Mortgage Calculator
Calculate monthly mortgage payments, total interest, and amortization schedules for Canadian mortgages with typical 5-year term and 25-30 year amortisation periods
Mortgage Details
Additional Costs (Optional)
Quick examples
Calculation Results
Loan Summary
Monthly Payment Breakdown
How we calculated this
Payment Distribution Over Time
What if?
Each row recalculates with your current inputs. Tap a row to apply it.
Compare two plans
Enter mortgage details to calculate
Fill in the loan amount, down payment, interest rate, and term above
How to Use the Mortgage Calculator
Calculate your monthly mortgage payments and plan your home purchase
Loan Amount
Enter the total amount you want to borrow for your home purchase
Interest Rate
Enter the annual interest rate offered by your lender
Loan Term
Choose the length of time to repay the loan
Additional Costs
Include property tax, insurance, PMI, and HOA fees
Authoritative sources and references
The official standards, guidelines, and research behind this calculator's methodology.
Mortgage Calculator FAQ
How much of my payment goes to interest at the start?
Early payments are mostly interest because the balance is at its largest. On a 30 year loan, the first payment can be two thirds interest. The amortization schedule shows the exact split for every month.
What costs does the monthly payment include?
The calculator covers principal and interest. Property tax, home insurance, and HOA fees vary by location and lender, so add them separately when budgeting your full monthly cost.
How does a larger down payment affect my mortgage?
A bigger down payment reduces the loan amount, which lowers both the monthly payment and total interest, and may eliminate mortgage insurance requirements below certain loan-to-value thresholds.
How much total interest will a 30-year mortgage cost?
At 6.5% on a $350,000 loan, total payments come to roughly $796,000 over 30 years — about $446,000 of it interest, more than the house price itself. Shorter terms flip this: the same loan over 15 years costs about $217,000 in interest. The totals row shows your exact numbers.
Is a 15-year mortgage really worth the higher payment?
At 6.5% on $350,000, the 15-year payment is about $3,050 versus $2,210 for 30 years — $840 more monthly — but total interest drops from roughly $446,000 to about $217,000. The middle path also works: keep the 30-year term and add extra principal monthly, which captures much of the interest saving while preserving flexibility.
When can I drop PMI?
By law, conventional borrowers can request PMI cancellation at 80% loan-to-value based on the original amortization schedule or current appraised value in most cases, and lenders must terminate it automatically at 78%. Extra principal payments move that date earlier — the calculator's schedule shows exactly when your balance crosses the threshold.
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