Bridge Loan Calculator Ontario
Find out how much bridge financing you need, what it costs per day, and what happens to the cost if your sale closes late. Results update as you type.
The equity you will receive when your current home closes.
The cash you must bring to the purchase closing.
How long the bridge runs and what the lender charges.
A bridge loan lends you the equity from your current home for the days between your purchase closing and your sale closing. The calculator works through it in the same order a lender does.
Your sale price, less what you owe on the home, any mortgage penalty, commission and selling costs. This is the most a bridge can usually be.
Purchase price plus closing costs, less your new mortgage, your deposit and any cash you add yourself. You only borrow what the purchase actually needs.
Simple daily interest on the amount borrowed, plus lender and legal fees. The delay buffer shows how much more it costs if your sale closes late.
Interest equals bridge amount times annual rate times days, divided by 365. A $100,000 bridge at 7% costs about $19.18 a day.
Bank bridge financing comes with conditions. Most lenders need a firm sale agreement, your new mortgage placed with them, and a closing gap of 90 days or less. If your home is listed but not sold, your sale is conditional, or your new mortgage is with a different lender, the bank will often say no.
That is where LendToday helps. We arrange private and alternative bridge loans across Ontario that are secured on the equity in your current home, so you can close on your purchase without waiting for a firm sale. The cost is higher than a bank bridge, which is why we show you the full numbers first.
Always run the numbers with a delay buffer. Sale closings move more often than people expect, and interest keeps running every day the bridge is open. Ask your lender in writing about minimum interest charges and extension fees before you sign, because those are what turn a small delay into a large bill.
A bridge loan is short term financing that lets you use the equity in your current home to close on a new one before your sale closes. It is repaid from your sale proceeds, usually on the day your sale closes.
Bank bridge loans are usually priced near prime plus a few percent, plus a lender fee of a few hundred dollars and added legal fees. Private bridge loans cost more, often 9% to 12% interest with a lender fee of 1% to 3%. Because interest is charged daily, the length of the gap matters as much as the rate.
Most banks require a firm sale before they will offer a bridge. A private lender can often still help, secured on the equity in your current home. LendToday arranges these across Ontario, and the calculator above lets you test a private rate and fee before you apply.
Bank bridges are commonly limited to 90 days, and some lenders allow less. Private bridge loans can run longer, often several months, which gives more room if your sale is delayed or not yet firm.
Interest keeps running until the bridge is repaid, and your lender may charge an extension fee. Use the delay buffer in the calculator to see what a late closing would add, and speak with your lawyer and lender as soon as a closing date looks at risk.
This calculator provides estimates for illustration only and is not an offer or approval of financing. Actual rates, fees, interest calculation methods and maximum terms are set by each lender and confirmed in your commitment. LendToday.ca, FSRA Brokerage Licence #13691.