Mortgage Payment Calculator
See your payment at any frequency, how much of it goes to interest, and what you would still owe at renewal. It uses Canadian semiannual compounding, the way lenders actually calculate it.
Your mortgage
Amortization Payment frequency TermA 30 year amortization on an insured mortgage (under 20% down) is available to first time buyers and buyers of newly built homes. Everyone else is limited to 25 years with under 20% down.
Good to know
- Accelerated biweekly means half your monthly payment every two weeks. You make the equivalent of one extra monthly payment a year, and all of it goes to principal.
- Under 20% down, default insurance is added to the mortgage, not paid in cash. Homes priced at $1.5 million or more need 20% down.
- Your rate is locked for the term, usually 5 years. At renewal you can switch lenders with no penalty.
- Most lenders let you prepay 10% to 20% a year without a penalty.
Get your real rate
Posted rates are a starting point. Gary compares more than 90 lenders and shows you the actual payment on your file before you commit.
Start my preapproval250-508-8278Estimate only. Payments use semiannual compounding as required for Canadian fixed rate mortgages; default insurance premiums use current standard CMHC, Sagen and Canada Guaranty rates. Property tax, strata fees and home insurance are not included. Not a mortgage offer; all mortgages are subject to lender qualification and approved credit (O.A.C.).
Mortgage Affordability Calculator
How much home your income supports under the federal stress test, using the same debt ratios lenders use to approve you.
Your household
Car loans, credit cards (3% of the balance), lines of credit, student loans, support payments.
Amortization You could afford up toHow lenders decide
- The stress test: you qualify at your rate plus 2%, or 5.25%, whichever is higher. You still pay your actual rate.
- Housing costs (mortgage, property tax, heat and half of strata fees) can be up to 39% of gross income.
- All debts together, housing included, can be up to 44%.
- Self employed? Lenders look at your declared income. Gary has lenders that work with how business owners really earn.
Turn this into a preapproval
A written preapproval holds a rate for up to 120 days and tells you exactly what you can offer. It takes one conversation.
Start my preapproval250-508-8278Estimate only. Uses the federal minimum qualifying rate and typical 39% gross debt service and 44% total debt service limits for insured mortgages. Lenders vary, and credit history, employment type and the property itself all affect approval. Not a mortgage offer; all mortgages are subject to lender qualification and approved credit (O.A.C.).
Refinance and Equity Calculator
See how much of your home's equity you can access, and what a refinance or debt consolidation does to your monthly payments.
Your home
A renovation, a down payment on an investment property, or a cushion.
New amortization Equity you can accessBefore you refinance
- Breaking your mortgage before the term ends can mean a prepayment penalty. Ask your lender for the exact figure; Gary can help you read it.
- Expect legal fees and possibly an appraisal, usually $1,000 to $2,000 in total.
- Consolidating debt lowers the monthly payment, but stretching it over a longer amortization adds interest. Prepayments help.
- A home equity line of credit (HELOC) can go up to 65% of your home value, inside the 80% total.
Is now the right time?
Sometimes waiting for renewal beats breaking early. Gary runs both scenarios, penalty included, so you can see which one actually saves money.
Book a free review250-508-8278Estimate only. Refinancing is limited to 80% of the home's appraised value under federal rules for regulated lenders. Payments use semiannual compounding. Prepayment penalties, legal and appraisal fees are not included. Not a mortgage offer; all mortgages are subject to lender qualification and approved credit (O.A.C.).
BC Property Transfer Tax Calculator
Property Transfer Tax is usually the biggest closing cost in BC, and it's due in cash on completion day. Enter a price to see the tax and what the first time buyer or newly built home exemption saves you.
The property
Type of homeHow the tax is calculated
Marginal, like income tax: each slice of the price is taxed at its own rate. The top slice includes the 2% additional tax on residential property over $3 million.
Good to know (more)
- Your lawyer or notary collects the tax and pays it on completion. It can't be added to the mortgage.
- The exemption is claimed on the Property Transfer Tax return at registration, not refunded later.
- Buying with someone who doesn't qualify? The first time buyer exemption is prorated to your share.
- Foreign buyers, trusts and some other purchases have separate rules. Ask before you write an offer.
See the whole closing bill
Property Transfer Tax is the biggest line, but not the only one. The closing costs calculator adds legal fees, title insurance and the rest, so you know the full cash you need on completion day.
Start my preapproval250-508-8278Estimate only, using current BC Property Transfer Tax rates (1% to $200,000, 2% to $2 million, 3% above, plus 2% additional on residential property over $3 million), the first time home buyers’ exemption (full on the first $500,000 up to $835,000, phasing out by $860,000) and the newly built home exemption (full up to $1,100,000, phasing out by $1,150,000). Rates and exemptions are set by the Province of BC and can change; your lawyer or notary confirms the final figure. Not a mortgage offer; all mortgages are subject to lender qualification and approved credit (O.A.C.).
Closing Costs Calculator for BC Home Buyers
The down payment is only part of the cash you need on completion day. This adds up Property Transfer Tax, legal fees, insurance and the smaller items people forget, so nothing surprises you at the lawyer’s office.
