With Ratepal’s free mortgage calculator, you can calculate monthly, bi-weekly, weekly, accelerated bi-weekly and accelerated weekly mortgage payments, easily calculate your total home ownership cost and compare mortgage rates. You can compare up to 4 mortgage scenarios, calculate CHMS insurance premiums, property transfer tax, as well as minimum down payment required. Our Canadian Mortgage Calculator is specific to Canada.
Get professional mortgage advice with a click of a button from mortgage brokers. Sign up for interest rates updates notifications. View rate specials & limited time offers. Get pre-approved for a mortgage within minutes.
The app has the following tools:
Mortgage Payment Calculator- compare up to 4 mortgage scenarios with monthly, bi-weekly, weekly, accelerated bi-weekly and accelerated weekly mortgage payments.
CMHC Insurance Calculator - Calculate CMHC insurance premiums with a click of a button.
Land (Property) Transfer Tax Calculator – Easily find out how much you will pay in land transfer tax in any province or territory in Canada.
Affordability Calculator – Coming Soon
Rates Notifications – Sign up for automated mortgage rates updates & specials
Customized Mortgage Rate Quotes – Get a customized rate quote from a mortgage broker
What is a mortgage payment calculator?
It’s exactly what you think it is! This tool helps you figure out your monthly mortgage payment. Play with the numbers to determine a down payment and amortization schedule that suits your needs. You can view up to four payment scenarios at once so it’s easy to compare your options.
Our mortgage payment calculator can also help you calculate CMHC insurance and land transfer tax, so you know exactly how much you’ll be paying each month.
Why should you estimate mortgage payments?
A good estimate of your total costs lets you know how much mortgage you can afford. Using our mortgage payment calculator, you’ll know your budget instantly and see how changing your payment frequency and prepaying your mortgage can save you money!
How does the calculator work?
Simply enter the mortgage principal amount, select your amortization period and interest rate, then choose the payment frequency. Not only does our calculator estimate your monthly expenses, it gives you insight into your closing costs, mortgage insurance and land transfer tax. Make adjustments to see how your payments will be affected if mortgage rates go up, and check what your mortgage balance will be at different intervals of your term.
What is an amortization schedule?
Amortization refers to the process of repaying a mortgage loan through recurring installments. There are various types of amortization and different methods for calculating each. Your amortization schedule shows the amount of money you pay in principal and interest over time. In Canada, if your down payment is less than 20%, the maximum amortization is 25 years. While your amortization period may be 25 years, your term will be up for renewal much sooner.
What is CMHC Insurance?
CMHC mortgage loan insurance is mandatory if your down payment is less than 20%. Mortgage loan insurance protects the lender if you are unable to make your mortgage payments. To get CMHC insurance, you will need a minimum down payment that is calculated based on the purchase price of your home. You can pay premiums in one lump sum or apply it to your total mortgage amount. Visit our mortgage default insurance page for more information.
How to lower your mortgage payments
There are several options to reduce your monthly payments. You can:
- lower the purchase price,
- increase your down payment,
- lengthen the amortization period (up to 25 years, with a down payment less than 20%), or
- choose a lower interest rate.
Use our calculator to test out different variables and see all your payment options.