- Minimum down payment requirements may vary.
- Interest is compounded semi-annually not in advance. The interest rate is fixed for the term of the mortgage. The interest rate is usually renegotiated at the end of the term of the mortgage.
- Please note if your down payment amount is less than 20% of your home’s value, you will need to insure the mortgage against default. This also means that the maximum allowable amortization is 25 years.
- Every Two Weeks = > 26 payments per year (accelerated bi-weekly)Twice a Month = > 24 payments per year (bi-weekly)
- Calculations are approximate and do not account for the payment of property taxes or CMHC insurance premiums that may be required.
As of October 17, 2016, all homebuyers seeking an insured mortgage are subject to a mortgage rate stress test, currently the rate is 4.64%.
The information contained on this page is for estimation purposes only. Actual payment amount must be obtained from your lender. The Ottawa Real Estate Board (OREB) assumes no liability for the accuracy of the information contained on this page.