Mortgage Payment Calculator Canada
Get a sense for your mortgage payments, the cash you'll need to close and the monthly carrying costs with Ratehub.ca’s mortgage payment calculator.
Frequently Asked Questions
How much is the monthly payment for a $500,000 mortgage over 30 years?
Is there a grace period for missed mortgage payments in Canada?
How much income do you need to qualify for a mortgage?
What are the hidden costs in Canadian mortgages that most calculators overlook?
Why does the Land Transfer Tax output change when I select Toronto, Ontario, as my purchase location?
How to pay off a 25-year mortgage in 15 years?
Find the right calculators for all your mortgage and home buying needs
WATCH: April 29, 2026 Bank of Canada announcement
Jamie David, Sr. Director of Marketing and Mortgages
How can a mortgage payment calculator help you?
A mortgage payment calculator helps estimate your monthly mortgage payments, closing costs and overall affordability before buying a home in Canada. By adjusting factors like your home price, down payment, mortgage rate and amortization period, you can compare different borrowing scenarios and understand how they affect your monthly costs.
Ratehub.ca’s mortgage payment calculator also goes beyond basic principal-and-interest estimates by factoring in additional costs many calculators overlook, including mortgage default insurance, land transfer taxes, first-time home buyer rebates and estimated cash needed to close. Here’s how to use Ratehub.ca’s mortgage payment calculator:
- Enter your home price and location: The calculator uses your location to estimate land transfer taxes and applicable rebates.
- Compare different down payment options: The calculator automatically displays multiple down payment scenarios, including the minimum down payment required based on Canadian mortgage rules.
- Choose your amortization, mortgage rate and payment frequency: You can compare monthly, bi-weekly and accelerated payment options while adjusting your mortgage rate and amortization period. By default, the calculator displays some of the best mortgage rates available, but you can also customize the rate manually.
- Review your estimated mortgage payment: The calculator instantly updates your payment estimates based on your selections.
- View additional affordability costs: You can also review estimated cash needed to close, monthly homeownership expenses and your amortization schedule over time.
- Check for first-time home buyer rebates: Selecting “Yes” as a first-time home buyer automatically includes eligible land transfer tax rebates in your estimate.
If you already have a mortgage, use the renewal calculator to estimate payments based on your remaining mortgage balance without including a down payment.
April 2026 housing and mortgage market update
2026 has been a relatively slow year for the Canadian housing market, with buyers hunkered down due to the uncertainty over new U.S. tariff threats. If you’re looking for a mortgage rate in Canada, read on for some key information.
Inflation update- May 2026
Real estate update- May 2026
2026 housing market forecast
Highlights from the Bank of Canada’s April 29, 2026 announcement
How can I calculate my mortgage payment?
While using a mortgage payment calculator is the fastest way to estimate your payments, you can also calculate your mortgage payments manually. The standard mortgage payment formula is:
Where:
- M = mortgage payment
- P = mortgage principal (loan amount)
- r = periodic interest rate (annual mortgage rate divided by 12)
- n = total number of payments (amortization period multiplied by 12)
For example, if you borrow $400,000 at a 4.04% mortgage rate with a 25-year amortization and monthly payments:
- P = $400,000
- r = 0.0404/12 = 0.00337
- n = 25*12 = 300 payments
Using the above formula, the estimated monthly mortgage payment would be roughly $2,100 per month.
Note: Your exact payment may also include mortgage default insurance, property taxes, and condo fees, depending on your lender and payment setup. Our mortgage payment calculator accounts for these additional costs automatically.
What factors can affect your mortgage payments?
There are several key factors that can affect the size of your mortgage payments. Some of these include:
- Home price and down payment: Your mortgage payment is largely based on how much you need to borrow. A more expensive home or smaller down payment will increase your mortgage amount and monthly payments, while a larger down payment can lower both your borrowing costs and mortgage insurance costs.
- Your interest rate: The lower the interest rate on your mortgage, the lower your monthly payments will be. Ratehub.ca can help you find the best mortgage rates available today to keep your payment as low as possible. Fixed and variable mortgage rates can also affect payment stability differently over your mortgage term.
- Your amortization period: Your amortization period is the length of time it takes to pay off your entire mortgage. The longer your amortization period is, the lower your monthly mortgage payments will be. That said, since it will take you a longer time to pay off your mortgage, you will end up paying more in interest.
- Payment frequency: Choosing accelerated bi-weekly or weekly payments instead of monthly payments can help you pay down your mortgage faster and reduce total interest costs.
- Additional housing costs: Some lenders collect property taxes as part of your regular mortgage payment, while others require you to pay them separately to your municipality. Condo fees and utilities are also not usually included in your mortgage payment, but they still affect your overall affordability and how much you may qualify to borrow.
Compare current mortgage rates across the Big 5 Banks and top Canadian lenders. Take 2 minutes to answer a few questions and discover the lowest rates available to you.
How can first-time home buyers reduce housing costs?
First-time home buyers in Canada may qualify for the new First-Time Home Buyers’ (FTHB) GST/HST rebate on newly built or substantially renovated homes. Under the updated federal program, eligible buyers can eliminate the GST or the federal portion of the HST on new homes valued up to $1 million. Buyers purchasing homes priced between $1 million and $1.5 million may also qualify for a partial rebate on a sliding scale.
This rebate can be used alongside the existing GST/HST new housing rebate, helping reduce upfront home-buying costs for eligible first-time buyers.
More mortgage calculators
For further information, check out these helpful pages!
- Best Mortgage Rates in Canada
- Variable or Fixed Mortgage Rates
- Amortization
- Mortgage Default Insurance (CMHC Insurance)
- Open vs. Closed Mortgage: What's the Difference?
- Mortgage Terms Glossary
- Mortgages