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Mortgage and Closing Cost Calculator | Kirkwood & Brennan
Kirkwood & BrennanMortgage Group Ltd

Mortgage and Closing Cost Calculator

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Property Details

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Buyer Details

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Rate

Your mortgage interest rate can either be fixed for the term or variable, which may change with prime rate. The rate term is the contract length with a lender.

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Amortization

Amortization is the total time it takes to pay off your mortgage in full. New mortgages usually start with an amortization of 25 or 30 years in Canada.

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Pay Your Mortgage Faster

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Most lenders allow 10–20% annual prepayment without penalty. Confirm your specific prepayment privileges before making large extra payments.
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Home Expenses

To budget better and calculate a more realistic total monthly cost, enter the additional home expenses here.

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Rental Income

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Rental income offset is a budgeting estimate only. Lender qualification treats rental income differently and may apply different inclusion rates.
Total Monthly Cost
$2,765
monthly mortgage + expenses − rental income
Monthly mortgage$2,765
Home expenses$0
Other expenses$0
Rental income−$0
Net monthly cost$2,765
Mortgage payment$2,765
Net mortgage$450,000
Mortgage insurance+$13,950
Total mortgage$463,950
Interest over term$114,162
Balance end of term$412,226
Effective amortization25 yr 0 mo
Term progress
20262051
Transfer tax (gross)$0
First-time buyer relief−$0
New-build relief−$0
Net transfer tax$0
Legal fees$2,500
Title insurance$350
Appraisal$500
Home inspection$500
Property tax adjustment$0
Other$0
Total closing costs$3,850
Cash to close (+ down pmt)$53,850

Find Out More

As mortgage brokers, we are on your team. Our job is to understand your needs, plans, and wants so we can help you find mortgage options that fit your life, not just today's rate.

This calculator is for educational and illustration purposes only. Results are estimates and may not reflect the exact mortgage payment, lender policy, insurance premium, taxes, fees, rebates, qualification outcome, or closing costs. Mortgage products, rates, tax rules, and lender policies can change. Speak with a licensed mortgage broker, lawyer, notary, accountant, or builder before making a mortgage decision.

Total Monthly Cost$2,765

Amortization Schedule

Find out more

As mortgage brokers we are on your team. Our job is to understand your needs, plans and wants in order to understand your mortgage needs. We then look at a number of lenders to find the best products and solutions for you.

During our time in the industry we have learned a number of tips and tricks to help you save money and to pay of your mortgage faster.

If you have any questions or would like a customized mortgage plan let us know!