What is a mortgage calculator?

A mortgage calculator is a free tool that estimates your monthly mortgage payments based on the home price, down payment, interest rate, and amortization period. It helps you understand what you can comfortably afford before you start house hunting in Mississauga or the GTA.

How much can I afford?

Your affordability depends on your gross household income, existing debts, down payment, and the current interest rate. In Canada, lenders typically use the Gross Debt Service (GDS) and Total Debt Service (TDS) ratios to determine how much you qualify for. A mortgage pre-approval from your lender will give you a precise figure.

What is the current mortgage rate in Canada?

Mortgage rates in Canada fluctuate based on the Bank of Canada's policy rate and market conditions. Fixed rates are influenced by bond yields, while variable rates track the prime rate. Contact a mortgage broker or your bank directly for the most up-to-date rate quotes tailored to your situation.

How does amortization affect my payment?

A longer amortization period (e.g., 25 or 30 years) lowers your monthly payment but increases the total interest you pay over the life of the mortgage. A shorter amortization means higher monthly payments but significantly less interest overall. First-time buyers with insured mortgages in Canada can now access 30-year amortizations.

Mortgage Calculator

Calculate your monthly mortgage payments

Enter Your Details

Adjust the values to calculate your mortgage

Purchase Price

Down Payment

20.0% of purchase price

Interest Rate (%)

Amortization Period

Monthly Payment

$3,930

Payment Breakdown

Mortgage Amount$640,000

Total Interest$539,048

Total Cost$1,179,048