Mortgage Payments Calculator
The easiest way to determine your mortgage payments.
Determine Your Payments
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Payments of
$1,756
- Required mortgage insurance
- $16,150
- Total mortgage required
- $419,900
- Interest paid over term
- $36,384
- Principal paid over term
- $68,986
- Balance at end of term
- $350,932
Payments of
$1,756
- Interest paid over term
- $36,384
- Principal paid over term
- $68,986
- Balance at end of term
- $350,932
Various tools and functions of this website perform calculations and provide cost estimates. These tools are designed for illustrative purposes only and make many assumptions that may not reflect all situations. Please use these tools in collaboration with a True North Mortgage agent. True North Mortgage does not guarantee the accuracy, reliability or completeness of these tools or calculations.
Understanding down payment options:
Minimum Amount: Our calculator will automatically calculate your minimum payment. The Canadian government regulates the formula. Currently, it is as follows: 5% on homes under $500,000. Homes between $500,000 and $1M require 5% of the first $500,00, plus 10% of the remainder. All homes over $1 million require 20% down but do not require mortgage insurance.
Required mortgage insurance: If you have less than 20% down, you are required to purchase Mortgage Loan Insurance in the form of a premium added to your mortgage. The buyer buys mortgage insurance for the lender. If you have 20% down, you do not need to purchase mortgage insurance, resulting in considerable savings.