Buying in Quebec carries one charge that exists nowhere else in Canada in the same form: the droit de mutation, known as the welcome tax, payable to the municipality after closing. Quebec also splits property tax into municipal and school lines, and adds provincial sales tax to mortgage insurance premiums. Each one belongs in the cash you need and the payment you carry.
Estimate the full monthly payment: principal and interest, taxes, insurance, mortgage insurance, and dues. Everything updates as you type.
The part of the purchase price paid in cash up front. The loan covers the rest. Below 20% down, mortgage insurance usually applies.
Optional. Taxes and insurance start from national averages.
A fixed rate never changes over the term. An adjustable rate is fixed for an initial period, then moves with the market at set intervals.
The interest rate prices the loan itself. APR adds most lender fees and expresses the total yearly cost as one percentage, which makes offers easier to compare.
Mortgage default insurance is not available above a $1,500,000 purchase price or below 5% down.
Insurance that protects the lender when the down payment is under 20%. It is added to the monthly payment and can usually be removed once you reach about 20% equity.
An account the lender uses to collect taxes and insurance with each monthly payment, then pay those bills when they come due.
The annual tax a local government charges on a property, usually a percentage of its assessed value. Assessed value can differ from purchase price.
The annual premium for insuring the building against damage and liability. It does not cover tenant belongings or rent shortfalls unless specifically added.
Monthly dues charged by a homeowners or condo association for shared amenities and building upkeep. They are paid to the association, not the lender.
Opens the pro forma with this price, property tax, insurance, dues, and loan terms already filled in.
Loan amount $1,680,000 · 25-year fixed (5-year term) at 6.400%
Illustrative estimate only. Not advice and not a lender commitment.
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The rest of this suite. Each answers one question.
The welcome tax, or droit de mutation, is a one-time duty your municipality charges when a property changes hands. It is calculated on brackets of the higher of the purchase price and the municipal assessment, and the bill arrives after closing rather than at the notary. Budget for it separately: it is not part of your down payment and it is not collected with your mortgage payment.
Plain-language definitions of every term this calculator uses.
The four parts of a full monthly housing payment: principal, interest, taxes, and insurance. Lenders qualify borrowers on PITI, not on principal and interest alone.
The part of a payment that reduces the loan balance. Early payments are mostly interest; the principal share grows every month.
The lender’s charge for the borrowed money, calculated each month on the remaining balance.
Insurance that protects the lender when the down payment is under 20%. It is added to the monthly payment and can usually be removed once you reach about 20% equity.
An account the lender uses to collect taxes and insurance with each monthly payment, then pay those bills when they come due.
The annual tax a local government charges on a property, usually a percentage of its assessed value. Assessed value can differ from purchase price.
The annual premium for insuring the building against damage and liability. It does not cover tenant belongings or rent shortfalls unless specifically added.
Monthly dues charged by a homeowners or condo association for shared amenities and building upkeep. They are paid to the association, not the lender.
The number of years the loan is scheduled to run. Shorter terms mean higher payments and less total interest.
A fixed rate never changes over the term. An adjustable rate is fixed for an initial period, then moves with the market at set intervals.
The interest rate prices the loan itself. APR adds most lender fees and expresses the total yearly cost as one percentage, which makes offers easier to compare.
The part of the purchase price paid in cash up front. The loan covers the rest. Below 20% down, mortgage insurance usually applies.
One-time transaction costs due at purchase: legal or title work, taxes and registration, inspection, appraisal, lender fees. Commonly 2 to 4% of the price, paid on top of the down payment.
The total funds due at signing: the down payment plus closing costs, minus any credits and the deposit already paid. It is the number your bank draft must cover.
Interest covering the days between closing and the first full payment period, paid at closing. Closing late in the month shrinks it.
An upfront cushion of property tax and insurance money the lender collects at closing to open the escrow account, typically a few months of each.
Lender title insurance protects the lender’s lien and is usually required. Owner title insurance protects your equity against title defects and is optional but often recommended.
A government charge on the transfer of the property, calculated on the price. In Quebec it is the welcome tax; many US counties levy a documentary or transfer tax.
Closing costs the seller agrees to pay on your behalf, negotiated in the offer. Loan programs cap how much a seller may contribute.
A credit the lender applies toward your closing costs in exchange for a somewhat higher interest rate. It trades upfront cash for monthly cost.
The standardized document a lender must issue after application, stating the exact rate, payment, and cash to close for your transaction. It is the binding figure this calculator approximates.