Mortgage Calculator
Calculate your monthly mortgage payments in seconds. See exactly how much you'll pay each month and plan your budget with confidence.
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Total Cost Breakdown
Interest & principal split
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Calculate Your Payments
Your Monthly Payment
$3,036
Total Interest
$410,751
Total Cost
$910,751
*This calculator provides estimates only. Actual rates may vary.
Why Use Our Mortgage Calculator?
Instant Calculations
Get real-time results as you adjust the sliders. No waiting, no page reloads.
Accurate Formulas
Uses the same amortization formulas as Canadian banks and lenders.
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See how different rates and terms affect your payments before you commit.
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Your calculations stay on your device. We don't store or share your data.
Understanding Your Mortgage
What is Amortization?
Amortization is the total length of time it takes to pay off your mortgage. In Canada, typical amortization periods range from 15 to 30 years. A longer amortization means lower monthly payments but more interest paid over time.
Fixed vs. Variable Rates
Fixed rates stay the same throughout your term, providing payment stability. Variable rates fluctuate with the market, potentially saving you money but with some uncertainty.
Bi-Weekly Payments
Switching to bi-weekly payments means you make 26 half-payments per year (equivalent to 13 monthly payments). This can shave years off your mortgage and save thousands in interest.
Down Payment Impact
A larger down payment reduces your mortgage amount and monthly payments. Putting down 20% or more also eliminates the need for CMHC mortgage insurance.
Ready to Get Your Best Rate?
Our mortgage experts can help you find rates even better than what you calculated. Get pre-approved in minutes with no obligation.