Your purchase
Type of homeAdjust the estimates
Where it typically goes (itemized estimate )
Cash to have ready on completion day Down payment Closing costs TotalBecause your down payment is under 20%, mortgage default insurance of about is added to the mortgage itself, not paid in cash. BC charges no provincial sales tax on the premium.
What's not in here
- Your realtor. The seller usually pays commission on a purchase.
- Home insurance. Required by the lender before funding; arranged separately.
- GST on a new build. Usually included in the builder’s price; first time buyers may qualify for a federal GST rebate on a new home. Confirm in your contract.
- Strata Form B and depreciation report, well or septic tests, survey. Ask your lawyer or notary if they apply.
Send me the number
Lenders typically want to see about 1.5% of the price set aside for closing, over and above the down payment. If the total above worries you, talk to me before you make an offer. There are usually options.
Start my preapproval250-508-8278Estimates only, for planning. Property Transfer Tax uses current BC rates and exemptions; insurance premiums use current standard CMHC, Sagen and Canada Guaranty rates for 25 year amortizations. Legal, inspection and other fees are typical ranges; your quotes will differ. Not a mortgage offer; all mortgages are subject to lender qualification and approved credit (O.A.C.).
Mortgage Preapproval Document Checklist
Most preapprovals stall on one missing document. Gather these before we talk and a lender can usually give an answer within a few business days.
- 1 Pick how you earn income. The list changes to match.
- 2 Photos or PDFs are fine. Full pages, all four corners visible.
- 3 Two applicants? Each person needs their own set.
Not sure something applies? Text me at 250-508-8278. A photo of the document is enough.
How do you earn your income?
Choose every one that applies.
Your situation
Common mistakes
- Screenshots of the top of a bank statement. Lenders need every page, including blank ones.
- Large unexplained deposits in the last 90 days. Keep a note of where each came from.
- Changing jobs, financing a car or opening new credit between preapproval and completion.
- Expired ID. Check the date before you send it.
What happens next
Send everything by email or text. I review it, usually within one business day, submit to the lender that fits your situation, and you get a written preapproval, typically valid 90 to 120 days with a rate hold. No cost in most cases,* no obligation, one credit check.
Start my preapproval250-508-8278This checklist is general information, not a guarantee of approval. Lenders may request additional documents. All mortgages are subject to lender qualification and approved credit (O.A.C.).
Mortgage Renewal Reminder for Greater Victoria Homeowners
Tell me when your term ends. About four months before, I'll get in touch so we can compare your bank's renewal offer against 90+ lenders, while there's still time to switch with no penalty.
- 1 One reminder, from me personally. No drip campaign.
- 2 Rates can be held up to 120 days, so four months out is when comparing actually pays.
- 3 No credit check, no cost, and nothing you're locked into.
Renewing sooner than that? Call 250-508-8278 and we'll start today.
✓Want to talk before then? Call 250-508-8278.
Why four months before?
Most lenders will hold a rate for up to 120 days. Start then and today’s rate becomes a floor: if rates fall before your term ends, you take the lower one; if they rise, you’re protected. Your bank’s own renewal letter often arrives with only weeks to go.
What happens when I get in touch
One call or message. You tell me your balance and what your bank has offered, if anything. I compare it across 90+ lenders through DLC and show you the options side by side. If your bank’s offer is genuinely the best, I’ll tell you to take it.
No penalty to switch at maturity
Renewal is the one point in your term when you can move to another lender with no prepayment penalty, and many lenders cover the legal and appraisal costs of a straight switch. More on renewals
One conversation is usually enough to know where you stand.
No cost to you in most cases,* and no obligation at the end of it.
Book a call with Call or text 250-508-8278 gary@nexgenmortgages.ca
· Registered as Gagandeep Singh (Gary) Nagra · Registered Submortgage Broker, BCFSA
#519-2840 Peatt Rd, Victoria BC V9B 3V5
250-508-8278 · gary@nexgenmortgages.ca
Serving Victoria, Langford, Colwood, Saanich, Esquimalt, Oak Bay, View Royal, Sooke and Sidney ·
Dominion Lending Centres Valley Financial - Nexgen Mortgages.Each office is independently Owned & Operated. Dominion Lending Centres · 2215 Coquitlam Avenue, Port Coquitlam, BC V3B 1J6 · 1-888-806-8080 Privacy PolicyTerms & Conditionsdominionlending.ca Network figures (4,200+ brokers, 500+ offices, 20 years) and 90+ lenders: Dominion Lending Centres, dominionlending.ca, as of October 2026. *"No fees" means mortgage brokers generally do not charge fees to borrowers when arranging mortgages with regulated bank lenders; the broker is compensated by the lender. Fees may apply with nonregulated lenders or nontraditional solutions, and are always disclosed in writing first. Rates and terms are discussed individually and never advertised. This page is general information, not financial advice. © 2026 Dominion Lending Centres Inc. All rights reserved.
