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

At 3.89%, you pay $3,120 monthly for 5 years, leaving $521.3K at renewal. Equity at renewal: 30%, above 20%, so you can switch lenders freely at renewal.

Cash needed at closing

Down payment$150,000
Land transfer tax$11,475
Closing costs (est.)(add in Advanced)$1,500
Total cash needed$161,475

Closing costs are estimated at $1,500. Add your actual figure in Advanced options.

Monthly carrying cost(mortgage + tax + heat)$3,120/mo

Insights

Opportunity

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.

Note

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.

Win

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