Mortgage payment calculator
Enter the price, your down payment, the interest rate and the amortization to see your estimated payment and how the balance falls over time. Interest is compounded semi-annually, the usual basis for Canadian fixed-rate mortgages. With less than 20% down, the mortgage insurance premium is added to the loan automatically.
Estimated paymentMonthly
$3,396a month
Principal and interest on a $613,600 mortgage at 4.5%, 25 year amortization.
Over the life of the mortgage you pay back $1,018,833. Interest is 40% of it.
- Down payment
- $60,000 9.2%
- Mortgage before insurance
- $590,000
- CMHC insurance premium, added to the loan
- $23,600 4%
- Total mortgage
- $613,600
- Sales tax on the premium (8%), cash at closing
- $1,888
- Mortgage-free in
- 25 years
Amortization
Where every payment goes, year by year
Early on most of each payment is interest. As the balance falls, more of it goes to the home you own.
Total interest
$405,233
Year one that is interest
66%
Principal passes interest
Year 10
Year
1Hover, tap or use the arrow keys
Principal paid
$13,674
Interest paid
$27,079
Balance, year end
$599,926
Over 25 years you would repay $613,600 of principal and $405,233 of interest. In year one, 66% of what you pay is interest; by the final year it is 2%. Principal overtakes interest in year 10.
Good to know
The rules behind the numbers
Estimates for planning, not advice, a quote or an approval. Your lender, your lawyer and CMHC or your insurer confirm the final figures. Rates and rules change.
The minimum down payment is 5% of the first $500,000, 10% of the portion from $500,000 up to $1.5 million, and 20% at $1.5 million or more. Below 20% down, mortgage default insurance is added to the loan; see the CMHC insurance calculator.
Payments here are estimates. Your lender's figures are the ones that count, and they will qualify you at the greater of your rate plus 2% or 5.25%.
Budget for the costs on top of the price too: land transfer tax, legal fees, the inspection and moving.
Questions buyers ask us
Should I get pre-approved before house hunting?
Yes. A pre-approval tells you what a lender is prepared to lend and shows sellers you are ready to buy. Send a pre-approval request and we will connect you with a mortgage professional.
Can I get a 30-year amortization?
With 20% or more down, the maximum amortization is up to your lender. With less than 20% down, insured mortgages are limited to 25 years, except for first-time buyers and buyers of newly built homes, who can get 30 years with a 0.20% premium surcharge.
Does this include property tax?
No. Add it separately: every MLS® listing shows the annual property tax, and condo listings show the monthly fee.
Why does the calculator compound interest semi-annually?
Semi-annual compounding is the usual basis for Canadian fixed-rate mortgages, so the calculator uses it. Payments here are still estimates: your lender's figures are the ones that count.
Numbers are the start. We can help with the rest.
Talk to us before you shop. We can point you to local mortgage professionals, explain what a home like the one you want costs to run, and set up alerts in your price range.