Mortgage Calculator
Mortgage Help
Down Payment
Your down payment is the amount you contribute toward the purchase price of the home. In Canada, the minimum down payment depends on the purchase price. If you put less than 20% down, you will typically need mortgage loan insurance. A larger down payment means you borrow less, which can reduce your mortgage payment and the amount of interest you pay over time.
Mortgage Term
Your mortgage term is the length of time your current mortgage agreement and interest rate are in effect. Common terms in Canada are one to five years. When the term ends, you generally renew your mortgage and agree to a new interest rate and terms. Your mortgage term is different from your amortization period.
Amortization Period
Your amortization period is the total length of time it would take to pay off your mortgage based on your current payment schedule. A longer amortization can reduce your regular payment, but you will generally pay more interest over the life of the mortgage. The maximum available amortization can depend on your down payment, whether you are a first-time buyer, and other factors.
Interest Rate
Your interest rate is the cost of borrowing the money for your home. The rate used by a calculator is an estimate and may not be the rate you actually receive. Your rate can depend on factors such as the mortgage term, down payment, credit history, lender and current market conditions.
Property Taxes
Property taxes are paid to your municipality and are an ongoing cost of owning a home. The amount varies depending on the property and municipality. If property taxes are included in your mortgage calculation, the estimate is based on the information entered into the calculator.
Home Insurance
Home insurance protects your property and belongings against covered risks and is generally required by mortgage lenders. The cost varies depending on the home, location, coverage and insurer. Your actual insurance premium may differ from the amount used in this calculator.
Condo Fees
If you are buying a condominium, your monthly condo fees help cover the costs of maintaining the building and common areas. Condo fees vary considerably from one property to another and should be included when assessing your total monthly housing costs.