Free Tool · Mortgage
Mortgage Payment Calculator
See your monthly payment, total interest, and amortization for any home price, down payment, and rate.
$160,000 down · min $55,000
Your monthly payment
$3,814
principal + interest, per month
Mortgage amount
$640,000
Down payment
$160,000
CMHC insurance
—
none (20%+ down)
Total interest
$504,164
Total paid
$1,144,164
Stress-test rate
7.3%
rate you must qualify at
How this is calculated
These figures use published government and banking formulas and are accurate for the inputs you provide. They exclude property tax, home insurance, condo fees, and exemptions (e.g. the Non-Resident Speculation Tax). Confirm specifics with your lender and a real estate lawyer.
Payments use the Canadian semi-annual compounding convention. With under 20% down, CMHC default insurance is added to the loan (8% Ontario PST on the premium is due in cash at closing). Lenders qualify you at the higher stress-test rate. Excludes property tax, condo fees, and home insurance.
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About This Calculator
What your mortgage will actually cost each month
Your mortgage payment is the single biggest line in most home budgets. This calculator uses the standard amortization formula to show your monthly principal-and-interest payment, plus how much interest you’ll pay over the full term — so you can see the real cost of a longer amortization or a higher rate before you commit.
Adjust the home price, down payment, interest rate, and amortization to compare scenarios instantly. Pair it with the land transfer tax calculator to budget your full closing costs.
Frequently Asked Questions
How is my monthly mortgage payment calculated?
We use the standard amortization formula: M = P · r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r is the periodic interest rate, and n is the number of payments. The result is your principal-and-interest payment. It does not include property tax, insurance, or condo fees.
Does this match what my bank will quote?
It should be very close. This calculator uses the Canadian semi-annual compounding convention that lenders are required to use by law — the same basis as Ratehub and WOWA — rather than the US-style monthly compounding that overstates payments. It also adds CMHC default insurance when your down payment is under 20%. Always confirm the exact figure and rate with your lender.
How much should my down payment be?
In Canada the minimum is 5% on the first $500,000 and 10% on the portion above. Putting down less than 20% means you pay mortgage default (CMHC) insurance, which is added to your loan. This tool lets you compare any down-payment percentage instantly.
What amortization should I choose?
A longer amortization (e.g. 30 years) lowers your monthly payment but increases the total interest you pay over the life of the loan. A shorter amortization does the opposite. Toggle between terms to see the trade-off in total interest.