Determine Your Monthly Mortgage Payment?
Input your down payment, select your interest rate and determine your monthly payment.
When you purchase a property and take on a mortgage, you will need to make regular payments on it until the loan is paid off. There are four things that will affect the amount of your mortgage payment:
To see how these four factors affect your mortgage payment, check out our mortgage payment calculator.
Input your down payment, select your interest rate and determine your monthly payment.
Your mortgage payment amount and how often you make payments depends on the mortgage payment frequency option you choose. For an introduction on the different mortgage payment frequency options in Canada, watch the video below.
Here is a summary of the different mortgage payment frequencies:
Amont paid | Payment | Number of payments per year | |
---|---|---|---|
Monthly | Monthly mortgage payment | Once per month | 12 |
Bi-Weekly | Monthly mortgage payment x 12 / 2 | Every two weeks | 26 |
Accelerated bi-weekly | Monthly mortgage payment / 2 | Every two weeks | 26 |
Weekly | Monthly mortgage payment x 12 /52 | Every week | 52 |
Accelerated weekly | Monthly mortgage payment / 4 | Every week | 52 |
A monthly mortgage payment is when your mortgage payment is withdrawn from your bank account on the same day of every month (i.e. on the 1st). With a monthly mortgage payment, you make 12 payments per year.
A bi-weekly mortgage payment is when your mortgage payment is withdrawn from your account every other week, totaling 26 payments per year. To determine the bi-weekly mortgage payment amount, your monthly mortgage payment is multiplied by 12 months then divided by the 26 pay periods in a year. Many homebuyers choose a bi-weekly mortgage payment because it coincides with their bi-weekly pay period.
An accelerated bi-weekly mortgage payment is also withdrawn from your bank account every other week, but the calculation used to determine the amount you pay is different from the bi-weekly mortgage payment. To determine the accelerated bi-weekly mortgage payment amount, your monthly mortgage payment is simply divided by 2. You still make 26 payments per year but the amount is slightly more than a regular bi-weekly mortgage payment.
A weekly mortgage payment is withdrawn from your account every week, totaling 52 payments per year. To determine the weekly mortgage payment amount, your monthly mortgage payment is multiplied by 12 months then divided by the 52 weeks in a year.
An accelerated weekly payment is also withdrawn from your bank account every week. To determine the accelerated weekly mortgage payment amount, your monthly mortgage payment is divided by 4. You still make 52 payments per year but the amount is slightly more than a regular weekly mortgage payment.