Mortgage calculator
Mortgage payment calculator.
See what a home could cost you each month. Change the price, down payment, rate, and payment schedule to compare.
Estimated monthly payment
$3,985
- Mortgage amount
- $720,000
- Total interest
- $475,502
- Paid off in
- 25 years
An estimate only, not financial advice. It does not include property tax, heating, condo fees, or closing costs. Rules and rates last reviewed October 2026. Confirm everything with a mortgage professional.
How this calculator works
How Canadian mortgage payments work
Your payment is set so the mortgage is paid off evenly over its amortization period, which is the total number of years you take to pay it off. Each payment covers the interest that has built up plus a share of what you borrowed.
Why Canadian rates compound twice a year
By law, fixed-rate mortgages in Canada compound interest semi-annually. This calculator uses that rule, so its numbers will not match a calculator built for another country.
What accelerated bi-weekly means
An accelerated bi-weekly payment is half of the monthly payment, paid every two weeks. Because there are 26 payments in a year, you make the equivalent of one extra monthly payment each year, which pays the mortgage off sooner and saves interest.
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Mortgage calculator questions
Can't find your answer? Rahul is happy to help.
What is the minimum down payment in Canada?
For a home priced up to $500,000, the minimum is 5% of the price. For a price between $500,000 and $1.5 million, it is 5% of the first $500,000 plus 10% of the amount above that. For a home priced at $1.5 million or more, the minimum is 20%. Rules can change, so confirm with a lender.
What is mortgage default insurance?
If your down payment is less than 20% of the price, your lender requires mortgage default insurance. It protects the lender, and its cost is a percentage of your loan that is usually added to your mortgage. The calculator estimates it for you.
Should I choose accelerated bi-weekly payments?
Accelerated bi-weekly payments can help you pay off your mortgage sooner and pay less interest, because you effectively make one extra monthly payment each year. Whether it suits you depends on your budget and your lender's options.
What else should I budget for when I buy a home?
Beyond the mortgage payment, plan for property tax, heating, home insurance, condo fees if they apply, and one-time closing costs such as land transfer tax and legal fees. Rahul can help you estimate your full costs.