Using this Home.ca Mortgage Payment Calculator is useful to calculate & chart mortgage payments and interest costs under several "what-if" scenarios and show you how your loan amortizes over time. The calculator can be used in several ways:

a. Calculate mortgage payments

Calculate your mortgage payments and see how you can save thousands of dollars in interest costs - while paying down your mortgage sooner. Our mortgage payment calculator calculates your monthly payment and shows you how much you contribute each year to Principal and Interest and to your total balance due. 

b. Mortgage amount calculator 

Calculate how much mortgage you can get if you make certain payments. This is a reverse mortgage payment calculator that is useful for some people who want to see how their monthly or weekly payments could affect their total mortgage amount due. 

c. Mortgage amortization calculator

Calculate how fast you can pay-off your mortgage using various payment amounts and frequency. By testing a variety of options you can preview the effect it will have on your mortgage year by year and the break-down of your payments.

Additional things to consider:

Generally speaking, if you can show that you have been working for two years and if you can afford to put down at least 20% of the purchase price, you may qualify for a “conventional” mortgage. The benefit of a conventional mortgage is that you don’t need to purchase default insurance. If you don’t have 20% to put down, you may qualify for a mortgage but it will need to be insured against default. Mortgage default insurance adds an extra 1% to 3% to the cost of the mortgage.

Normally if you can show that you have been working for two years and you can afford to put down at least 20% of the purchase price - you will probably qualify for a conventional mortgage which doesn’t require any “default insurance”. 

If you don’t have 20% to put down on buying a home, you may still qualify for a mortgage but you will need to purchase additional insurance (in case you default). Since mortgages with down payments between 5% or 19.99% are considered high-ratio mortgages in Canada, therefore it is mandatory that you also get CHMC insurance (also called: mortgage default insurance).

The insurance cost is calculated as a percentage and normally applied to your total mortgage amount. Mortgage default insurance normally adds an extra 1-3% to the total cost of the mortgage.

While majority of the mortgage regulation in Canada is consistent across the provinces (minimum down payment 5%; maximum amortization period 35 years), there are some things that do vary. This table summarizes the differences by province:


Province PST on CHMC Insurance Land Transfer Taxes Land Transfer Rebate
Ontario Yes Yes
Yes
British Columbia
Yes
Yes
Quebec Yes Yes

Nova Scotia
Yes

Alberta
Yes

Saskatchewan

Yes

Manitoba

Yes

New Brunswick

Yes

PEI
Yes

Newfoundland & Labrador

Yes

Other useful calculators: Mortgage Affordability Calculator & Buying vs. Renting Calculator

Disclaimer: The above mortgage calculator is for demonstration purposes only and may not reflect actual numbers for your mortgage. The Calculator assumes constant interest rate throughout the amortization period, interest calculated semi-annually not in advance for fixed interest rate mortgages, and other assumptions that maybe different than what your bank or broker offers you. Mortgage prepayments (e.g. additional payments) may be subject to a prepayment charge which is not reflected by the calculator.