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Published May 16, 2024
5 minutes

# Manitoba Mortgage Payment Calculator

Calculate your monthly mortgage payment and estimate your total mortgage costs when buying a home in Manitoba.

### Edited By

Nerdy Tip: Use the “Compare” function on our Manitoba mortgage calculator to learn more about your potential mortgage costs. See how different interest rates, down payment amounts and amortization lengths can impact the size of your monthly mortgage payment.

NerdWallet's Manitoba Mortgage Calculator

### Mortgage Summary

#### Estimated Payment

##### The following items show your expected payment schedule over the full amortization period.

Doughnut chart

\$2,763

Monthly Payment

Principal & Interest
\$2,762.62
Mortgage Insurance
\$0
##### Mortgage details
Home Price
\$500,000
Down Payment
\$25,000 (5%)
Total Loan Cost
\$828,787.10
Loan Amount
\$475,000
Total Interest Cost
\$353,787.10
Interest Rate
5%
Mortgage Term
5 Years
Amortization Period
25 Years
Payment Frequency
Monthly
No. of Payments
300

### Amortization Schedule

Balance remaining in undefined

#### Payments Breakdown

##### Balance
2024\$33,151.48\$9,866.97\$23,284.52\$465,133.03
2025\$33,151.48\$10,366.48\$22,785.00\$454,766.55
2026\$33,151.48\$10,891.29\$22,260.20\$443,875.26
2027\$33,151.48\$11,442.66\$21,708.83\$432,432.60
2028\$33,151.48\$12,021.94\$21,129.54\$420,410.66

Term Total

\$165,757.42\$54,589.34\$111,168.08\$420,410.66

The line above displays the totals at the end of your mortgage term. At this time, you will renew your mortgage and choose among the rates that are available. The following analysis assumes you will lock in the same rate for the remainder of the amortization period, which may not be possible.

2029\$33,151.48\$12,630.55\$20,520.93\$407,780.11
2030\$33,151.48\$13,269.98\$19,881.51\$394,510.13
2031\$33,151.48\$13,941.77\$19,209.72\$380,568.36
2032\$33,151.48\$14,647.57\$18,503.91\$365,920.79
2033\$33,151.48\$15,389.10\$17,762.38\$350,531.69
2034\$33,151.48\$16,168.18\$16,983.31\$334,363.51
2035\$33,151.48\$16,986.69\$16,164.79\$317,376.82
2036\$33,151.48\$17,846.64\$15,304.84\$299,530.18
2037\$33,151.48\$18,750.13\$14,401.36\$280,780.05
2038\$33,151.48\$19,699.35\$13,452.13\$261,080.70
2039\$33,151.48\$20,696.63\$12,454.85\$240,384.06
2040\$33,151.48\$21,744.40\$11,407.08\$218,639.66
2041\$33,151.48\$22,845.21\$10,306.27\$195,794.45
2042\$33,151.48\$24,001.75\$9,149.73\$171,792.70
2043\$33,151.48\$25,216.84\$7,934.65\$146,575.86
2044\$33,151.48\$26,493.44\$6,658.04\$120,082.42
2045\$33,151.48\$27,834.67\$5,316.81\$92,247.75
2046\$33,151.48\$29,243.80\$3,907.68\$63,003.95
2047\$33,151.48\$30,724.27\$2,427.22\$32,279.68
2048\$33,151.48\$32,279.68\$871.80\$0.00

Even if you’re not ready to purchase a home in Manitoba immediately, a mortgage payment calculator is a powerful learning tool that can help you:

• Compare how different interest rates affect mortgage costs.
• Understand the positive impact of saving a larger down payment.
• Choose an amortization period and payment frequency that best aligns with your budget and home ownership goals.
• Decide which mortgage term you’d be most comfortable with.
• Get a sense of how much house you can afford before viewing properties or applying for a mortgage.

## How much is the average mortgage payment in Manitoba?

In the second quarter of 2023, the average monthly mortgage payment in Manitoba was \$1,464, according to the Canada Mortgage and Housing Corporation. The average payment amounts for the previous eight quarters were:

• Q1 2023: \$1,462.
• Q4 2022: \$1,473.
• Q3 2022: \$1,449.
• Q2 2022: \$1,277.
• Q1 2022: \$1,176.
• Q4 2021: \$1,161.
• Q3 2021: \$1,177.
• Q2 2021: \$1,121.

