Tool 01
Mortgage calculator
Real payments with Canadian compounding and CMHC insurance.
Monthly payment
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- Mortgage before insurance
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- Default insurance (CMHC) added
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- Total mortgage
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- Ontario PST on insurance, due at closing
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- Interest paid over the term
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- Balance at end of term
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- Total interest to pay it off
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- Mortgage-free in
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Year-by-year schedule
Good to know
Minimum down payment is 5% of the first $500,000 and 10% of the portion between $500,000 and $1.5 million. At $1.5 million and up you need 20%, and the mortgage can't be insured.
Insurance premiums are about 4.00% of the loan with 5–9.99% down, 3.10% with 10–14.99% and 2.80% with 15–19.99%, plus 0.20% for a 30-year amortization. The premium is added to the mortgage; the 8% Ontario PST on it is not, so it's cash at closing.
Accelerated payments take your monthly payment, split it in two (or four) and pay it every two weeks (or weekly). That adds roughly one extra monthly payment a year, which is why it pays off years sooner.
Estimates for planning only, not a mortgage approval, tax or legal advice. What you enter stays in your browser, or on your account if you're signed in.
Using this tool
How to get the most from it
A payment is only as good as the numbers behind it. A few habits make this one reliable.
- Use the rate on your pre-approval, not an advertised one. Rates are personal.
- Try the same price at 25 and 30 years. A longer amortization lowers the payment but costs more interest; 30 years on an insured mortgage is for first-time buyers and new builds.
- Under 20% down, default insurance is added to the mortgage, and Ontario charges sales tax on the premium, payable at closing.
- Compare monthly with accelerated bi-weekly: the accelerated schedule pays the mortgage off sooner.
The approach
With me, you don’t buy with confidence, you close with it.
I'm Nima. My work in commercial and investment real estate has taught me to look beyond the property itself, to the numbers, the risks and the details that matter. I bring that same approach to every residential transaction.