Do you want to know how much you'll be paying on your mortgage per month? Our mortgage payment calculator will test four different scenarios at once so you can see exactly how a different interest rate or larger down payment can affect what you need to pay
It’s all in the name! We used our dozens of years of combined experience in the mortgage industry to make a mortgage payment calculator that shows you exactly how much your mortgage payments would be for up to 4 different mortgage scenarios at once!
We built this mortgage payment calculator to include everything you would have to pay monthly for your mortgage, including amortization, mortgage rate, your down payment, required mortgage default insurance, and even land transfer tax (including rebates where applicable). And since you can choose from the best mortgage rates available on our website, you’ll know exactly what your payments would be!
The amortization period is how long it will take to pay off your mortgage in full. In Canada, the normal amortization period is 25 years. That means that every year you pay off 1/25th of your mortgage. Don’t confuse paying off your mortgage with building equity though.
Equity is the difference between what your home is worth and how much mortgage is remaining. In the earlier years of your mortgage, your payments go more towards interest than principal; while you pay the same amount ever year, you start building equity slowly.
Date | Interest Paid |
Principal Paid |
Mortgage Remaining |
Jan, 2018 |
$810 |
$650 |
$299,350 |
Feb, 2018 |
$808 |
$652 |
$298,698 |
Mar, 2018 |
$806 |
$654 |
$298,044 |
Apr, 2018 |
$805 |
$656 |
$297,388 |
May, 2018 |
$803 |
$657 |
$296,731 |
Jun, 2018 |
$801 |
$659 |
$296,071 |
Jul, 2018 |
$799 |
$661 |
$295,410 |
Aug, 2018 |
$798 |
$663 |
$294,748 |
Sep, 2018 |
$796 |
$665 |
$294,083 |
Oct, 2018 |
$794 |
$666 |
$293,417 |
Nov, 2018 |
$792 |
$668 |
$292,749 |
Dec, 2018 |
$790 |
$670 |
$292,079 |
Total |
$9,602 |
$7,921 |
$17,523 |
Date | Interest Paid |
Principal Paid |
Mortgage Remaining |
Jan, 2042 |
$46 |
$1,414 |
$15,807 |
Feb, 2042 |
$43 |
$1,418 |
$14,389 |
Mar, 2042 |
$39 |
$1,422 |
$12,968 |
Apr, 2042 |
$35 |
$1,425 |
$11,542 |
May, 2042 |
$31 |
$1,429 |
$10,113 |
Jun, 2042 |
$27 |
$1,433 |
$8,680 |
Jul, 2042 |
$23 |
$1,437 |
$7,243 |
Aug, 2042 |
$20 |
$1,441 |
$5,802 |
Sep, 2042 |
$16 |
$1,445 |
$4,358 |
Oct, 2042 |
$12 |
$1,449 |
$2,909 |
Nov, 2042 |
$8 |
$1,453 |
$1,456 |
Dec, 2042 |
$4 |
$1,456 |
$0 |
Total |
$304 |
$17,222 |
$17,526 |
Total Cost of Mortgage = $438,109
Longer amortization periods have lower monthly payments because you spread the same debt over a longer period of time. Shorter amortization periods have higher monthly payments but cost less overall, as there’s less time to accumulate interest.
Here’s what that same house would cost with different amortization lengths.
Amortization Period | Monthly Payment |
Interest Paid |
Total Cost |
5 years |
$5,423 |
$25,360 |
$325,360 |
10 years |
$2,930 |
$51,621 |
$351,621 |
15 years |
$2,107 |
$79,179 |
$379,179 |
20 years |
$1,700 |
$108,016 |
$408,016 |
25 years |
$1,460 |
$138,109 |
$438,109 |
30 years |
$1,304 |
$169,430 |
$469,430 |
The maximum amortization period for CMHC-insured mortgages is 25 years. If you want to extend your amortization period longer to take advantage of lower monthly payments, you would have to pay at least 20% as your down payment.
These numbers are for illustrative purposes only. As interest rates change over time, these are not indicative of the true cost of a mortgage. Read about the difference between amortization and mortgage terms here.
3.24% ÷ 12 = 0.27%
If you were charged 3.24% on a $300,000 per month, you would owe $9,720. Instead, you’re only charged 1/12th of that, or $810.
Premium |
Down Payment as a Percentage of Purchase Price |
|||
5 – 9.99% |
10 – 14.99% |
15 – 19.99% |
20%+ |
|
4% |
3.1% |
2.80% |
0% |
You can read more about CMHC insurance here.
There are many ways you can increase your down payment. The most traditional way is simply to save more money, but that also takes the longest. A much faster way is to get a gift from a friend or family member, as gifts aren’t taxed. However, some lenders don’t like seeing large gifts used as down payments because it increases the applicant’s debt-to-income ratio – a gift does not necessarily mean they will continue to receive financial support. Finally, you could get a down payment loan – but beware the additional cost of interest!
Province | Land Transfer Tax |
Land Transfer Tax Rebate |
Alberta |
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British Columbia |
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Manitoba |
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New Brunswick |
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Newfoundland and Labrador |
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Nova Scotia |
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Ontario |
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Prince Edward Island |
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Quebec |
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Saskatchewan |
Land Transfer Tax Calculator | CMHC Insurance Calculator | Affordability Calculator |