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We’ve created a collection of quick mortgage calculators so that you can easily estimate your monthly payments, CMHC insurance premiums, land transfer tax, home affordability, and mortgage affordability.

Monthly Payment Calculator

No matter what mortgage you end up getting, you’ll have monthly mortgage payments. Depending on the size of your mortgage and your interest rate, you may be surprised at just how high the payment is. Many first-time homebuyers are surprised at how much they end up paying, because they didn’t use a mortgage rate calculator to figure it out ahead of time.

Is this a free mortgage calculator?

Yes, all of our mortgage calculators are free to use. We think Canadians should have a clear understanding of their financial situation.

How do I use the monthly payment calculator?

Simply enter your expected mortgage information and hit calculate. You can see how changing your interest rate, amortization, down payment, and more effect what you need to pay every month.

Do I need to use a mortgage calculator in Canada?

While it’s not strictly necessary, we recommend using one before going home shopping so you have a reasonable understanding of what you can qualify for. You may think that, since homes are priced at $800,000 on average in your neighbourhood, that you can afford that house since you grew up nearby.

The reality is that many people, especially first-time homebuyers, overestimate their affordability and are surprised to find that they actually don’t qualify for as much as they think they should.

Can using a mortgage rates calculator save me money?

While the act of calculating your monthly payments won’t save you any money by itself, we believe having a clear picture of the money involved in buying a home will help you make good financial decisions, leading to saving money.

How can I lower my monthly payments?

Generally speaking, there are a few ways to reduce your monthly mortgage payments.

  1. Increase your down payment. Higher down payments mean you have to borrow less money, resulting in a lower cost of interest and smaller monthly payments.
  2. Reduce your mortgage rate. Lower mortgage rates result in smaller interest payments, saving you money over the course of your mortgage.
  3. Extend your amortization. The longer your amortization is, the smaller your monthly payment will be. However, longer amortizations also end up costing more in interest than a shorter mortgage of the same size.

What is land transfer tax?

Land transfer tax (LTT) is a tax you have to pay when you transfer ownership of a property to yourself. This is not to be confused with GST, which is tax on the sale of a newly constructed or substantially renovated home. The LTT applies to any home sale, either new or previously owned. It’s possible to owe both GST and LTT on one home purchase.

Every province has the LTT except for Alberta and Saskatchewan, which instead of a smaller land transfer fee.

Three provinces – Ontario, British Columbia, and P.E.I – have LTT rebate programs which reimburse first-time homebuyers for all or part of the tax. Our Ontario mortgage calculator will tell you exactly how much you’ll have to pay. Toronto has an additional municipal land transfer tax and its own rebate for first-time homebuyers, and Montreal has its own LTT as well.

You can read more about land transfer tax on our land transfer tax calculator.

What is CMHC Insurance?

When you take out a mortgage default insurance policy, you're paying the insurance provider to give your creditors money in the event you default on your mortgage. This could be because of situations like bankruptcy or death. The premiums you pay are determined by factors such as your down payment and the value of the home.

You can calculate your CMHC premiums and learn more about CMHC insurance here.
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