Mortgage payment calculator
Estimate what your mortgage payment could look like based on the home price, down payment, interest rate and amortization.
Estimated monthly payment
$ —
Enter a purchase price and down payment to see your payment.
- Purchase price
- —
- Down payment
- —
- Mortgage amount
- —
- Total interest over 25 years
- —
Results are estimates only. Actual mortgage payments and rates may vary based on the lender, mortgage product and borrower circumstances. Calculated as a fixed-rate mortgage, with interest compounded twice a year. Mortgage insurance premiums are approximate and set by each insurer.
Mortgage payment questions
Why is my mortgage more than the price minus my down payment?
With less than 20% down, your lender needs mortgage default insurance. The premium is usually added to your mortgage, so you borrow it along with the rest. The calculator shows it on its own line so you can see what it adds.
When do I need mortgage insurance?
When your down payment is less than 20% of the price. The premium is a share of the loan, and it gets smaller the more you put down. Ontario charges PST on it, which you pay at closing rather than adding to your mortgage. The Government of Canada explains how down payments and mortgage insurance work.
What’s the difference between bi-weekly and accelerated bi-weekly?
Bi-weekly spreads your monthly amount over 26 payments a year, so you pay the same in total. Accelerated bi-weekly pays half your monthly amount every two weeks. That adds up to about one extra monthly payment a year, which goes to your balance and shortens your amortization.
Can I choose a 30-year amortization?
With 20% or more down, many lenders offer up to 30 years. With less than 20% down, 30 years is open to first-time buyers and buyers of newly built homes, and the insurance premium goes up by 0.20%. A longer amortization lowers your payment but adds interest over time.
Why doesn’t this match another calculator I tried?
Canadian fixed-rate mortgages compound interest twice a year. Some online calculators compound monthly, as US mortgages do, which gives a slightly higher payment.
Is 4.5% the rate I’ll get?
No, it’s only an example to start from. Your rate depends on the lender, the mortgage you choose, your down payment and your credit. When you’re ready, I’ll compare current rates across lenders for you.
Let’s turn your estimate into a plan
Tell me the numbers you tried, and I’ll show you how they compare with what lenders are offering today.
A first conversation costs nothing and commits you to nothing.