Mortgage calculator
Mortgage calculator
Use this calculator to budget for your new home or investment. Enter the price, your down payment, the interest rate and the amortization, and it shows your estimated payment and how the balance falls over time.
Your numbers
That is $200,000. Minimum on this price: .
Estimated payment
$4,317per month
Monthly payments, principal and interest.
- Down payment
- $200,000 (20%)
- Mortgage before insurance
- $800,000
- Default insurance premium
- None, 20% or more down
- Total mortgage
- $800,000
- Total interest
- $495,184
- Total of all payments
- $1,295,184
- Paid off in
- 25 years
- Ontario PST on premium, due at closing
- None
Where each year's payments go
Early on, most of each payment is interest. As the balance falls, more of it goes to principal.
- Principal
- Interest
- Balance
Year
1(hover or use arrow keys)
Principal
$18,458
Interest
$33,349
Balance, year end
$781,542
Over 25 years you would repay $800,000 of principal and $495,184 of interest. In year one, 64% of what you pay is interest; by the final year it is 2%. Principal overtakes interest in year 10.
Estimate only, not a quote or a pre-approval. Uses Canadian semi-annual compounding and standard default insurance premiums. Excludes property tax, condo fees, utilities and home insurance. For closing costs, see the land transfer tax calculator, and confirm your numbers with a mortgage professional.
Canadian rules
How this calculator works
Canadian fixed-rate mortgages compound semi-annually, not monthly, so we convert your rate into the true rate for each payment period before working out the payment. That is why our figure can differ by a few dollars from a generic online calculator.
If you put down less than 20%, lenders require mortgage default insurance. The premium is a percentage of the loan, set by how much you put down, and it is added to your mortgage. In Ontario, provincial sales tax on the premium is due in cash on closing, so budget for it alongside your land transfer tax.
- Minimum down payment: 5% of the first $500,000, 10% of the portion from $500,000 up to $1,500,000, and 20% on homes of $1,500,000 or more.
- Insurance premiums: 4.00% of the loan with 5% to 9.99% down, 3.10% with 10% to 14.99%, and 2.80% with 15% to 19.99%.
- Accelerated bi-weekly payments are half the monthly payment, paid every two weeks. That adds up to one extra monthly payment a year and shortens the amortization.
Before you rely on the numbers
In Canada, a down payment under 20 per cent generally requires mortgage default insurance, and the minimum down payment depends on the price. Your lender or mortgage broker will confirm what applies to you.
Payments here are estimates. Your lender's figures, including any insurance premium, are the ones that count.
Remember the costs on top of the price: land transfer tax, legal fees, inspection and moving. Our buyers page lists them all.
Good to know
Questions we hear
Should I get pre-approved before house hunting?
Yes. A pre-approval tells you what you can borrow, usually holds a rate for a period, and makes your offer more credible. We can suggest mortgage professionals if you do not have one.
Does this calculator include property tax or condo fees?
No. Add them separately: MLS® listings usually show the annual property taxes, and condo listings the monthly fee.
Can I get a 30-year amortization?
With 20% or more down, most lenders offer up to 30 years. With less than 20% down, a 30-year insured mortgage is available to first-time buyers and to buyers of a newly built home, and the insurance premium goes up by 0.20%.
Which payment frequency saves the most interest?
Accelerated bi-weekly payments save the most here, because you pay the equivalent of one extra monthly payment each year. Regular bi-weekly or weekly payments cost about the same as monthly over the life of the mortgage. Switch the frequency in the calculator to see the difference in total interest.
What else should I budget for when buying?
Land transfer tax, legal fees and disbursements, a home inspection, moving costs, and any adjustments for property tax or condo fees on closing. Our land transfer tax calculator covers the biggest one.
Is this a pre-approval?
No. It is an estimate to help you plan. A lender or mortgage broker will confirm your rate and what you qualify for, including the stress test. Talk to one before you make an offer.
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