We have two mortgage calculators on this page, the top one is just the payment calculator and the on below is with the amortization table
Monthly Mortgage Payments
Mortgage Calculator with payment schedule
How to estimate mortgage payments
Calculating mortgage payments used to be complex, but mortgage payment calculators have made it much easier. Our mortgage payment calculator gives you everything you need to test different scenarios, to help you decide what mortgage is right for you. Here’s a little more information on how the calculator works.
There are several factors that go into estimating how much your regular mortgage payments will be. These 3 numbers are particularly important:
1. The total mortgage amount: This is the price of your new home, less the down payment, plus mortgage insurance, if applicable.
2. The amortization period: This is the total life of your mortgage, and the number of years the mortgage payments will be spread across.
3. The mortgage rate: This is the rate of interest you pay on your mortgage.
How to use the mortgage payment calculator
To use the calculator, start by entering the purchase price, then select an amortization period and mortgage rate. The calculator shows the best rates available in your province, but you can also add a different rate. The calculator will now show you what your mortgage payments will be.
By default, the mortgage payment calculator will show four different monthly payments, depending on the size of your down payment. It will automatically calculate the cost of CMHC insurance. You can change the size of your down payment and the payment frequency to see how your regular payment will be affected
Our calculator also shows you what the land transfer tax will be, and approximately how much cash you’ll need for closing costs. You can also use the calculator to estimate your total monthly expenses, see what your payments would be if mortgage rates go up, and show what your outstanding balance will be over time.
If you’re buying a new home, it’s a good idea to use the calculator to determine what you can afford before you start looking at real estate listings. If you’re renewing or refinancing and know the total amount of the mortgage, use the “Renewal or Refinance” tab to estimate mortgage payments without accounting for a down payment.
How to lower your mortgage payments
There are a few ways to lower your monthly mortgage payments. You can reduce the purchase price, make a bigger down payment, extend the amortization period, or find a lower mortgage rate. Use the calculator to see what your payment would be in different scenarios.
Keep in mind that if your down payment is less than 20%, your maximum amortization period is 25 years. As for finding a lower mortgage rate, it’s a good idea to speak to a mortgage broker for assistance.