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Mortgage Payment Calculator

Calculate your mortgage payments and costs

Mortgage Payment Calculator Canada

Get a comprehensive view of your mortgage payments, closing costs, and monthly expenses.

Estimates for information only, not financial, tax or legal advice, and not a mortgage approval or rate offer. Your lender, lawyer or accountant will confirm the real numbers. Government rules used here were checked against official sources on September 24, 2026; see our editorial standards.

$

$100k - $2.5M

5% - 100%

CMHC$22,648
Total mortgage$588,848
  • Scenario 1: the minimum down payment on $596,000 is $34,600 (5.8%). A lender cannot approve less.
5-yr/fix
Mortgage payment$3,031
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Today’s mortgage rates

Lowest purchase rates tracked by Mortgage Squad from Canadian lenders. Tap a term to see the payment.

Updated Oct 9, 2026 · not an offer · OAC

5-yr fixed on an $800,000 home, 20% down, 25 years: $3,415/moMortgage calculator

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Mortgage advice from Mortgage SquadLicensed mortgage advisors compare lenders for you.

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Mortgage Squad is an independent partner; Summitly may be compensated. Independent mortgage broker · OAC · rates subject to change and underwriting.

How it works

How does a mortgage payment calculator work?

Explore more Ontario real estate calculators or read our buying and selling guides.

Quick answer

A mortgage payment calculator estimates your regular payment from three inputs: the loan amount (price minus down payment), the interest rate, and the amortization period. If your down payment is under 20%, it also adds mortgage default (CMHC-type) insurance. Summitly's calculator goes further, factoring in Ontario land transfer tax and closing costs so you see the full monthly and upfront picture.

How to use the mortgage payment calculator

  1. Enter the home price and your down payment.
  2. Choose your interest rate and amortization period (e.g. 25 years).
  3. Pick your payment frequency (monthly, bi-weekly, or accelerated).
  4. Review your payment, total interest, CMHC insurance, and Ontario land transfer tax.

Mortgage Payment Calculator: worked example

Home price
$700,000
Down payment (20%)
$140,000
Mortgage amount
$560,000
Rate / amortization
5% over 25 years
Estimated monthly payment
≈ $3,257/month

Illustrative only. Canadian fixed-rate mortgages compound semi-annually, as this example does. Your rate, term and insurance will change the result. Confirm current rates with a lender.

Estimates for information only, not financial, tax or legal advice, and not a mortgage approval or rate offer. Your lender, lawyer or accountant will confirm the real numbers. Government rules used here were checked against official sources on September 24, 2026; see our editorial standards.

Mortgage Payment Calculator FAQ

How much mortgage can I afford?

Lenders qualify you using GDS/TDS ratios and a stress-test rate higher than your contract rate. Use Summitly's affordability calculator to estimate your maximum, then get a pre-approval to confirm.

Do I need mortgage insurance?

If your down payment is less than 20% of the price, federally regulated lenders require mortgage default insurance (CMHC or a private insurer). The premium is usually added to your mortgage.

What's the difference between monthly and accelerated bi-weekly payments?

Accelerated bi-weekly payments effectively add one extra monthly payment a year, shortening your amortization and reducing total interest — the calculator shows the difference.