada with the Citadel All-in-One Mortgage Solution.

Final Thoughts - Cashback Mortgage Calculator

The Cashback Mortgage Calculator by Citadel Mortgages is your go-to tool for understanding the benefits of cashback mortgages. By estimating your cashback amount and its impact on your financial strategy, you can make informed decisions that align with your goals. Whether you’re a first-time buyer, refinancing, or planning for renovations, this calculator ensures you’re equipped with the knowledge to succeed.

At Citadel Mortgages, we specialize in helping Canadians navigate the complexities of mortgage rates and terms. Whether you’re looking for a 6-month fixed rate, a 5-year variable, or something in between, our team is here to provide personalized guidance and access to the best rates in Canada.

Contact Citadel Mortgages today for expert advice.

Utilize our mortgage calculators to determine the home affordability that suits you best!

Become Mortgage Free Sooner

See how you can save and become mortgage-free sooner

Mortgage Payment Calculator

Calculate how much you’d spend each month to buy a home or renew or refinance your mortgage.

Cashback Mortgage Calculator

Discover how much cash back you could receive with our Cash Back Mortgage Calculator.