CIBC Mortgage Calculators

Use these CIBC mortgage calculators to estimate how much house you can afford with a CIBC mortgage, including the mortgage payment.

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CIBC Mortgage Solutions

CIBC provides diverse mortgage options for different preferences, including fixed and variable-rate mortgages.

Fixed-rate mortgages ensure stable monthly payments throughout the term, ideal for budgeting, with terms from 6 months to 10 years.

On the other hand, variable-rate mortgages fluctuate based on market conditions, offering potential rate decrease benefits and larger prepayment flexibility for faster debt reduction.

CIBC also offers specialized products like the Home Power Mortgage for borrowing against home equity and the Self-Employed Recognition Mortgage for those without income proof, ensuring a tailored solution for various circumstances.

Whether you’re a first-time buyer, refinancing, or have unique needs, CIBC has a fitting mortgage solution.

CIBC Convertible mortgage: The CIBC Convertible Mortgage is a 6-month closed mortgage. This mortgage type comes with the option to convert to a long-term mortgage without prepayment fees.

CIBC Variable Flex Mortgage®: This type features a flexible variable rate, allowing up to 20% yearly prepayments at no extra cost and a 100% payment increase toward the principal. Conversion to a fixed-rate mortgage (3+ years) is possible, offering payment frequency options starting at $10,000.

CIBC Variable-Rate Open Mortgage: It features an adjustable interest rate linked to CIBC Prime, affecting monthly payment allocation. It’s fully open for extra payments (up to 100%), convertible to Closed, Fixed-Rate Mortgage, with varied payment frequencies, starting at $10,000.

CIBC Wealth Builder Mortgage®: The CIBC Wealth Builder Mortgage offers fixed-rate closed terms of 3, 4, 5, 7, and 10 years. This mortgage product aims to help customers balance mortgage payments with other savings plans.

CIBC Cash Back Mortgage: Borrowers can get up to $4,000 cash back depending on the amount they borrow. The cash can be used for home improvements.

CIBC Home Power® Mortgage: The CIBC Home Power® Mortgage allows homeowners to tap into their home equity to borrow additional funds, consolidating debt into one payment at a lower interest rate.

CIBC Bank's Mortgage Structure

When you get a mortgage from CIBC Bank to buy a new house or refinance your current mortgage, it’s like a loan you pay off over time. Each month, your payment has two parts: one pays for the interest on the loan you still owe, and the other chips away at the actual amount you borrowed to buy the house.

At first, most of your monthly payment goes towards paying off the interest; only a small part helps reduce the amount you borrowed. But as time goes on, the amount you owe gets smaller. This means the interest you have to pay also gets smaller, and more of your payment goes towards lowering the actual borrowed amount.

This keeps happening until you finish paying back the whole loan. The length of time it takes to do this is usually set when you first get the loan. The goal is to ensure you’ll have paid back everything you borrowed by the end of that set time. This is why you make regular payments – to ensure the loan is completely paid off by the time you agreed upon when you got the loan.

Frequently Asked Questions about CIBC Mortgages

What types of mortgage options does CIBC offer?

CIBC offers a range of mortgage options to cater to different needs. These include fixed-rate closed mortgages, variable-rate open and closed mortgages, and specialized products like the CIBC Wealth Builder Mortgage, CIBC Home Power Mortgage, and CIBC Self-Employed Recognition Mortgage. These options provide flexibility regarding interest rates, payment frequencies, and prepayment options.

How does the CIBC Home Power Mortgage work?

The CIBC Home Power Mortgage allows homeowners to tap into their home equity to borrow additional funds. You can consolidate your high-interest debt at a lower rate or use the funds for other financial needs like education costs, vacations, or home renovations. With this mortgage, you can access up to 80% of the value of your home.

Does CIBC offer tools or calculators to help with mortgage planning?

CIBC offers various mortgage tools and calculators on their website to assist homebuyers. These tools include the mortgage affordability calculator, rent vs. own calculator, and mortgage prepayment calculator, among others. These resources help buyers make informed decisions by providing insights into different mortgage scenarios.

What mortgage insurance options does CIBC offer?

CIBC provides Mortgage Disability Insurance and Mortgage Disability Insurance Plus, which offer protection if you cannot work due to an unexpected disability or involuntary job loss. They also offer Creditor Life Insurance for CIBC Mortgages, which can help protect your family’s home in the event of death. The Canada Life Assurance Company provides these insurance options.

What is the CIBC Self-Employed Recognition Mortgage?

The CIBC Self-Employed Recognition Mortgage is designed specifically for self-employed individuals who may not have a stable, regular income to show proof. To qualify for this mortgage, applicants need to have 35% equity and an approved personal credit history. It offers flexibility in documentation and allows self-employed people to secure a mortgage without the traditional income verification requirements.

About Canadian Imperial Bank of Commerce (CIBC)

The Canadian Imperial Bank of Commerce (CIBC) is a leading Canadian bank founded in 1867 and headquartered in Toronto. Serving over 11 million clients globally, CIBC offers a wide array of financial services, including retail and business banking, wealth management, and capital markets. With extensive domestic and international operations, the bank is known for its client service, innovative digital platforms, and corporate responsibility efforts in education and financial literacy.

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About Canadian Imperial Bank of Commerce (CIBC)

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