Free Home EvaluationMortgage calculator
What Your PaymentWould Actually Be
Purchase price, down payment, rate and amortization. It compounds semi-annually, the way a Canadian mortgage actually does, and it will tell you when a down payment is below what the rules allow.
Mortgage payment
Fill in the top two and read down. Everything else works itself out.
Twenty percent or more, so there is no mortgage insurance to pay.
Mortgage payment, monthly
$2,962
Principal and interest. Property tax, heat and any condo fee are on top.
What it comes to over the whole amortization
Shortening the amortization is the only lever on that interest figure that does not need a lower rate. Twenty five years to twenty on this mortgage is about $82,743 less interest, for $396 more a month.
What this assumes
Canadian mortgages compound semi-annually rather than monthly, which is what this uses and what most American calculators do not. It is worth a few dollars a month either way.
Property tax, heat and condo fees are not in the payment. A lender counts them when working out what you qualify for, so the figure here is the mortgage on its own rather than the cost of living there.
CMHC insurance is at the published rates and added to the mortgage rather than paid on closing, which is what almost everybody does.
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