Mortgage calculator
Use this free Canadian mortgage calculator to work out your monthly payment, total interest and total repaid.
Estimated monthly payment
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How this calculator works
- Subtract the down payment from the home price to find the mortgage amount.
- Convert the annual rate to a monthly rate and set the number of payments from the amortization.
- Apply the amortisation formula to find the fixed monthly payment.
- Subtract the mortgage amount from the total of all payments to find the total interest.
Formula: M = P × r ÷ (1 − (1 + r)^−n)
Frequently asked questions
Does this include property tax and insurance?
No. This shows principal and interest only. Add property tax, insurance and any condo fees to estimate your full monthly housing cost.
What down payment do I need?
The federal minimum is 5% on the portion of the price up to $500,000, 10% on the portion from $500,000 to $1,500,000, and 20% on any portion above $1,500,000. A down payment under 20% requires mortgage default insurance.
Will I qualify at this payment?
Not necessarily. Federally regulated lenders qualify you at the greater of your contract rate plus 2% or 5.25%. Use the mortgage affordability calculator to see the price you may qualify for.
Sources
- OSFI Guideline B-20 — Office of the Superintendent of Financial Institutions
Important legal information
Promissory.ca is not a lender, bank, mortgage broker or credit counsellor. We do not make lending decisions and we do not charge you a fee to use this service.
Submitting an application does not guarantee approval. All applications, rates and terms are set and approved solely by the individual lender or licensed professional.
Rates, fees and loan amounts vary by lender, province, loan type and your credit profile. Advertised rates are the lender's lowest offered rate and may not be available to you.
Lenders may perform a credit check with one or more credit bureaus, including Equifax and TransUnion. A hard credit inquiry may affect your credit score.
There is no obligation to accept any offer presented to you. Review every agreement carefully before signing.
Borrow only what you can reasonably afford to repay. Late or missed payments may result in additional fees, collection activity and negative credit reporting.
We handle personal information in accordance with the Personal Information Protection and Electronic Documents Act (PIPEDA). See our Privacy Policy for how we collect, use and protect your information.
If you are struggling with debt, consider contacting a non-profit credit counselling service or a Licensed Insolvency Trustee before borrowing more.
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Check what you qualify for with our Canadian lending partners. No obligation to accept any offer.
Compare loan optionsAffiliate disclosure: Promissory.ca is a free comparison and referral service. We may receive compensation from lending partners when you click a partner link or submit an application. This compensation does not affect the information or comparisons we publish.