Mortgage Payment Calculator for Canadians

Our mortgage payment calculator factors in CMHC insurance, the land transfer tax, the amortization period, the interest rate and much more.  All of this information helps to calculate your estimated monthly payment and the amortization schedule.  Use our calculator to check out different payment scenarios using different down payments, amortization periods and interest rates.


Mortgage calculator by ratehub.ca


Mortgage rates are provided by Ratehub.  For more information about mortgages and to apply for a mortgage in Canada with the best rates visit Ratehub.ca.


Terms on our Canadian Mortgage Calculator

Asking Price: Input the purchase price of the home.

Down payment: Input the down payment that you will be putting down on your home.

Mortgage insurance: Will be calculated based on the size of your mortgage and the down payment percentage.

Total Mortgage Required: Your mortgage required will be calculated using the purchase price plus the CMHC insurance minus your down payment.

Amortization period: Input how many years the amortization period will be.  Typically, it will be 25 years for a first time home buyer.  The amortization period is how long it would take to pay down your mortgage in full.

Mortgage rate: Select the interest rate, by one of our mortgage providers or insert a custom rate.

Total Mortgage Payment: Your mortgage payment will be calculated based on your mortgage amount, the interest rate and the amortization period.

Frequency: Input on whether you want to pay monthly, biweekly or accelerated biweekly.

Land Transfer Tax: The land transfer tax will be calculated based on your home value, your place of residence and if you are a first time home buyer in some provinces.

Required Cash Expenditures: You will need cash on closing to pay for a down payment, PST on mortgage insurance (in some provinces), the land transfer tax, lawyer fees and title insurance.

Other Cash Considerations: Not always necessary, but you should budget for a home inspection and a possible appraisal fee.

Monthly Expenses: A review on your monthly living expenses including; your mortgage, property tax, monthly debt payments, utilities, property insurance, phone, cable and internet.

Interest Rate Risk: The record low interest rates won't last forever.  Find out what your monthly mortgage payment would be if rates go back to the average 5-year fixed rates between (2000 - 2010), (1990 - 2000) and 1980 - 1990).

Amortization Schedule: Find out how much you will pay in total, the principal paid, the interest paid and the final balance after each year.