Canadian mortgage payment estimate
This calculator estimates a monthly principal-and-interest payment over the selected amortization period. For Canadian-style quoted mortgage rates, it converts a nominal annual rate compounded semi-annually into an equivalent monthly rate before applying the amortization formula.
Term and amortization serve different purposes
The amortization is the schedule used to repay the full balance. The mortgage term is the shorter agreement with the lender and is commonly renewed before the amortization ends. This tool keeps one rate for the full amortization, so its lifetime interest figure is a comparison scenario rather than a renewal forecast.
The result does not include property tax, home insurance, condominium fees, mortgage default-insurance premiums, closing costs or prepayments. Payment frequency also matters: the Financial Consumer Agency of Canada's calculator supports monthly, bi-weekly, accelerated and other schedules, while this page shows monthly payments only.
A practical way to compare
Enter the mortgage principal after the down payment and any financed insurance premium. Compare the payment at the offered rate with a higher-rate scenario, and keep the same amortization when comparing lenders. Use the lender's disclosure for the actual term, compounding, privileges, penalties and renewal conditions.
Financial Consumer Agency of Canada mortgage calculator
Frequently asked questions
Does the total interest predict future renewals?
No. It assumes the entered rate continues for the entire amortization.
Can I model accelerated bi-weekly payments?
No. This page is monthly only; use the FCAC tool for additional frequencies and prepayment scenarios.
Are property taxes included?
No. Add property tax, insurance and other ownership costs when building a budget.