Your Path to Homeownership: Canadian Mortgage Calculator
Estimate your potential mortgage payments with ease. This tool helps you understand how different factors like loan amount, interest rate, and amortization period affect your monthly, bi-weekly, or weekly costs.
The total amount of money you plan to borrow for your home.
The annual percentage rate charged by the lender on the mortgage loan.
The total length of time, in years, it will take to pay off your mortgage.
How often you make your mortgage payments. Canadian lenders typically offer monthly, bi-weekly, and weekly options.
Understanding Your Mortgage
A mortgage is one of the largest financial commitments you’ll make. Understanding the key terms will help you make informed decisions:
- Principal: This is the original amount of money borrowed for your mortgage.
- Interest Rate: The cost of borrowing the principal, expressed as a percentage. In Canada, mortgage rates are typically compounded semi-annually.
- Amortization Period: The full length of time (e.g., 25 years) over which your mortgage loan is spread out and paid off.
- Payment Frequency: How often you make payments. Faster frequencies (like bi-weekly or weekly) can help you pay off your mortgage faster and save on interest.
- Term: This is the length of your current mortgage contract (e.g., 5 years), after which you’ll renew your mortgage at a new interest rate. The amortization period is usually much longer than the term.
This calculator provides an estimate. For exact figures, always consult with a qualified mortgage professional.