Home Purchase Mortgage Calculator
Calculate your expected mortgage payment instantly with our easy-to-use Mortgage Calculator. Get preliminary results in seconds.
Definitions – Simple Mortgage Calculator
- “Home Value” is the total price you expect to pay for the home, before fees, taxes, and other expenses.
- “Down Payment” is the total amount you will pay without mortgage financing.
- “Interest Rate” is the expected annual interest rate for your mortgage.
- “Mortgage Amortization” is the total period over which the mortgage debt is financed. Often about 25 years.
- “Monthly Payment” is the expected monthly payment. Your mortgage may have other payment frequencies and terms.
- “Annual Payment” is the total amount of interest and principal paid over the mortgage, annually.
- “Total Interest Paid” is the total interest paid over the term of your mortgage.
- “Total Mortgage Payment” is the total interest and principal paid over the term of your mortgage.
*Caution: This calculator does not take into account mortgage insurance and/or lender fees/charges. Mortgage insurance for lower down-payment scenarios will increase the total mortgage amount and payments. This simple mortgage calculator is limited to helping you plan and anticipate your total mortgage payment and may differ from a final result obtained from your mortgage lender. Please confirm your final payment with your lender prior to making a mortgage or home purchasing decision.
Also try our Land Transfer Tax Calculator.
For more information about mortgages in Canada, we recommend you visit the Canada Mortgage and Housing Corporation.