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Bridge Financing

Buy your new home before selling your current one

What is bridge financing?

Bridge financing lets you buy your new home before selling your current one - your lender advances the equity from your current home for up to 90 days. This calculator shows you what that costs.

Your Current Home

Expected sale price$850,000
Remaining mortgage$420,000
Current monthly payment
$
Used to estimate carrying costs during the bridge period
Estimated selling costs: $46,750 (5.5% for commission + closing)

Your New Home

Purchase price$1,200,000
Down payment required20% = $240,000
Cash you have available$80,000
Cash savings, not including equity from current home

Bridge Terms

Bridge loan rate6.45%
Current prime: 4.45% · Bridge rates are typically prime + 1–3%
Bridge period60 days
Most lenders allow up to 90 days; some extend to 120
Quick preview
Equity available$383,250
Bridge needed$160,000
Daily interest$28
Total bridge interest$1,696
New mortgage$960,000
Combined carrying cost$15,496
Current mortgage + new mortgage + bridge interest
Analysis results

Bridge needed: $160,000

Equity available
$383,250
From current home sale
Bridge loan needed
$160,000
Gap between cash and down payment
Total bridge interest
$1,696
For 60 days at 6.45%
New mortgage
$960,000
After 20% down

Your bridge timeline

Current home
Until sold
Bridge period
60 days
New home
Owned
Current mortgage
$5,000
for 60 days
New mortgage (est.)
$8,800
for 60 days
Bridge interest
$1,696
for 60 days

Combined carrying costs during bridge

Current home mortgage$5,000
New home mortgage (estimated)$8,800
Bridge loan interest$1,696
Total carrying cost$15,496

Is bridge financing right for me?

You have $383,250 in equity - lenders typically require positive equity in your current home to offer bridge financing.
You have a firm or conditional offer accepted on your new home - most lenders require a purchase agreement to approve bridge financing.
Your bridge period is 60 days - within the typical 90-day limit.

Talk to a lender about bridge financing

Not all lenders offer bridge financing, and rates vary. We'll connect you with a mortgage professional who can review your situation and find the best option.

Get expert eyes

Want a second opinion on these numbers?

A local Homees agent can walk you through what this means for your next move.

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Take your numbers with you

Download your bridge financing analysis to share with your lender or agent. Earns +50 IQ.

Estimates only - actual bridge financing terms, rates, and availability vary by lender and province. Not all lenders offer bridge financing. Speak with a mortgage professional before making decisions.

Keep going

Your next 3 moves
Affordability Calculator

Check your budget for the new home.

Open
True Cost of Owning

Full carrying cost on both properties.

Open
Home Value Check

Estimate your current home's value.

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