Mortgage Payment Calculator
Stan Direct: 604-202-1412
E-mail: [email protected]
Stelli Direct: 604-202-4141
E-mail: [email protected]
Mortgage Payment Calculator
Our mortgage payment calculator calculates your monthly payment and shows you the corresponding amortization schedule. If you are purchasing a home, our payment calculator allows you to test down payment and amortization scenarios, and compare variable and fixed mortgage rates. We also help you calculate CMHC insurance and land transfer tax.
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How to estimate mortgage payments
There are a number of factors that go into estimating how much your regular mortgage payments will be. The most important numbers are the total mortgage amount (the price of the home, less the down payment, plus mortgage insurance if applicable), the amortization period (the number of years the mortgage payments will be spread across), and the mortgage rate (the rate of interest paid on the mortgage).
To use the calculator, enter the purchase price, and select your amortization period and mortgage rate. Then you can see how your payment will be affected by the size of your down payment and frequency of payments. Our calculator also shows you what the land transfer tax will be, and approximately how much cash you’ll need for closing costs. You can also use the calculator to estimate your total monthly expenses, see what your payments will be if mortgage rates go up, and show what your outstanding balance will be over time. It is a good idea to use the calculator to determine what you can afford before you start looking at real estate listings.
If you’re renewing or refinancing and know the total amount of the mortgage, use the “Renewal or Refinance” tab to estimate mortgage payments without accounting for a down payment.
How to lower your mortgage payments
There are a few ways to lower your monthly mortgage payments. You can reduce the purchase price, make a bigger down payment, extend the amortization period (if your down payment is less than 20%, the maximum is 25 years), or choose a lower mortgage rate. Use the calculator above to try different variables to see what your payment will be with different scenarios.
Frequently Asked Questions
Is your mortgage payment calculator free?
Absolutely! Our calculators, website and rate comparisons are completely free for users. Ratehub.ca earns revenue through advertising. We promote the lowest rates in each province offered by brokers and allow them to reach customers online.
Why does your monthly calculator have four columns?
We think it’s important for you to compare your options side by side. We start the calculator by outlining the four most common options for down payment scenarios, but you are not limited to those options. We also allow you to vary amortization period as well as interest rates, so you’ll know how a variable vs. fixed mortgage rate changes your payment.
How do payments differ by province in Canada?
While the majority of the mortgage regulation in Canada is consistent across the provinces (minimum down payment 5%; maximum amortization period 35 years), there are some things that do vary. This table summarizes the differences:
| PST on CMHC insurance | Land transfer taxes | Land transfer rebate | |
|---|---|---|---|
| British Columbia | YES | YES | |
| Alberta | YES | ||
| Saskatchewan | YES | ||
| Manitoba | YES | ||
| Ontario | YES | YES | YES |
| Quebec | YES | YES | |
| New Brunswick | YES | ||
| Nova Scotia | YES | ||
| Prince Edward Island | YES | ||
| Newfoundland and Labrador | YES |
What is CMHC Insurance?
CMHC insurance or mortgage default insurance is mandatory in Canada for down payments between 5% and 19.99%, which are known as high-ratio mortgages. It is calculated as a percentage applied to your total mortgage amount. For more information on mortgage default insurance rates, please visit our mortgage default insurance page.
What is an amortization schedule?
An amortization schedule shows your monthly payments over time and also indicates the portion of each payment paying down your principal vs. interest. The maximum amortization in Canada is 25 years on down payments less than 20%. Though your amortization may be 25 years, your term will be much shorter. With the most common term in Canada being 5 years, your amortization will be up for renewal before your mortgage is paid off, which is why our amortization schedule shows you the balance of your mortgage at the end of your term.
To Find out more about your Home Ownership Advantages, fill and submit the form on this page. In the “Notes” box include a code “buyers guaranteed programs”
VIP Buyers Guaranteed Programs
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