Mortgage Payment Calculator
Our mortgage payment calculator calculates your monthly payment and shows you the corresponding amortization schedule. If you are purchasing a home, our payment calculator allows you to test down payment and amortization scenarios, and compare variable and fixed mortgage rates. We also help you calculate CMHC insurance and land transfer tax.
Frequently Asked Questions
Is your mortgage payment calculator free?
Absolutely! Our calculators, website and rate comparisons are completely free for users. RateHub.ca earns revenue through advertising. We promote the lowest rates in each province offered by brokers, and allow them to reach customers online.
Why does your monthly calculator have four columns?
We think it's important for you to compare your options side by side. We start the calculator by outlining the four most common options for down payment scenarios, but you are not limited to those options. We also allow you to vary amortization period as well as interest rates, so you'll know how a variable vs. fixed mortgage rate changes your payment.
How do payments differ by province in Canada?
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:
|PST on CMHC insurance||Land transfer taxes||Land transfer rebate|
|Prince Edward Island||YES|
|Newfoundland and Labrador||YES|
What is CMHC Insurance?
CMHC insurance or mortgage default insurance, is mandatory in Canada for down payments between 5% and 19.99%, which are known as high-ratio mortgages. It is calculated as a percentage applied to your total mortgage amount. For more information on mortgage default insurance rates, please visit our mortgage default insurance page.
What is an amortization schedule?
An amortization schedule shows your monthly payments over time and also indicates the portion of each payment paying down your principal vs. interest. The maximum amortization in Canada is 25 years on down payments less than 20%. Though your amortization may be 25 years, your term will be much shorter. With the most common term in Canada being 5 years, your amortization will be up for renewal before your mortgage is paid off, which is why our amortization schedule shows you the balance of your mortgage at the end of your term.