Mortgage Calculator

Calculate your mortgage payments instantly with our free Canadian mortgage calculator. Enter your loan amount, interest rate, and term to see your monthly payment and total cost.

Calculate Your Mortgage

đź’ˇ Adjust the values to see real-time results.

Payment
—

Your estimated loan payment based on your chosen frequency.

Total Interest
—

Total interest paid over the loan term.

Total Cost
—

Principal + interest over the full amortization period.

Over 25 years, you'll make approximately 300 payments.

This free Canadian mortgage calculator helps you plan your home loan payments and repayment schedule.
It works for fixed-rate and variable-rate mortgages.

How This Mortgage Calculator Works

In just three simple steps, see how much your mortgage will cost and find the payment plan that best fits your budget.

1

Enter Your Mortgage Details

Add your home price, down payment, mortgage term, interest rate, and payment frequency (monthly, bi-weekly, or weekly). The calculator works for both fixed and variable-rate mortgages.

2

See Your Results Instantly

Our calculator automatically displays your mortgage payment, total interest, and full repayment cost. You can also view an amortization schedule showing how your balance decreases over time.

3

Adjust and Compare

Change the home price, down payment, rate, or term to explore different mortgage scenarios. Compare options until you find a plan that fits your budget and goals.

What Is a Mortgage?

A mortgage is a loan that helps you buy a home, using the property itself as collateral. In Canada, mortgages are typically repaid over an amortization period of up to 25 years, divided into shorter terms—usually between 1 and 5 years—after which you renew or refinance.

Your lender sets an interest rate, which can be either fixed (stays the same for the full term) or variable (fluctuates with market rates). The amount you borrow, your down payment, and the chosen rate and term all influence how much you'll pay each month.

Illustration of a house representing a mortgage in Canada
Loan payments over time showing principal and interest portions

Understanding Mortgage Payments

Your mortgage payments gradually pay down the loan balance while covering interest charges. In the early years, most of your payment goes toward interest; later, a larger share reduces the principal.

This gradual shift is known as amortization—the process of paying off your mortgage over time. Making extra payments or switching to accelerated bi-weekly payments can shorten your amortization period and significantly reduce total interest costs.

What Affects Your Mortgage Payment?

Several key factors determine how much you'll pay each month. Adjust these in the calculator to see
how they impact your total cost and payoff time.

Home Price & Down Payment

A larger down payment reduces your loan amount and interest costs over time.

Interest Rate

Even a small rate change can make a big difference in your monthly and total payments.

Amortization Period

Longer amortization lowers payments but increases total interest paid.

Payment Frequency

Switching to accelerated bi-weekly or weekly payments helps pay off your mortgage faster.

Insurance & Property Taxes

If your down payment is under 20%, you'll need mortgage insurance, which increases your total payment.

Loan Term

Your term determines how long your rate and contract last before you renew or refinance your mortgage.

Example Mortgage Calculations

See how different home prices, interest rates, and mortgage terms affect your monthly payment, total interest, and total cost over time.

Home Price Down Payment Loan Amount Rate Term Frequency Payment Total Interest Total Payment
$400,000 20% ($80,000) $320,000 5.5% 25 Years Monthly $1,959 $267,700 $587,700
$600,000 20% ($120,000) $480,000 5.5% 25 Years Monthly $2,939 $401,600 $881,600
$800,000 20% ($160,000) $640,000 5.5% 25 Years Monthly $3,918 $535,400 $1,175,400

These examples are for illustration only. Actual mortgage payments vary based on your lender's rates, fees, down payment, and term.

Mortgage Calculator FAQs

A mortgage calculator helps you estimate your monthly mortgage payments based on your loan amount, interest rate, term, and down payment. It's a simple way to understand how much your home loan will cost over time.

Our calculator provides accurate estimates using standard Canadian mortgage formulas. However, your actual payments may differ slightly depending on your lender's rates, fees, insurance, and property taxes.

Yes. You can use it for both fixed-rate and variable-rate mortgages, as well as for different payment frequencies — monthly, bi-weekly, or weekly.

No. This tool runs entirely in your browser and doesn't save or share any of your data. Your inputs are private and never sent to a server.

Your rate depends on factors like your credit score, down payment size, mortgage term, and whether you choose a fixed or variable rate. Lenders may also adjust rates based on market conditions and your income level.

An amortization schedule shows how each mortgage payment is divided between interest and principal over time. It helps you see how your loan balance decreases and how much total interest you'll pay.

Yes. The calculator supports monthly, bi-weekly, and weekly payment options so you can compare how different frequencies affect your total interest and payoff time.

Your affordability depends on your income, debts, down payment, and current interest rates. A good rule of thumb is that your housing costs shouldn't exceed 32% of your gross monthly income. Use our calculator to experiment with different home prices and down payments.

The mortgage term is the length of time your current rate and contract are in effect — often 1 to 5 years. The amortization period is the total time it takes to pay off your mortgage in full, typically up to 25 years in Canada.

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