Mortgage calculator

See what a mortgage could cost each month in Canada, with the minimum down payment and mortgage insurance rules built in.

Monthly payment

$ 1,706 CAD
Down payment
5% of the price
Mortgage insurance
$12,160 (4%), added to the mortgage
Mortgage amount
$316,160
Interest over 25 years
$195,697
The payment assumes this rate for the whole amortization, compounded twice a year, the Canadian convention for a fixed rate.

To qualify for this mortgage, lenders would look for a household income of about $75,000 a year.Based on the 6.25% stress test rate, property tax of 1% of the price a year, heating of $100 a month, and no other debt.

How the mortgage is paid off

Early payments are mostly interest, so the balance falls slowly at first. After 15 years 6 months, the interest paid passes the balance still owed.

The balance falls from $316,160 today to $0 after 25 years. Over that time the interest paid adds up to $195,697. After 15 years 6 months, the interest paid passes the balance still owed.

Personalized estimates based on your income: from rent and home affordability to everyday savings goals for life in Canada.

Affordit provides general planning estimates for informational purposes only. Results are not financial advice, a mortgage pre-approval, or a lending decision. Actual affordability and mortgage qualification may vary based on your debts, credit, down payment, property costs, lender requirements and current mortgage rules. Read the full disclaimer.