Mortgage Calculator – Help Guide
The Mortgage Calculator helps you estimate monthly mortgage payments, total interest paid, and generate an amortization schedule for a Canadian mortgage. Canadian mortgages are compounded semi-annually, which affects the effective rate used in calculations.
How to Use This Tool
- 1
Enter the home price
Enter the purchase price of the property.
- 2
Enter the down payment
Enter your down payment as a dollar amount or percentage. The minimum is 5% for homes under $500K.
- 3
Enter the interest rate
Enter your annual mortgage interest rate (e.g., 5.5).
- 4
Select amortization period
Choose how many years to pay off the mortgage (typically 25 years in Canada).
- 5
Select payment frequency
Choose monthly, bi-weekly, or accelerated bi-weekly payments.
Helpful Tips
- •Accelerated bi-weekly payments save thousands in interest by making the equivalent of one extra monthly payment per year.
- •CMHC mortgage insurance is required if your down payment is less than 20%. The premium is added to your mortgage.
- •The stress test requires qualifying at your contract rate plus 2% or 5.25%, whichever is higher.
- •Increasing your payment by even $100/month can shave years off your amortization.
Frequently Asked Questions
Ready to get started?
Open the Calculator