UNDERSTAND YOUR MORTGAGE PAYMENT


Based on the price you pay for a new home, your down payment, the mortgage interest rate, and the term of the loan (number of years until the mortgage would be paid off), this calculator can help estimate your monthly mortgage payment. This calculator factors in mortgage insurance for loans with less than a 20% down payment, as well as property taxes and their effect on the total monthly mortgage payment.

Whether you're buying your first home, your dream home, or your tenth investment property, this is a big investment. To determine the amount of home you can afford a lender will use your debt-to-income ratio to determine the percentage of your pre-tax income you spend on debt. Your debt ratio will include: monthly housing costs, car payments, credit cards, student loans, and any other installment debt. If you take on more debt before buying a home it will have an impact on the amount of the loan that the lender will finance.

In addition to using this mortgage calculator to get a sense of how much your monthly mortgage payment will be depending on the price of your new home, it is important to speak with a lender at the outset of your home-buying journey. This way you’ll know your upper spending limit ahead of time and can confidently let sellers know that you are pre-approved for a mortgage. This is very important to ensure your offer is as attractive as possible within the competitive marketplace.

Mortgage Calculator


This calculator is for information purposes only. Users should not use this calculator to make any financial decisions and should speak with their bank or mortgage broker. The website owner does not guarantee the accuracy or reliability of any information or calculations provided by this calculator. The website owner is not liable for loss or damage of any kind arising from the use of this tool.
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.