mortgage payment calculator canada

Welcome to the Citadel Mortgages Mortgage Payment Calculator, where you can effortlessly estimate your monthly mortgage payments with precision and ease. Whether you’re a first-time homebuyer or looking to refinance, our powerful calculator provides valuable insights to help you make informed financial decisions. Discover how much you can afford, compare different scenarios, and plan your budget effectively. Use our Mortgage Payment Calculator today and take control of your home financing journey.

Best Mortgage Bank Rates in Toronto

Best Mortgage Bank Rates For Your mortgage journey

BMO Mortgage Rates - Citadel Mortgages

BMO 5-year Fixed Mortgage Rate

Rate Type5-Year-Fixed

Mortgage TypeClosed

Prepayment 20%

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HSBC 3-year Fixed Mortgage Rate

Rate Type3-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

6.09%

6.09%

CIBC MORTGAGE RATES - CITADEL MORTGAGES

CIBC 5-year Variable Mortgage Rate

Rate Type5-Year-Variable

Mortgage TypeClosed

Prepayment 20%

Best Mortgage broker Rates YOUR MORTGAGE JOURNEY

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5 Year Fixed Rate
(High Ratio)

Rate Type 5-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

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3 Year Variable Rate
(High Ratio)

Rate Type 3-Year-Variable

Mortgage TypeClosed

Prepayment 20%

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5 Year Variable Rate
(High Ratio)

Rate Type 5-Year-Variable

Mortgage TypeClosed

Prepayment 15%

Key Features and Benefits of using our mortgage payment calculator:

Instructions for Using the Mortgage Payment Calculator

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.

FAQ's

Deciding whether or not to go with a variable-mortgage rate or a fixed-rate mortgage is one of the most significant factors on how much interest you will pay. Due to the selection of Citadel Mortgages variable mortgage rates  usually being always lower than the fixed-rate mortgage rates, the vast majority of customers working with Citadel Mortgages decide upon a variable-rate mortgage rate.

As you decide between the lowest mortgage rates and the applicable variable or fixed mortgage rates, you can work with Citadel Mortgages to simplify the procedure.

Citadel Mortgages enables you to eliminate each and every mortgage rates and let you complete the entire procedure in just a few clicks. Using that, you can locate the very best mortgage rates with regards to your mortgage requirements.

Citadel Mortgages can help you find a mortgage broker who has the most updated, current fixed mortgage rates and variable mortgage rates in your city as well as chooses the most suitable mortgage financing alternatives for you.

Finding the best mortgage rates can save you thousands of dollars over the course of the term of your mortgage.

Our mortgage brokers shop other mortgage brokers, lenders, and banks to bring you today’s lowest interest rates.

There are many different fixed mortgage rate options available for you. The most popular are the 5 Year Fixed mortgage rates, the 5 Year Variable mortgage rates, and the 3 Year Fixed mortgage rates; consult with your broker to learn more about which of these rates are most applicable to your home mortgage financing needs.

How Do You Qualify For The Best Mortgage Rates For My Mortgage Journey?

A Good Credit Score: You will generally need a 650 to 720 Credit score or above. Any co-borrowers, on your mortgage application, will also need good credit. Like anything else, there are exceptions to this. But the more exceptions you require, the lower your chances of getting the best rate.

 Employment Tenure: If you just started your job, you may not qualify with some of the mortgage lenders. Many mortgage lenders prefer to see at least a one-year job history if you’re salaried.

Clean Credit: Lenders want to see no derogatory items on your credit report. You want to make sure that no missed mortgage payments show on your credit report as lenders will not be comfortable lending at the best mortgage rates if this is an issue on your credit report. Also one missed payment in three years might be okay; five missed payments are not, especially if they went to collections.

Provable Income: A lender will usually ask you to prove your full income with tax documents and/or employer pay stubs. This is important you make think your income is fine, but you will need a two-year history of any bonus income, commissions, tips income or part-time income in order to be able to use it as part of your mortgage application. 

Reasonable Debt Ratios: If your monthly housing and payment obligations are more than 44% of your gross monthly income, you’ll seldom get the best rates. It is important to note that, your monthly housing costs (mortgage payment, property taxes, heat, and half your condo fees) cannot be more than 39% of your gross monthly income. That 39% limit usualy requires a 680+ credit score.

To qualify for the lowest mortgage rates, you’ll have to pass the federal government’s mortgage stress test. All that means is that the lender will calculate your debt ratios using an inflated interest rate. If the lender is offering you a 3.25% rate, for example, it might stress test you to see if you can afford payments at a 5.25% rate.

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BMO 5-year Fixed Mortgage Rate

5.64%

BMO Mortgage Rates - Citadel Mortgages

5-Year-Fixed

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No

Pre-approval

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20%

Pre-Payments

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20%

Lump sum pre-payment

HSBC 3 Year Fixed Mortgage Rate

6.09%

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3-Year Fixed

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No

Pre-approval

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20%

Pre-Payments

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20%

Lump sum pre-payment

CIBC 5-Year Variable Mortgage Rate

7.00%

CIBC MORTGAGE RATES - CITADEL MORTGAGES

5-Year Variable Mortgage Rate

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No

Pre-approval

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10%

Pre-approval

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10%

Lump sum pre-payment

Citadel 5 Year Fixed High Ratio Mortgage Rate

5.29%

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5-Year-Fixed

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Citadel 3 Year Variable High Ratio Mortgage Rate

6.10%

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3-Year-Variable

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No

Pre-approval

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20%

Pre-approval

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20%

Lump sum pre-payment

Citadel 5 Year High Ratio Variable Mortgage Rate

5.90%

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5-Year-Variable

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Speak to us about your mortgage journey today

Give us a call, we can answer your questions with no obligation.
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Citadel 4-Year Fixed Mortgage Rates

6.44%

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4-Year-Fixed

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Citadel 4-Year Fixed Mortgage Rates

6.44%

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4-Year-Fixed

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment