Mortgage Calculator
Estimate your monthly payment and total interest.
Monthly payment
Principal and interest
Total interest
Payoff time
| Year | Principal paid | Interest paid | Balance |
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Estimate your monthly payment and total interest.
| Year | Principal paid | Interest paid | Balance |
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A mortgage payment has two core parts: principal, which reduces the loan, and interest, which is the cost of borrowing. Early payments are mostly interest, and the balance falls faster later. This calculator also adds yearly property tax, home insurance and any HOA fees to show the real monthly cost. Canadian fixed-rate mortgages are quoted with semi-annual compounding, so there is a switch for it. Extra monthly payments shorten the loan and cut total interest.
Compare terms and rates by changing one number at a time. A larger down payment lowers the loan, the interest and sometimes the rate you are offered. Add property tax and insurance to see the real monthly cost, and keep a buffer for maintenance. Always get a written quote from a lender.
No. It is an estimate. Your lender may add fees, insurance and different tax or rate rules.
Federal rules require fixed-rate mortgages in Canada to be quoted that way. Variable rates are usually monthly.