Mortgage Payment Calculator Canada

Purchasing a home in Toronto or the GTA is a major step, and knowing what your mortgage will cost each month helps you move forward with confidence. Our Mortgage Payment Calculator helps you preview your future payments based on the property value, initial payment, mortgage term, and rate type. Whether you’re upgrading, refinancing, or buying your first property, this tool provides a clear snapshot of your financial outlook and helps you plan with certainty.
Get My Free Quote

Mortgage Payment Calculator Canada

$0

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

How to Use the Mortgage Payment Calculator

Using the tool is simple. Enter the price of the home and your intended down payment; then input your interest rate and select the repayment period. You can also choose how often you want to make payments, monthly, weekly, bi-weekly, or accelerated bi-weekly. Once you hit “calculate,” you’ll instantly see your projected payment details. If your down payment is below 20%, the calculator automatically adds any required mortgage insurance. This helps you compare different financial scenarios before making a decision.
Check Your Options

Smart Mortgage Planning Tips for Toronto Buyers

When evaluating your purchasing power, remember to account for additional ownership expenses such as:

Property taxes

Condo fees

Insurance

Utilities

Legal and closing costs

Factors That Influence Your Mortgage Payments in Canada

Several variables affect your mortgage amount, including:
Rate type: Fixed rates remain consistent; variable rates respond to market fluctuations.
Down payment amount: Higher down payments reduce borrowing costs and may eliminate insurance requirements.
Amortisation: Longer terms mean smaller payments but more interest over time.
Insurance fees: Required when the down payment falls below 20%.
Payment schedule: Accelerated payments can significantly decrease interest charges.
See Your Exact Rate

What Makes Up Your Mortgage Payment

Your mortgage payment includes two parts: principal (the amount borrowed) and interest (the cost of borrowing). The size of your down payment determines how much you’ll need to finance, and in some cases, whether mortgage insurance applies. Your amortisation period also matters: a longer period spreads payments over time, while a shorter period helps reduce the total interest paid. Payment frequency can also make a difference; accelerated plans often help shorten the life of your mortgage.
Check Your Options

Real-World Mortgage Payment Scenarios in Toronto

To better understand the numbers, let’s consider a Toronto example:

  • A property priced at $850,000 with a 20% down payment and a 5.29% interest rate over 25 years results in an estimated payment of approximately $4,012 per month.

  • A home costing $1,000,000 with the same rate and amortisation brings the monthly payment to about $4,725.

If the down payment is below 20%, mortgage insurance will apply, and the results will adjust accordingly. The calculator allows you to test numerous options to build a payment plan that fits your comfort level.

Talk to an Expert

FAQs

Are the mortgage estimates suitable for Canadian home buyers?

Yes, the calculator applies Canadian mortgage guidelines, but final figures can vary slightly depending on the lender.

Will the calculator include mortgage insurance when needed?

Yes, if your down payment is below 20%, mortgage insurance is automatically factored in.

Is tax included in the payment estimate?

Some lenders allow tax bundling; others collect it separately. It’s best to confirm with your mortgage provider.

Should I choose a fixed rate or a variable rate?

Fixed rates offer stability, while variable rates may provide savings when markets dip. The best choice depends on your risk tolerance.

Can regular bi-weekly payments reduce my mortgage faster?

Yes. This method can help you pay off your mortgage sooner and cut down on interest costs.

Does credit history affect monthly mortgage payments?

Yes, a stronger credit profile can lead to better rates, which lowers your payments.

Ask a Question

Mortgage Calculators

Inputs

Estimated property value, mortgage balance(s), desired loan amount
Learn More

Output

Estimated LTV and payment example
Learn More

Gate

Estimated property value, mortgage balance(s), desired loan amount
Learn More

Ready to Access your home equity?

Whether you need to consolidate debt, avoid a power of sale, or fund a major life change, a private mortgage can provide the speed and flexibility that banks can’t match.
Get My Free Quote -Call (647) 865‑1097
Our experts are ready to show you your options—with no obligation and no impact to your credit score.
Ask a Question

Our Rate Guarantee

City Mortgage guarantees you the lowest rate for the purchase of your residential and commercial property in Canada. You won't find a better rate anywhere! Shop and Compare. If you find a better rate, we'll beat it or give you $500.
Main pages
HomeAbout UsContact UsMortgage Payment CalculatorMortgage Affordability CalculatorRefinance Savings CalculatorLand Transfer Tax Calculator
Mortgage
First-Time Home Buyer MortgagesMortgage RefinancingHome Equity Loans & HELOCSecond MortgagesPrivate MortgagesBad Credit MortgagesCommercial Mortgages
Legal / Compliance
Terms & ConditionsPrivacy policyLicensing & Disclosures

Address

100 Rexdale Blvd Unit 304, Toronto, ON M9W 1N7

Call Or Text

+1 (647) 865-1097
© Copyright 2025 City Mortgages - Designed by Ampere Digital