The typical prime lending rate reported for major Canadian banks, published weekly. Checks automatically every 5 minutes while this page is open. Your lender’s mortgage rate may differ.
The latest announced policy target is checked against the Bank of Canada’s policy page and daily data. Changes take effect the day after announcement. Checks automatically every minute while this page is open.
Mortgage payments
Year-by-year mortgage breakdown
Assumes the same interest rate and monthly payment plan throughout. Renewals may change your actual payments.
Year
Principal paid
Interest paid
Balance remaining
How these estimates work
Mortgage payments are monthly and include principal and interest. The optional insurance premium is added to the loan; no insurance premium, transfer tax or rebate is calculated automatically. Enter any insurance-premium taxes and other upfront charges in Closing costs. Additional monthly expenses are shown separately.
The Canadian-style option converts a nominal annual rate compounded twice yearly to an equivalent monthly rate. The US-style option uses the nominal annual rate divided by 12. Check your loan agreement, especially for variable rates. Payment rounding, lender conventions and renewal rates may produce different results.
Extra payments are assumed to be applied monthly from the first payment. Contract prepayment limits and penalties are not included. Home budget uses your chosen income share after the debts and costs you enter; it does not apply lender qualification ratios, a stress test, minimum down-payment rules or insurer eligibility rules.
Rent & lease assumes unchanged monthly charges throughout the lease. Prepaid rent is credited later and counted only once in the lease cost. Refundable deposits are shown as cash needed upfront, not an expense. Rent vs. own compares monthly cash outflow only; it excludes investment returns, appreciation, equity growth over time, buying/selling costs and tax effects.
Simple tools. Less hassle.All calculations stay on your device.
Worked example (English)
How does a larger down payment change the amount you borrow?
For a $600,000 home, a $120,000 down payment leaves a $480,000 loan before any financed fees or mortgage insurance.
Subtract the down payment.
$600,000 − $120,000 = $480,000.
Enter the remaining loan assumptions.
Choose the interest rate, amortization and payment frequency. For the Canadian mortgage calculation, select Canadian semi-annual compounding. Canadian amortization is capped at 30 years in this tool.
Compare the estimate with your lender’s terms. The calculator does not determine loan eligibility or include every possible cost.
Examples are prepared lessons, not AI-generated answers to your question.