Use this easy-to-use Canadian Mortgage Calculator to estimate your monthly mortgage payments. Whether you’re a first-time homebuyer, refinancing your existing mortgage, or exploring loan options, this tool provides fast and accurate results based on your loan amount, interest rate, and amortization period.
Buying a home in Canada? Planning ahead is crucial! Our mortgage overview can help you understand how much your monthly payments will be before committing to a mortgage.
How to Use the Mortgage Calculator
- Enter your total loan amount (e.g., $280,000).
- Select your loan term in years (e.g., 25 years).
- Enter your annual interest rate (e.g., 5.5%).
- Click the “Calculate” button to see your monthly mortgage payment.
Mortgage Calculator
Monthly Payment: $0.00
Frequently Asked Questions
📌 What is a Mortgage Calculator?
A mortgage calculator helps estimate monthly payments based on loan amount, interest rate, and term.
📌 What is the Current Mortgage Rate in Canada?
Mortgage rates in Canada vary by lender and loan type. Use this calculator to estimate payments at different interest rates.
📌 How is the Monthly Payment Calculated?
This calculator uses the standard mortgage formula:
Monthly Payment = (Loan Amount × Interest Rate) ÷ (1 - (1 + Interest Rate)^-Loan Term)
📌 Can I Use This Calculator for Refinancing?
Yes! Whether you’re buying a new home or refinancing, this mortgage calculator works for both scenarios.