Weclose Ontario Real Estate Lawyer
Mortgage Calculator

A Simple Mortgage Calculator

Home Purchase Mortgage Calculator

Calculate your expected mortgage payment instantly with our easy-to-use Mortgage Calculator. Get preliminary results in seconds.

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Definitions – Simple Mortgage Calculator

  • “Home Value” is the total price you expect to pay for the home, before fees, taxes, and other expenses.
  • “Down Payment” is the total amount you will pay without mortgage financing.
  • “Interest Rate” is the expected annual interest rate for your mortgage.
  • “Mortgage Amortization” is the total period over which the mortgage debt is financed. Often about 25 years.
  • “Monthly Payment” is the expected monthly payment. Your mortgage may have other payment frequencies and terms.
  • “Annual Payment” is the total amount of interest and principal paid over the mortgage, annually.
  • “Total Interest Paid” is the total interest paid over the term of your mortgage.
  • “Total Mortgage Payment” is the total interest and principal paid over the term of your mortgage.

*Caution: This calculator does not take into account mortgage insurance and/or lender fees/charges. Mortgage insurance for lower down-payment scenarios will increase the total mortgage amount and payments. This simple mortgage calculator is limited to helping you plan and anticipate your total mortgage payment and may differ from a final result obtained from your mortgage lender. Please confirm your final payment with your lender prior to making a mortgage or home purchasing decision.

Also try our Land Transfer Tax Calculator.

For more information about mortgages in Canada, we recommend you visit the Canada Mortgage and Housing Corporation.

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