Want to know how much and how often your mortgage payments will be? Use this calculator to compare options and find one that’s right for you.
The amount of your home’s mortgage. For CMHC-insured mortgage loans, the maximum purchase price or as-improved property value must be below $1,000,000.
Mortgage Interest Rate (%)
The cost of borrowing — the percent of interest you will be paying on the mortgage (loan) for a specific term.
The period of time (in years) over which the mortgage will be repaid.
How often you will make regularly scheduled mortgage payments. Increasing the number of payments you make each year (e.g., choosing an accelerated payment frequency) can help you save money on interest and reduce your amortization period.
To calculate an amount for you, we’ve assumed the interest rate is fixed over the entire amortization period. In fact, interest is usually renegotiated at the end of each mortgage term, when rates may be higher or lower. Other options, such as a variable interest rate, can also result in a different payment amount. For more information, contact us.