Mortgage Payment Calculator

Understanding how much your monthly payment will be is a critical part of your mortgage application. See what your mortgage payments could be.

For personalized advice on your mortgage payments, get a quote and a mortgage expert will contact you.

Get a mortgage payment that fits comfortably within your monthly budget.

Get a mortgage payment that fits comfortably within your monthly budget.

How the mortgage payment calculator works

Our mortgage calculators give you the freedom to test different scenarios to support your decision making process when choosing your home loan. To determine the best mortgage solution, you will need the following information:

  1. Mortgage amount: The amount you are looking to borrow. This can be calculated by subtracting the planned down payment from the expected purchase price. Please note that mortgage insurance is mandatory when homeowners are making less than a 20% down payment.
  2. Interest rate: This is the rate that the lender will charge for the mortgage. The interest rate may vary based on factors such as your credit score and down payment.
  3. Amortization period: The number of years it will take for you to pay off your mortgage in full. In Canada, the most common amortization period is 25 years.

Frequently asked questions about home purchase affordability

What is a Mortgage Payment?

A mortgage payment is a fixed amount that you pay bi-weekly or monthly. These payments go towards paying your mortgage interest and principal.

Is the mortgage calculator accurate?

The mortgage calculator can help you estimate your monthly payments. The actual amount may vary based on your credit history, income, planned down payment and more. Talk to one of our team members to get a detailed breakdown of rates and options available to you as well as any additional closing costs that may impact your mortgage and the monthly payments.

How much should I borrow?

Your borrowing limit is dependent on many factors such as your monthly household income, credit history, existing debt obligations, assets and more. If you would like to get an estimate of how much mortgage you can afford, use our Affordability Calculator.

What is CMHC Insurance?

Mortgage default insurance protects lenders against high-risk loans and is offered by organizations or companies like CMHC, SAGEN of Canada Guaranty. Canadian homeowners who provide less than a 20% down payment need to purchase this mortgage default insurance. In most cases, insurance ranges from 2.8% to 4% of the purchase price and is dependent on the size of the down payment. Although this is an additional cost, it can be bundled with your mortgage and included in your monthly payments.

Are there any other costs associated with getting a mortgage?

There will be some additional costs for an appraisal (if required). Your lawyer may charge a separate fee for processing your mortgage paperwork. Depending on the home’s purchase price there may be an additional cost associated with property, land transfer tax.