Mortgage Affordability Calculator
Find your maximum purchase price using the same GDS, TDS and stress-test limits Ontario lenders apply.
Open calculatorMortgage Payment Calculator
Ontario - License #11000073 · Nova Scotia - Licence #2023-3000786 · Mortgage Outlet Inc #12628
What will your Ontario mortgage payment actually be?
Enter a price, down payment and rate. You get the payment at the frequency you choose, the default insurance premium if it applies, the interest you pay over the term and the balance you will renew.
Mortgage payment calculator
Enter a price, down payment and rate to see your payment, the interest you pay over the term, and the balance left when the term ends.
Monthly payment
$3,251.15
- Mortgage amount
- $600,000
- Monthly equivalent
- $3,251
- Interest over 5-year term
- $119,999
- Balance at end of term
- $524,930
- Total interest to payoff
- $375,346
- Years to payoff
- 25.0 yrs
Estimate only, using Canadian semi-annual compounding. Property tax, heat and condo fees are not included. Your lender's exact payment can differ.
Read the payment, then read the terms
Two mortgages at the same payment can cost thousands of dollars differently once you read the prepayment privileges and the penalty formula. A fixed mortgage broken early at a big bank is usually calculated on an interest rate differential using posted rates, which is far more expensive than the three-month interest charge most monolines apply.
Use this calculator to set your budget, then let us put the terms side by side before you commit.
What is not in this number
- Property tax, which many lenders collect with your payment
- Heat, hydro and water
- Condo or maintenance fees
- Home insurance, required by every lender
- Land transfer tax and legal fees, which are closing costs, not monthly
- How is a Canadian mortgage payment calculated?
- Canadian fixed-rate mortgages compound semi-annually, not monthly. The nominal rate is converted to an effective periodic rate before the payment is amortised, which is why a Canadian payment is slightly lower than a US calculator would show at the same rate.
- Does this include property tax and condo fees?
- No. It shows principal and interest, plus default insurance if your down payment is under 20 percent. Add property tax, heat, condo fees and home insurance on top to budget your true monthly cost.
- How much does accelerated bi-weekly actually save?
- Accelerated bi-weekly is half your monthly payment paid every two weeks, which adds up to one extra monthly payment a year. On a typical Ontario mortgage that removes roughly three years of amortisation. Switch the frequency above to see it on your own numbers.
- Why does the balance at the end of the term matter?
- That balance is what you renew. Comparing two offers on payment alone hides the fact that one may leave you owing more at maturity because of the amortisation and how the payment is applied.
Other mortgage calculators
Ontario Land Transfer Tax Calculator
Provincial and Toronto municipal land transfer tax, with first-time buyer rebates applied automatically.
Open calculatorMortgage Renewal Comparison Calculator
Compare your lender's renewal offer against a agent rate and see the difference in real dollars.
Open calculatorGet a payment quoted on a real lender product
We'll confirm the rate, the payment and the penalty language in writing before you sign anything.