Mortgage Payment Calculator

How much will your mortgage payment be?

Enter the home price, your down payment and an interest rate. You will see your payment, the interest you will pay and what you still owe along the way.

Educational estimate
No email or phone number needed
Canadian mortgage math

Work out my payment

Your estimate$0 / month

The figures below are examples. Replace them with your own.

What you still owe over time

Early payments are mostly interest, so the balance falls slowly at first. This table updates with your numbers.

After	Still owing	Interest paid so far

How we calculate your payment

Mortgage amount: the home price minus your down payment, plus the mortgage default insurance premium when one applies.
Interest: your rate is compounded twice a year, which is how fixed-rate mortgages work in Canada. That makes the payment slightly lower than a calculator that compounds monthly.
Payment: principal and interest, spread evenly over the amortization. Monthly is 12 payments a year. Bi-weekly is 26 payments a year, each a little under half of the monthly amount.
Minimum down payment: 5% of the first $500,000 of the price and 10% of the rest, for homes under $1.5 million. Homes at $1.5 million or more need 20%.
Mortgage default insurance: required when you put down less than 20%. The premium is 4.00% of the mortgage with 5% to 9.99% down, 3.10% with 10% to 14.99% down and 2.80% with 15% to 19.99% down, plus 0.20% when the amortization is longer than 25 years. It is added to your mortgage.
The rate stays the same: the estimate assumes one rate for the whole amortization. In practice your rate is set for a term, often five years, and then renews at the rate available then.

What this payment does not include

Property taxes and home insurance: some lenders collect property tax with your payment. Home insurance is separate.
Strata fees and utilities: these come on top if you buy a condo or townhouse.
Closing costs: legal fees, property transfer tax and moving costs are paid when you buy.
Protection for the payment itself: if you die, get seriously ill or cannot work, the payment is still due. Life, critical illness and disability insurance can keep it going. Our mortgage protection calculator shows how much of each you would need.

Keep planning your home

Mortgage Protection CalculatorSee the coverage that would keep this payment going.Protect your mortgage Mortgage Affordability CalculatorThe highest home price you could be approved for.Check what you can afford BC Property Transfer Tax CalculatorThe tax due on closing day, with exemptions.Check your closing tax

This calculator gives an estimate for education only. It is not advice, a mortgage approval or an offer to lend. Vansure Insurance Services Ltd. is a licensed insurance brokerage and does not arrange or provide mortgages. Your actual payment depends on the rate, term and conditions your lender approves. Mortgage default insurance premiums are set by the mortgage insurer and can change.

Ready to protect this payment?

Start a mortgage protection quote online, then review it with a licensed BC broker.

Protect This Payment Talk to a Broker

Common questions

Most fixed-rate mortgages in Canada are compounded twice a year, not monthly. This calculator uses that method, so the payment should be close to what a lender quotes.

Regular bi-weekly payments add up to about the same over a year as monthly payments, so the saving is small. Accelerated bi-weekly payments are higher: they add up to one extra monthly payment each year, which pays the mortgage off sooner. Ask your lender which one it offers.

It is insurance that protects the lender, and it is required when your down payment is under 20%. The premium is a percentage of the mortgage and is usually added to the amount you borrow. The calculator includes it.