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Mortgage Payment Calculator Canada

Finding the right mortgage can be a challenge – but it doesn’t need to be! There are many aspects to consider before taking out a mortgage, such as the mortgage term and rate.

Affordability is key. Here’s an easy-to-use mortgage calculator to help you calculate your mortgage payments. Use it to ensure you pick a mortgage that fits your budget.

Once you’ve compared different mortgage options and have found the best mortgage rate, you can input these numbers into the calculator to see your payments!

Mortgage Comparison Calculator

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Mortgage Calculator

Mortgage 1 Mortgage 2 Mortgage 3
Amount
Amount
Amount
Term (Years)
Term (Years)
Term (Years)
Rate
Rate
Rate
Amortization
Amortization
Amortization
Payment Frequency
Payment Frequency
Payment Frequency
Mortgage 1 Mortgage 2 Mortgage 3
Your First Term Your First Term Your First Term
Payment
Payment
Payment
Interest Paid
Interest Paid
Interest Paid
Balance at Maturity
Balance at Maturity
Balance at Maturity
Total Cost Difference
Total Cost Difference
Total Cost Difference
Over Total Amortization Over Total Amortization Over Total Amortization
Interest Paid
Interest Paid
Interest Paid
Monthly Payment At Renewal Monthly Payment At Renewal Monthly Payment At Renewal
If Rates Rise 2%
If Rates Rise 2%
If Rates Rise 2%
If Rates Rise 3%
If Rates Rise 3%
If Rates Rise 3%
Calculator by intelliMortgage Inc.

 

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FAQ

Do mortgage regulations and fees vary across Canada?
Most mortgage regulations are consistent across Canada. The minimum down payment is 5% (with mortgage default insurance) and the maximum amortization period is 35 years. However, some things vary, such as tax on mortgage default insurance and land transfer rebates.

Do rates vary by province?
Yes, rates do vary by province but it’s more dependent on the lender and your location. For example, a mortgage rate may be lower in Ontario compared to the Yukon because of population size. More lenders means more competition, which equates to lower mortgage rates.

Another factor is regulation. Credit unions generally only operate within their own province. So if one credit union in one province launches a promotion, there’s no incentive for other provinces to do the same because they aren’t in competition.

How can I lower my mortgage rate?
Having a good credit score can help you get a better interest rate on your mortgage. A credit score demonstrates your creditworthiness to banks and lenders and is an indication of your likelihood of paying back credit. The first step to improving your credit score is to check it. Check your credit score with Borrowell here.

What is an amortization schedule for mortgages?
An amortization schedule is a table of payments to be made to a mortgage. The schedule shows the amount paid, the amount applied to interest, the amount applied to principal (the amount borrowed) and the remaining balance once the payment has been made.

How do I estimate mortgage payments?
Many factors go into estimating what your mortgage payments will be. Your total mortgage amount is the most important number. Your total mortgage amount is the price of the house and the default mortgage insurance. Also important in the equation is the amortization period (the total number of years your mortgage payments will occur) and the mortgage rate.