Canadian Mortgage Calculator
Crystal clear numbers for one of the biggest financial decisions you'll make.
What brings you here today?
Pick your scenario and we will do the rest.
Monthly Payment
$3,120.44
Monthly ownership
$3,120
Mortgage + tax + heat
Total interest
$336.1K
Over 25 yr amortization
Balance at renewal
$521.3K
After 5-yr term
Mortgage amount
$600.0K
No CMHC required
Insights
Your lender qualifies you at 5.89%, not 3.89%
The mortgage stress test adds $679/month to your qualifying payment. Lenders use this rate to make sure you can handle rate increases at renewal. It also sets your maximum purchase price, roughly -34% less than if you qualified at your contract rate.
Also worth knowing
Accelerated bi-weekly saves $751, for free
Switching from monthly to accelerated bi-weekly costs nothing extra per payment, you pay half your monthly amount every two weeks. But because there are 26 bi-weekly periods in a year (not 24), you make one extra monthly payment per year. That alone saves $751 in interest and pays off the mortgage 1.9 years early.
20%+ down, no CMHC required
Your full down payment builds equity from day one with no insurance premium. You'll also have access to a wider range of lenders and potentially better rates. At 20% down, your LTV is 80%, well inside the uninsured threshold.
You'll pay 45% of the home's value in interest
Over 25 years at 3.89%, total interest is $336.1K. Accelerated payments or a shorter amortization makes the biggest dent early, every dollar of extra principal in year one is worth roughly 13× what it's worth in year 25.
Cash needed at closing
Closing costs are estimated at $1,500. Add your actual figure in Advanced options.
Where your money goes each month
Total monthly cost
$3,120
Balance, equity & interest over time
How each payment splits over time
Monthly
$3,120.44
Monthly ownership
$3,120