Mortgage calculators

Legal stuff

About these calculators

These mortgage calculators are provided by Your Neighbourhood Credit Union Limited (“YNCU”) for general information and illustrative planning purposes. Results are estimates based on the information entered and the calculator’s assumptions and calculation methods. They do not constitute personalized financial advice, mortgage approval or pre-approval, a rate reservation, or a commitment to lend.

Actual borrowing limits, payments, interest costs and mortgage terms may differ. All mortgages are subject to credit approval, verification of information, YNCU’s lending criteria, acceptable property and security, and applicable mortgage insurer requirements.

Affordability calculator

The estimated maximum purchase price and mortgage amount are illustrative and do not confirm how much you qualify to borrow or can comfortably afford. Approval depends on factors including verified income, employment, debts, credit history, down payment and its source, property value, housing costs and applicable qualification requirements.

The calculator’s assumptions may differ from the qualifying rate, debt service limits and other criteria used when assessing your application. A displayed mortgage rate is not necessarily the rate used to determine qualification.

Results may not include all household expenses, closing costs or ongoing costs of homeownership. Consider property taxes, heating, condominium fees, insurance, maintenance and other financial commitments when assessing your budget.

Down payment and mortgage default insurance

Minimum down payment and mortgage default insurance requirements depend on the purchase price, property, transaction and applicable lending and insurer rules. A down payment below 20% does not, by itself, establish eligibility for an insured mortgage or the displayed insured rate.

Any mortgage default insurance premium shown is an estimate. Actual premiums depend on insurer requirements and the mortgage details. Where a premium is added to the mortgage, interest is payable on that amount. Applicable provincial tax on the premium and other closing costs may require separate payment.

Mortgage default insurance protects the lender if the borrower defaults; it does not protect the borrower’s payments or replace home insurance.

Payment calculator

Estimated payments, principal repaid, interest costs and remaining balances depend on the mortgage amount, interest rate, amortization, term and payment frequency selected. Actual amounts may differ because of payment dates, compounding conventions, rounding, rate changes and the terms of your mortgage agreement.

Unless expressly included, payments shown cover mortgage principal and interest only. Property taxes, insurance premiums, fees and other costs are additional.

Projections beyond the selected mortgage term are illustrative. A rate used to project payments over the amortization period is not guaranteed beyond the agreed term. Renewal rates and terms may differ. For variable-rate mortgages, changes in the applicable rate may affect payments, interest costs or the time required to repay the mortgage, depending on the agreement.

Comparison calculator

Comparisons reflect the scenarios entered and do not establish which mortgage is most suitable for you or guarantee savings. Different mortgage amounts, amortizations, terms and payment frequencies can affect both payments and total borrowing costs. A lower payment does not necessarily mean a lower overall cost.

Unless expressly included, comparisons do not account for all product features, mortgage insurance, fees, prepayment charges, discharge costs or costs of switching lenders. Any projected savings depend on the assumptions used and may change.

Rates and product availability

*Displayed mortgage interest rates are annual rates and are subject to change without notice before a rate commitment is provided. Rates entered or changed by a user are illustrative and may not be available from YNCU.

Eligibility for a displayed rate depends on the mortgage product and applicable conditions, including insured status, term, amortization, transaction type and credit approval. A displayed interest rate is not necessarily the annual percentage rate (APR), which may include applicable borrowing charges. Confirm your rate, APR, costs and product availability with YNCU.

Move your pay offer

¹Eligible new members who move qualifying payroll deposits to YNCU may qualify for a reduction of 0.10 percentage points in the annual interest rate on an eligible mortgage, subject to credit approval and the offer’s full terms and conditions. The reduction applies for the eligible mortgage term and does not guarantee a discount at renewal.

Opening an account or using a calculator does not establish eligibility. Applicable payroll, application and funding deadlines, qualifying mortgage products and any restrictions on combining offers must be satisfied. Contact YNCU for the full offer terms and confirmation of eligibility before proceeding.

Any payroll-related savings shown are illustrative and apply only where the offer conditions are met. Confirm whether the displayed calculator rate already includes the discount before applying a further reduction.

Prepayments and final mortgage terms

Payment changes, accelerated payments and lump-sum prepayments are subject to your mortgage agreement. Exceeding permitted prepayment privileges, paying out early or switching lenders before the end of a term may result in charges.

Your final mortgage agreement and applicable disclosure documents govern your rate, payments, fees, prepayment privileges and other contractual terms. Please confirm calculator results and all applicable costs with YNCU before making a borrowing decision.