Canadian Mortgage Calculator
Crystal clear numbers for one of the biggest financial decisions you'll make.
What brings you here today?
Pick your scenario and we will do the rest.
Monthly Mortgage Payment
$3,120.44
$600.0K mortgage · 3.89% · 25 years
Principal paid (5-yr term)
$78.7K
Debt actually eliminated
Interest paid (5-yr term)
$108.5K
Cost of borrowing this term
Balance at renewal
$521.3K
After 5-yr term
Total interest (25-yr)
$336.1K
Full amortization
Cash needed at closing
Closing costs are estimated at $1,500. Add your actual figure in Advanced options.
Insights
Switching to accelerated bi-weekly saves $751 in interest — at no extra cost
You pay half your monthly amount every two weeks instead of once a month. Because there are 26 bi-weekly periods in a year (not 24), you make one extra full payment per year. That alone saves $751 in interest charges and pays off your mortgage 1.9 years early.
Your lender qualifies you at 5.89%, not 3.89%
The mortgage stress test adds $679/month to your qualifying payment. Lenders use this to confirm you can handle rate increases at renewal. It also caps your maximum purchase price — roughly 34% lower than if you qualified at your contract rate.
20% or more down — no CMHC required
Your full down payment builds equity from day one with no insurance premium. You'll also have access to a wider range of lenders and potentially better rates. At 20% down, your LTV is 80%, well inside the uninsured threshold.
Where your money goes each month
Total monthly cost
$3,120
Balance, equity & interest over time
How each payment splits over time
Monthly
$3,120.44
Monthly ownership
$3,120