Easily Calculate Your Mortgage Payments

See what you can afford in seconds. No stress, no surprises.

Important: If you’re not planning to make any down payment, please use our Mortgage Renewal Calculator instead.

Mortgage Calculator with Payment Frequency

Determine Your Payments

Purchase Price ($):

Down Payment:

Minimum down payment is 5% of the purchase price.

Calculated Down Payment: $0

Mortgage Term:

Annual Interest Rate (%):

Amortization Period (years):

Payment Frequency:

Payments of

Required Mortgage Insurance: $0

Total Mortgage Required: $0

Interest Paid Over Term: $0

Principal Paid Over Term: $0

Balance at End of Term: $0

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Amortization

Schedule

How This Mortgage Calculator Works

Enter Your Details

Purchase Price is the total price of the home you’re considering. This is the amount you will base your mortgage loan on.

Down Payment Percentage is the percentage of the purchase price you plan to pay upfront. ( For more information, please read our FAQ section down below )

Annual Interest Rate (%): The interest rate your lender is offering. If you don’t know your exact rate, you can enter an estimated rate based on current market trends.

Amortization Period (Years) is the number of years over which you plan to repay your mortgage. Typically, this ranges from 15 to 30 years.

Payment Frequency is about how often you want to make payments. A higher frequency can reduce the total interest paid over time.

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Mortgage Payment is the total price of the home you’re considering. This is the amount you will base your mortgage loan on.

Required Mortgage Insurance is the percentage of the purchase price you plan to pay upfront. ( Please read our FAQ section down below for more info)

Total Mortgage Required is the interest rate your lender is offering. If you don’t know your exact rate, you can enter an estimated rate based on current market trends.

Total Interest Paid Over Term is the number of years over which you plan to repay your mortgage. Typically, this ranges from 15 to 30 years.

Frequently Asked Questions

What details do I need to use this calculator?

To get the most accurate estimate, enter an actual home purchase price, your expected mortgage rate, and your planned down payment amount.

The closer these numbers are to reality, the more precise your estimated mortgage payment will be. Keep in mind, these figures are meant for illustrative purposes only.

How is my minimum down payment determined?

The calculator determines the minimum down payment based on federal regulations:
Homes under $500,000 require a minimum of 5% down.
Homes between $500,000 and $1.5M require 5% down on the first $500,000 and 10% on the remaining balance.
Homes over $1.5M require at least 20% down and do not require mortgage default insurance.

If you’re a first-time homebuyer, you may be eligible for federal assistance programs to help with your down payment.

Should I choose a fixed or variable mortgage rate?

There are two types of mortgage rates to consider:

1. Variable Rate: Tied to the prime lending rate, typically lower than fixed rates but with potential fluctuations.

2. Fixed Rate: Remains the same throughout the mortgage term, providing stability in payments. Choosing between them depends on your financial goals and risk tolerance.

What other costs should I consider when calculating my mortgage payments?

Besides your down payment, other costs might affect your mortgage total, including:
Land Transfer Tax (LTT) or title transfer fees (varies by province and city).

Closing costs such as legal fees, appraisal fees, and property tax adjustments.
Utilities and home maintenance expenses.

How can I improve my chances of getting approved for a mortgage?

Lenders assess your income, employment history, credit score, debts, and home equity.

They also review your Gross Debt Service (GDS) and Total Debt Service (TDS) ratios to ensure affordability.

To qualify, you must also pass the federal mortgage stress test.

The best way to determine your eligibility is to get pre-approved.

What is included in my mortgage payments?

Your mortgage payment typically includes:

1. A combined principal and interest amount, calculated based on your mortgage rate, term length, and amortization schedule.

2. Mortgage default insurance (if applicable for down payments under 20%).

How can I lower my mortgage payments?

Several strategies can help reduce your mortgage payments:

1. Choose between fixed or variable rates based on market trends.

2. Increase your down payment to reduce the mortgage amount.

3. Refinance at a lower interest rate (watch out for pre-payment penalties).

4. Extend your amortization period (if eligible) to lower payments.

How much are you really paying for your mortgage?

Most homeowners overpay without even realizing it. Let’s find out if you’re one of them before it’s too late.

Apply Online Now

Easily Calculate Your Mortgage Payments

Determine Your Payments

Amortization

Schedule

How This Mortgage Calculator Works

Enter Your Details

Review Your Results

Frequently Asked Questions

How much are you really paying for your mortgage?

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Mozhgan Mirshams

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