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Mortgage calculator
Calculate your mortgage payments and see the impact of changes to mortgage term, amortization, interest rates and payments on the cost of the mortgage. Understand how much mortgage you
can afford.
Payment
Extra payments
Affordability
Results
Calculate your mortgage payment

Your mortgage payments depend on how much money you need to borrow, how quickly you can pay it back, and the cost of borrowing. Even small changes to the interest rate and payment schedule can save you a lot of money over time.

Info Purchase price:
$
Enter the sale price of the home. Be sure to include any applicable taxes (e.g., GST/HST). Do not include Canada Mortgage and Housing Corporation insurance premiums, as these are automatically calculated if your down payment is less than 20% of the purchase price.
0
3,000,000
 
Info Down payment:
$
Mortgage regulations require down payments of at least 20% of the purchase price if the purchase price exceeds $1,000,000. Your minimum down payment is $.
Enter the amount of money used as a down payment on a home purchase. Mortgages with a down payment of less than 20% are subject to mortgage loan insurance.

Your CMHC Mortgage Loan Insurance premium is $.

Learn how these insurance premiums are calculated here. This link opens in a new window
0
1,000,000
 
Info Mortgage:
$
This mortgage amount has been automatically calculated from your entries for purchase price and down payment. If you have an existing mortgage and would like to see how to lower your payments, enter a different mortgage amount.
0
3,000,000
 
Info Amortization period:
 years
Enter the number of years you'll make payments on your mortgage.

Mortgage regulations require amortization periods of 25 years or less if the down payment is less than 20% of the purchase price.
0
30
 
Info Payment frequency:
Info Mortgage rate:
 %
 
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Add an extra payment

Extra payments over the course of your mortgage will help you pay your mortgage off faster, and save in interest costs.

Type of extra payment:

A one-time prepayment will be made against the principal of your mortgage at the end of a specified year. Check your mortgage agreement, or ask your financial institution to find out the maximum prepayment you're allowed to make each year. This amount is set out when you negotiate your mortgage.

Please enter the amount of your prepayment below and specify the year the one-time prepayment will occur.

An annual prepayment will be made against the principal of your mortgage at the end of every year. Check your mortgage agreement, or ask your financial institution to find out the maximum prepayment you're allowed to make each year without incurring charges. This amount is set out when you negotiate your mortgage.

Please enter an amount below and specify the year that the annual prepayment will begin.

Your current mortgage payment is $ . Check your mortgage agreement, or ask your financial institution to find out how much you're allowed to increase your payments each year without incurring charges. This amount is set out when you negotiate your mortgage.

To increase the amount you pay regularly against your mortgage, please enter the additional amount below and specify the year it will begin. The increase will affect all future payments, starting in the year you select.

One-time prepayment:        $
Occuring in year:
Total interest savings: $0.00        Time to pay off your mortgage: years
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How much mortgage can you afford?

Lenders calculate the amount of money you can afford to put into your mortgage based on your income, how much other debt you need to pay and your basic housing costs. You may also want to factor in savings, and expenses beyond your basic costs, to make sure you can afford to make your payments comfortably.

Info Debt repayment: $ per month Info Household income: $ per year
 
Info Maintenance/ condo fees: $ per month Info Property taxes: $ per year
 
Info Heating costs: $ per month  
Your original amounts Maximum amounts
Home purchase price: $0.00 Info Home purchase price: $0.00
 
Mortgage: $0.00 Info Mortgage: $0.00
 
mortgage payment: $0.00 Info mortgage payment: $0.00
Debt service ratios

Lenders use ratios that compare your income to your payment obligations to measure your ability to pay down debt. They use these ratios to decide whether to lend you money, and how much you can afford.

Learn more about the Gross Debt Service Ratio (GDSR) and the Total Debt Service Ratio (TDSR) here.

To get a more accurate idea of whether you can afford a mortgage while keeping up your savings and other monthly spending, calculate your Total Debt Service + Savings Ratio (TDSSR).

Read Rob Carrick's explanation of this ratio and download a spreadsheet to help you calculate it. This link opens in a new window
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Results
mortgage payment

Mortgage rate
Total mortgage payments

Total interest you'll pay
Amortization period
(years)
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Any results or calculations displayed on this site are made available for information purposes only, and do not constitute financial or legal advice. By using this calculator, you agree to the Investor Education Fund Website and Social Media Terms of Use and Privacy Policy.

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