What will my mortgage payment be?
See your monthly mortgage payment at every lender's advertised rate, and how much interest you'd pay over the term.
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Try an example:
Leave at $0 to renew without borrowing more.
Rate
For the interest and balance at the end of the term.
Insured rates don't apply when you borrow more.
—Per month, at the lowest rate
How this is worked out
| Lender | Rate | Per month | Interest over the term | Vs. lowest |
|---|---|---|---|---|
| Loading… | ||||
How these numbers work
- Payments are monthly, using each lender's advertised rate for the whole term. Fixed rates are compounded twice a year and variable rates monthly, as Canadian mortgages are. A variable rate can change during the term; these numbers assume it stays where it is today.
- Interest over the term is the interest you'd pay before the term ends. Interest saved compares the lowest rate with the highest.
- These are the rates lenders advertise. The rate you're offered depends on your situation, so confirm it with the lender. The payment leaves out property tax, home insurance and fees.
Buying
- With less than 20% down, your mortgage needs default insurance: the premium is added to your mortgage, and lenders' insured (high-ratio) rates are used where they publish them. See Insured vs uninsured.
- The minimum down payment is 5% of the first $500,000, 10% of the part up to $1.5 million, and 20% from $1.5 million.
Renewing or refinancing
- Renewing: enter what you owe now and the years left to pay. When your term ends you can stay with your lender or switch to another one. Switching can come with fees, like a discharge fee or an appraisal; ask the new lender whether it covers them. See Renewing your mortgage and the renewal calculator.
- Insured rates apply when you renew a mortgage that was insured when you bought (you put less than 20% down) and you don't borrow more.
- Refinancing (borrowing more) counts as a new mortgage: you'll need to qualify again, insured rates don't apply, and you can usually borrow up to 80% of your home's value. Breaking your current term early to refinance can cost a prepayment penalty: see the penalty calculator.