Canadian Mortgage Calculator
Calculate your monthly mortgage payments, including principal, interest, taxes, and insurance
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How to Use Our Calculator
Enter your loan details including purchase price, down payment, interest rate, and term to calculate your estimated monthly mortgage payments. Our calculator provides a comprehensive breakdown of all costs involved.
What's Included in Calculations
Our comprehensive calculator includes principal, interest, property taxes, and insurance in the monthly payment calculation. Get detailed amortization schedules and payment breakdowns for accurate financial planning.
Expert Mortgage Assistance
Need help understanding your mortgage options? Our experienced mortgage specialists are here to provide personalized assistance and help you find the best mortgage solution for your needs.
Understanding Your Mortgage Calculator Results
Monthly Payment Breakdown
Your monthly mortgage payment typically consists of four main components: principal, interest, property taxes, and insurance (PITI). Our calculator helps you understand how each component contributes to your total monthly payment.
Down Payment Requirements
In Canada, the minimum down payment required varies based on the purchase price of your home. For homes under $500,000, you need a minimum of 5%. For homes between $500,000 and $999,999, you need 5% on the first $500,000 and 10% on the remainder.
Mortgage Insurance
If your down payment is less than 20% of the purchase price, you'll need mortgage default insurance. Our calculator factors in these additional costs to give you an accurate monthly payment estimate.