Mortgage Calculator

Want to pay down your mortgage faster? Looking to upsize? Knowing the numbers is a great place to start. Our mortgage calculator calculates your monthly mortgage payment and shows you the corresponding amortization schedule.

You can also compare variable and fixed mortgage rates, and test different down payment and amortization scenarios.

HOW TO ESTIMATE YOUR MONTHLY MORTGAGE PAYMENTS

Our mortgage calculator is a helpful tool to determine what you can afford before you start looking at house listings. The most important numbers to consider when estimating your regular mortgage payments are your desired monthly payment, the total mortgage amount, the amortization period, and the mortgage rate. To use our mortgage calculator, enter the purchase price, select the amortization period, and select the mortgage rate. This lets you see how your mortgage payment is affected by the size of your down payment and frequency of payments. You can also use the mortgage calculator if you want to estimate your total monthly expenses, see what mortgage rates you would pay if rates increase, and show your outstanding balance over time.

When considering your budget, we suggest knowing what your payment would be with Bank of Canada's stress test rate.

HOW TO LOWER YOUR MORTGAGE PAYMENTS

There are a few ways you can lower your monthly mortgage payments. You have the option to reduce the purchase price, choose a lower mortgage rate, or make a bigger down payment. You can also extend the amortization period, however, keep in mind that if your down payment is less than 20%, the maximum amortization period is 25 years. Use our mortgage calculator to see what your payment would be under different circumstances.

Keep in mind if your down payment is less than 20%, or if you choose an insured mortgage rate, the maximum amortization period is 25 years.

MORTGAGE AFFORDABILITY CALCULATOR

Not sure what your comfortable mortgage rate is? Don't worry, we won't make you calculate any numbers*, but we do need to know your desired monthly mortgage payment.

*Calculation results are approximations and for information purposes only. The calculation is based on the accuracy and completeness of the data you have entered. Rates quoted are not considered as rate guarantees, and do not mean that you have been approved for a mortgage loan. Calculations assume all payments are made when due. Calculations assume that the interest rate would remain constant throughout the entire amortization period, but actual interest rates may vary. Actual payment amounts may differ and will be determined at the time of a mortgage loan agreement.

MORTGAGE Payment CALCULATOR

It's much easier to search for your new home when you know what you can comfortably afford. Use our Mortgage Calculator to determine mortgage payments based on a number of different scenarios including rates, payment schedules and more.

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The amount of money you pay upfront for a mortgage. The minimum down payment in Canada is 5%. For those less than 20%, home buyers must purchase mortgage default insurance, known as CMHC insurance.

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CMHC insurance protects the lender if the borrower defaults on the mortgage. Mortgage default insurance is required on all high ratio mortgages — those with down payments of less than 20%.

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The length of time it will take a homeowner to pay off their mortgage. In Canada, the maximum is 25 years. Longer periods allow for smaller monthly payments, but result in more interest.

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The rate of interest you will pay on the outstanding balance of your mortgage. Your mortgage rate is determined by the type of mortgage and mortgage provider.

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The monthly mortgage payment is calculated based on the inputs you provided. A general affordability rule is that your monthly housing costs should not exceed 32% of your gross household monthly income.

*Calculation results are approximations and for information purposes only. The calculation is based on the accuracy and completeness of the data you have entered. Rates quoted are not considered as rate guarantees, and do not mean that you have been approved for a mortgage loan. Calculations assume all payments are made when due. Calculations assume that the interest rate would remain constant throughout the entire amortization period, but actual interest rates may vary. Actual payment amounts may differ and will be determined at the time of a mortgage loan agreement.