Mortgage Amount Calculator

You may be surprised to find out you can afford a whole lot more than you think! Simply provide the information requested below and discover how much you can afford for your new home.

Use our rate  
Your maximum mortgage amount is
Your minimum down payment is
(5% of purchase price)
Your maximum purchase is
Your mortgage insurance premium is*

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The above calculator is to be used as a reference tool only. In order to calculate your payments, the calculator assumes a constant interest rate throughout the entire amortization period you have chosen. Interest is then compounded semi-annually for fixed interest rates and monthly for variable interest rates.
The Mortgage Insurance Premium is not a Meridian charge and the fee is mandatory in Canada on mortgages with a down payment less then 20%.
A buffer of 1.50% will be added to the calculation of variable rate mortgage payments. This is done to offset changes in Prime, ensuring that your payments remain consistent throughout the term of your mortgage. Should rates remain unchanged, this will have the effect of reducing the amortization of your mortgage as a greater percentage of your payment will go against your principal.
Please be aware that when applying for a mortgage, current interest rates as well as the information contained in your application will be used to calculate your actual mortgage payments. Meridian Credit Union does not warrant the accuracy of any stated figures or results obtained through the use of this calculator. By using this calculator, you agree that you will not hold Meridian Credit Union liable for any losses or damages you may suffer as a result of any errors or omissions of any information received by you through the use of the calculator. As well, you agree that Meridian Credit Union shall not be responsible for the consequences of any actions or decisions you may take or make as a result of the information received through your use of this calculator tool.
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