## Mortgage payment terminology you’ll need to know

The amortization period is the projected time you’ll need to pay off your mortgage. Borrowers with down payments of less than 20% can’t choose amortization periods longer than 25 years under Canada’s current lending guidelines.

Your mortgage term is how long the contract with your current mortgage lender lasts. Five-year terms are the most common, but terms between one and 10 years are also frequently available. You’ll have to renew your mortgage once your term expires, possibly at a different interest rate or with a different lender.

A down payment is the amount of cash you pay upfront for the house (your mortgage covers the difference). For example, if you buy a house for \$400,000, you might choose to make a down payment of 20%, or \$80,000. You’d need to take out a mortgage for the remaining amount — \$320,000.

The size of your down payment can vary, but it must meet minimums based on the price of your home.

Purchase priceMinimum down payment required
Less than \$500,0005% of the purchase price
\$500,000 to \$999,9995% of the purchase price for the first \$500,000; 10% for the portion above \$500,000
\$1 million or more20% of the purchase price

### Variable mortgage rates vs. fixed mortgage rates

With a variable-rate mortgage, your interest rate rises and falls with your lender’s prime rate. If you choose a variable-rate mortgage with fixed payments, the monthly payment stays the same even if interest rates increase or decrease, but the amount going toward the principal adjusts. If rates rise, for example, more of the payment will go toward covering interest, and you’ll pay down the principal more slowly.

With a fixed-rate mortgage, the principal and interest portion of your monthly payments will remain the same for the duration of your mortgage term, regardless of what happens with your lender’s prime rate.

### Payment frequency

The more frequently you make your mortgage payments, the faster you’ll pay off your mortgage. Mortgage payment frequencies typically include:

• Monthly (12 payments per year).
• Semi-monthly (two payments per month; 24 payments per year).
• Bi-weekly (one payment every 14 days; 26 payments per year).
• Weekly (one payment every 7 days; 52 payments per year).

## 4 ways to reduce your monthly Manitoba mortgage payment

### 1. Look for a lower interest rate

When exploring your mortgage options, you should always try to negotiate a lower mortgage interest rate. Any reduction can help.

A mortgage with a 4.5% interest rate might not appear much better than a 4.65% rate, for example, but shaving off even a few percentage points would save you thousands of dollars over the course of your mortgage.

### 2. Make a bigger down payment

Increasing your down payment decreases the size of your mortgage, which should result in smaller monthly payments and paying less in interest overall.

When determining how large a down payment you can make, remember that you’ll also need to set money aside to cover closing costs. Putting all your savings toward your down payment sounds like a solid plan, but you might need to come up with several thousands of dollars to pay for these one-time fees.

### 3. Choose a longer amortization period

Spreading your mortgage out over a longer amortization period results in smaller monthly payments, though the total amount you’ll pay in interest will be higher.

### 4. Refinance

Refinancing your home loan can reduce your monthly payment if current mortgage rates are lower than the one you originally agreed to.

If you’ve owned your home for a while, have stayed on top of your mortgage payments and have good credit overall, you’ll put yourself in a position to score a lower rate.

When you refinance, you essentially begin a new mortgage. That gives you an opportunity to negotiate a lower interest rate and a new payment schedule, both of which can help lower your monthly obligations.

There can be costs to refinancing before your current mortgage is up, however. Review your current agreement to see what limitations you might face — those costs can sometimes outweigh any savings a lower rate would bring.

How much is a mortgage payment on a \$400,000 house?

Without knowing your down payment, credit score, mortgage rate or amortization period, it’s impossible to provide an accurate estimation of how much your monthly payment for a home of any price will be. A mortgage calculator can help give you an idea, though.

How much is a down payment on a house in Manitoba?

Using Manitoba’s August 2023 average sale price of \$358,167, a 5% down payment would be \$17,908. A 10% down payment on the same property would be \$35,817. A 20% down payment would be \$71,633.

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