Mortgage calculator
Estimate your mortgage payments
Enter the property price, your down payment and the rate offered by your lender. The calculation follows the Canadian method and includes mortgage loan insurance when the down payment is under 20%.
Your estimate
Monthly payment
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- Total mortgage
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- Loan insurance premium (added to the mortgage)
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- Tax on the premium, payable at the notary
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- Interest over the full term
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- Balance after 5 years
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- Mortgage paid off in
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A 30-year amortization on an insured mortgage is reserved for first-time buyers and newly built homes.
This calculator gives an estimate for information purposes, at a constant rate. It does not include municipal and school taxes, home insurance, condo fees or the land transfer duties. It is neither a financing offer nor mortgage advice.
Frequently Asked Questions - Mortgage calculator
How is a mortgage payment calculated in Canada?
On a fixed-rate mortgage, interest is compounded twice a year, not monthly as in the United States. At the same rate, the Canadian payment is therefore slightly lower than what a US calculator shows. This calculator uses the Canadian method.
What is the minimum down payment to buy a property?
It is 5% of the first $500,000 of the price and 10% of the portion between $500,000 and $1,500,000. For a property of $1,500,000 or more, the minimum down payment is 20%.
What is mortgage loan insurance?
It is required when the down payment is under 20%. The premium ranges from 2.80% to 4.00% of the loan depending on the down payment, and it is added to the mortgage. In Quebec, a tax applies to this premium and must be paid at the notary.
What does an accelerated payment change?
An accelerated biweekly payment equals half the monthly payment, paid 26 times a year. You pay the equivalent of one extra month every year, which shortens the mortgage and reduces the interest.
Is the result the amount the bank will lend me?
No. The result is an estimate. The lender also considers your income, your debts, your credit file and the value of the property. A lender or a mortgage broker can give you a pre-approval.