Mortgage Calculator Canada

Input Field Guide

• Purchase Price—The agreed price of the home, condo, townhouse or property you want to buy before your down payment and closing costs.
• Down Payment—The amount you pay upfront from your own funds. You can enter it as a dollar amount or as a percentage of the purchase price. In Canada, a larger down payment can lower your mortgage amount and may reduce or avoid mortgage default insurance.
• Amortization Period—The total time used to repay the mortgage. A longer amortization usually lowers the monthly payment, but increases total interest paid.
• Mortgage Rate—The annual interest rate charged by the lender. If your mortgage has different rates for different terms or periods, use the two-rate or three-rate option.
• Single Rate—Use this when the same mortgage rate applies for the entire calculation period.
• Two Rate Terms—Use this if your mortgage has one rate for an initial period and another rate for the remaining months.
• Three Rate Terms—Use this if your mortgage has three different rate periods during the amortization.
• Mo. To—Shows the exact months covered by each mortgage rate. For example, month 1 to month 60 means that rate applies for the first five years.
• Payment Type—Choose how the mortgage is paid. Fixed monthly payments keep payments steady, equal principal payments decline over time, and a balloon payment means the principal is paid at maturity.
• Annual Property Tax—Your estimated yearly municipal property tax. The calculator converts this into a monthly amount for the total housing payment.
• Monthly Home Insurance—Estimated monthly home insurance, such as coverage for fire, water damage, liability or other property risks. Most lenders require home insurance before closing.
• Condo Fees / Maintenance Fees—Monthly condo fees, strata fees, maintenance fees or building service charges. These are common for condos, townhouses and managed communities.
• Payment Deferral Period—A temporary period before regular mortgage payments begin. Depending on the lender, interest may still accrue during this time.
• Add Deferred Interest to the Mortgage Balance—If selected, interest during the deferral period is added to the mortgage balance instead of being paid monthly. This increases the amount repaid later.
• Down Payment Available—For the affordability calculation, this is the cash you have available to put toward the home purchase.
• Monthly Rent You Will No Longer Pay—The rent you currently pay that could become available for mortgage payments after you buy a home.
• Additional Monthly Income Available for Housing—Extra monthly cash flow you can safely use for housing costs after regular living expenses.
• Estimated Monthly Property Costs—Expected monthly ownership costs, such as condo fees, utilities, maintenance, insurance or other property-related expenses.
• Mortgage Rate—The rate used for the affordability estimate. Enter the rate you expect from a bank, credit union, mortgage broker or lender.
• Amortization Period—The repayment period used in the affordability calculation. It helps estimate the maximum mortgage your monthly budget may support.
• Land Transfer Tax—A provincial or municipal tax payable when buying real estate. Some cities, such as Toronto, may have an additional municipal land transfer tax.
• Legal Fees, Home Inspection & Appraisal—Estimated costs for lawyer or notary fees, title review, closing documents, home inspection and lender appraisal.
• Mortgage Default Insurance—Insurance generally required in Canada when the down payment is less than 20%. It may be provided by CMHC, Sagen or Canada Guaranty and is usually added to the mortgage.
• GST/HST on New Homes—GST or HST that may apply to newly built homes. Rebates may be available depending on the purchase price, province and eligibility.
• Property Tax Adjustment—An adjustment at closing if the seller has prepaid property taxes or other costs that you must reimburse.
• Title Insurance—Insurance that helps protect against certain title defects, fraud, survey issues or other ownership-related risks.
• Add Closing Costs to the Mortgage—Select this if you want eligible closing costs to be included in the mortgage amount instead of paid separately in cash. Actual lender rules may vary.
• First Payment Date—The date your first mortgage payment is expected to be made. This is used to build the payment schedule.
• Net Monthly Income—Your take-home monthly income after tax, payroll deductions and regular obligations. This helps estimate how much pressure the mortgage payment may place on your budget.
• Monthly Mortgage Prepayment—An extra amount you plan to pay every month in addition to your regular mortgage payment. Prepayments can reduce your balance faster and save interest, subject to lender prepayment rules.
• Annual Mortgage Prepayment—An extra amount you plan to pay once per year, such as from a bonus, tax refund or savings.
• One-time Mortgage Prepayment—A single lump-sum payment made in a specific month and year.
• Starting Month and Year—The month and year when a recurring prepayment begins.
• In Month and Year—The month and year when a one-time prepayment will be made.
• Additional Prepayments—Use these rows if you have more planned lump-sum prepayments. Each amount is applied in the selected month and year.