Use the calculator to estimate your mortgage payment, multiple interest rate scenarios, down payment, and land transfer tax fee.
Ontario Mortgage Payment Calculator
Our mortgage payment calculator calculates your monthly payment and shows you the corresponding amortization schedule. If you’re purchasing a home, our payment calculator allows you to test down payment and amortization scenarios, and compare variable and fixed mortgage rates. We also help you calculate CMHC insurance and land transfer tax.
Frequently Asked Questions!
How do I calculate my mortgage payments?
Calculating mortgage payments used to be complex, but mortgage payment calculators have made it much easier. Our mortgage payment calculator gives you everything you need to test different scenarios, to help you decide what mortgage is right for you. Here’s a little more information on how the calculator works.
There are several factors that go into estimating how much your regular mortgage payments will be. These 3 numbers are particularly important:
- The total mortgage amount: This is the price of your new home, less the down payment, plus mortgage insurance, if applicable.
- The amortization period: This is the total life of your mortgage, and the number of years the mortgage payments will be spread across.
- The mortgage rate: This is the rate of interest you pay on your mortgage.
How do I use the mortgage payment calculator?
To use the calculator, start by entering the purchase price, then select an amortization period and mortgage rate. The calculator shows the best rates available in your province, but you can also add a different rate. The calculator will now show you what your mortgage payments will be.
By default, the mortgage payment calculator will show four different monthly payments, depending on the size of your down payment. It will automatically calculate the cost of CMHC insurance. You can change the size of your down payment and the payment frequency to see how your regular payment will be affected
Our calculator also shows you what the land transfer tax will be, and approximately how much cash you’ll need for closing costs. You can also use the calculator to estimate your total monthly expenses, see what your payments would be if mortgage rates go up, and show what your outstanding balance will be over time.
If you’re buying a new home, it’s a good idea to use the calculator to determine what you can afford before you start looking at real estate listings. If you’re renewing or refinancing and know the total amount of the mortgage, use the “Renewal or Refinance” tab to estimate mortgage payments without accounting for a down payment.
How can I lower my mortgage payments?
There are a few ways to lower your monthly mortgage payments. You can reduce the purchase price, make a bigger down payment, extend the amortization period, or find a lower mortgage rate. Use the calculator to see what your payment would be in different scenarios.
Keep in mind that if your down payment is less than 20%, your maximum amortization period is 25 years. As for finding a lower mortgage rate, it’s a good idea to speak to a mortgage broker for assistance.
Why does the monthly calculator have four columns?
We think it’s important for you to compare your options side by side. We start the calculator by outlining the four most common options for down payment scenarios, but you are not limited to those options. We also allow you to vary amortization period as well as interest rates, so you’ll know how a variable vs. fixed mortgage rate changes your payment.
What is Canada Mortgage Housing Corporation (CMHC) Insurance?
CMHC insurance (or mortgage default insurance) protects lenders from mortgages that default. CMHC insurance is mandatory for all mortgages in Canada with down payments of less than 20% (high-ratio mortgages). This is an additional cost to you, and is calculated as a percentage of your total mortgage amount.
What is an amortization schedule?
An amortization schedule shows your monthly payments over time and also indicates the portion of each payment paying down your principal vs. interest. The maximum amortization in Canada is 25 years on down payments less than 20%. The maximum amortization period for all mortgages is 35 years.
Though your amortization may be 25 years, your term will be much shorter. With the most common term in Canada being 5 years, your amortization will be up for renewal before your mortgage is paid off, which is why our amortization schedule shows you the balance of your mortgage at the end of your term.
* Rates may vary.
* Using this or any online Mortgage Calculator does not constitute a pre-approval. This is a tool to use before you make an appointment with a Mortgage Specialist.*
*Information above and all calculators are brought to you by ratehub.ca*
DANIELE DUNLOP YEO, Co-Founder & Listing Lead
Meet The People We Have Helped!
They are very helpful, fast to respond to texts and emails and always willing to answer any questions. They will move heaven and earth to get you what you want. Loved working with them.
What a wonderful team!! If I could give 10 stars I would. Thank you for everything!!
Dealing with Karley to find my home was the best thing I did. Definitely giving her number to anyone looking.
Rob & Danielle are fantastic! They’ve looked after me for both buying and selling homes and have been great to work with. They think of every detail and work hard to make things go smoothly for the client. Professional, friendly, great communication and a genuinely nice couple!
Kristen & Brett Steadman
Thanks so much for getting us into our new home & for selling our first home! You made that so easy for us & we couldn’t have done it without all your expertise in the market!
Ashleigh & Justin Grift
We were very happy with the staff and work ethic of the Elevate Team. They go out of their way to make sure everything runs smoothly. Thank you 👍
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Cal & Brandy
Rob and Danielle recently listed and sold a property for me in Sarnia. They looked after my needs and completed the transaction with professionalism and a true attention to detail. I received multiple quality offers and was very pleased with the results that Rob garnered.
Peter Nassiokas and his team are great! If you want to have the best advice and support in the real estate business, don’t hesitate to contact them.
Denise & Ken Rouse
Daniele was awesome! She did a wonderful job staging the house and is a great lady. I will be recommending her to everyone.
Thank you for finding my dream home.
Noah & Ashley Glover
Rob helped us buy our first home and we could not be happier. He was there every step of the way, listened to our needs and found us our perfect home. Very easy to get along with and very knowledgeable. Thanks Rob!
Cheryl & Victor Kaunismaa
Pete, Daniele, and Rob were all amazing while trying to find a home in this crazy market. Highly recommend their team!
Rob and Daniele were great to deal with. Their knowledge, experience and hard work made what could be a stressful situation easier. I have worked with them in both buying and selling a house, and I would highly recommend them.
Peter E. Raco
Daniele applies the fundamentals it takes to win strong commercial real estate deals. I applaud the consistency and relentless efforts of the Elevate Team.
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