Instantly Calculate Your Mortgage Payments

Monthly mortgage payments are calculated using the loan amount, interest rate, and term. The formula accounts for principal and interest to determine your fixed monthly payment. Our calculator handles these complex calculations automatically, including options for accelerated bi-weekly payments which can help you pay off your mortgage faster.

Fixed rates remain constant throughout your mortgage term, providing payment stability. Variable rates can change with market conditions, potentially offering lower initial rates but with more uncertainty. Compare both options using our calculator to make an informed decision.

In Canada, the minimum down payment requirements are tiered based on purchase price: • Under $500,000: 5% minimum down payment • $500,000 to $999,999: 5% on first $500,000 and 10% on the remainder • $1,000,000 and above: 20% minimum down payment Note: Properties over $1.5M are not eligible for CMHC insurance regardless of down payment amount.

CMHC (Canada Mortgage and Housing Corporation) insurance is required when your down payment is less than 20% of the home's purchase price. This insurance protects lenders against mortgage default and is typically added to your mortgage amount. CMHC insurance is not available for properties over $1.5M.

Prepayment options allow you to pay down your mortgage faster through lump sum payments or payment increases. Making lump sum payments or increasing your regular payments can significantly reduce your amortization period and total interest paid. Our calculator shows you exactly how much you can save.

Regular bi-weekly payments split your monthly payment in half and are paid every two weeks (26 payments per year). Accelerated bi-weekly payments are slightly higher, resulting in an extra monthly payment per year (equivalent to 13 monthly payments). This can help you pay off your mortgage years sooner and save thousands in interest.

The amortization period is the total time it takes to pay off your mortgage. A longer amortization (e.g., 30 years) means lower monthly payments but more interest paid overall. A shorter amortization (e.g., 15 years) means higher monthly payments but less total interest. Use our calculator to compare different scenarios.