Mortgage payment calculator BC

Calculate your mortgage payment in British Columbia

There are many valuable resources available to homebuyers. These valuable resources can help you make more informed decisions throughout home-buying. One of the most useful tools you’ll find is nesto’s British Columbia Mortgage Calculator. This enables you to calculate your estimated monthly mortgage payment alongside the corresponding amortization schedule. 

Calculating mortgage payments is no longer a difficult task, thanks to nesto. This is vital information to remember before you even start home shopping so that you understand what you can comfortably afford.

Our British Columbia Mortgage Calculator allows you to easily input information such as the home’s purchase price, your anticipated down payment, the interest rate and amortization period, and payment frequency. You can also play around with the variables to see how specific changes will impact your monthly mortgage payment amount. 

BC mortgage payment calculator

How to Calculate Mortgage Payments in BC

You must gather some key information to estimate your British Columbia mortgage payment. This includes the amount of your mortgage (the purchase price of the house, minus your down payment, plus mortgage insurance if applicable), the interest rate you anticipate paying or have already been offered, and the amortization period (the number of years the payments will be spread across broken down into months).

Although there’s a mathematical equation for determining your mortgage payments manually, it’s much easier to let nesto’s British Columbia Mortgage Calculator do the work for you.

Are rates different in Vancouver, Victoria and other cities?

Mortgage rates in BC vary by lender, so rates may be higher in more rural areas where fewer lenders are willing to lend. But, in major cities such as Vancouver and Victoria, rates are similar.

OSFI Mortgage Guidelines

The Office of the Superintendent of Financial Institutions (OSFI) is also responsible for creating mortgage underwriting guidelines.

The minimum down payment in Canada

For properties under $500,000, the minimum down payment is 5%. The minimum downpayment for properties over $500,000 is 5% of the first $500,000 and 10% of the amount exceeding $500,000. Anything over $1 million requires at least a 20% down payment. Rental properties that will not be owner-occupied also require at least a 20% down payment.

The maximum amortization period

25 years for purchases with less than a 20% down payment. With more than a 20% down payment, up to 40 years may be possible. However, anything over 30 years comes with substantially higher rates and fees.

Mortgage default insurance

Required for purchases with less than 20% downpayment to insure the lender in case of default. The borrower pays a premium of up to 4%, which adds to the mortgage amount.

How nesto works

At nesto, all of our commission-free mortgage experts hold professional designations from one or more provinces concurrently. We believe that our clients will receive the best advice and care when they speak with specialists that exceed the industry status quo. 

Unlike the industry norm, our agents are not commissioned but salaried employees. This means you’ll get free, unbiased advice on the most suitable mortgage solution for your unique needs.  Our advisors are measured on the satisfaction and quality of advice they provide to their clients. 

nesto’s working hard to change how the mortgage industry functions. We start with honest and transparent advice, followed by our best rates upfront.  We can offer you these best rates by using technology by providing a virtual and 100% online process to reduce our overhead costs.  

By working remotely across Canada, all our mortgage experts and staff spend less time commuting to work and more time with their friends and family. This makes for more dedicated employees and, in turn, contributes to our success with happy and satisfied clients.

nesto is on a mission to offer a positive, empowering and transparent property financing experience, simplified from start to finish.