MORTGAGE PAYMENT CALCULATOR

Use the Mortgage Payment Calculator to see how much interest you are likely to pay and your estimated principle balances. It will also help you realize the impact of insurance and taxes on your total monthly mortgage payment.

How to make the best use of our mortgage payment calculator:

Our website, calculators, and rate comparisons are absolutely free for users. However, our calculations may appear different from those on other websites, so the outcome may not necessarily be the same.

Though most of the mortgage regulation in the country is similar across the provinces, with a minimum down payment of 5 percent and maximum amortization period of 35 years, there are some variables. For instance, all provinces include land transfer taxes in their calculations, but only Ontario and Quebec include PST on CMHC insurance, and Ontario and British Columbia include land transfer rebate.

Important terms

CMHC Insurance – CMHC insurance, also referred to as mortgage default insurance is compulsory in Canada for down payments between 5 and 19.99 percent, which are considered high-ratio mortgages. The number is determined as a percentage of your cumulative mortgage amount.

Amortization Schedule – This is a schedule indicating your monthly payments over time, as well as the amount for each instalment paying down the principle vs. the interest. In Canada, the maximum amortization on down payments below 20 percent is 25 years; and although your amortization may be 25 years, your term will be considerably shorter. Considering that the most likely term in the country is 5 years, your amortization will probably be renewed before you pay off your mortgage.

Other benefits of our mortgage payment calculator:

With our mortgage payment calculator, you can estimate monthly payments using different interest rates, loan types, costs, and APRs. You may find that you can afford more (or less) depending on the purchase price or down payment.

Although most uses of our mortgage calculator involve estimating the instalments and total payments on the mortgage, it can also be used to make plans to finish paying your mortgage early. For instance, you can adjust the figures to make extra payments that allow you to reduce your payment term and net massive savings by contributing more money toward the principle loan amount each month or year or as a lump sum.

You can also use the calculator to determine if you want to risk getting an ARM. Although the initial rate of interest of an ARM is lower – adjustable-rate mortgage is tempting, it is not right for all kinds of borrowers, and some may realize that lower initial rate of interest does not reduce their monthly instalments significantly.

Another way to use the calculator is to identify when your home will reach 20 percent equity value so you can get rid of the insurance for private mortgage by playing around with the numbers.

You should note that monthly principle & interest payment estimates make up only a fraction of your total monthly home expenses. Other monthly costs that you may choose to include in the calculations include insurance and condominium fees, real estate taxes, utility bills, and home maintenance services.

Try these online tools to help make financial decisions that are right for you. Call us at 416-969-8130 if you need help, or would like more detailed information.