Mortgage Payments Calculator

An easy, peasy way to get really useful numbers.

See what impacts your monthly payment, how much principal you might pay over your term, and other helpful breakdowns. Want to lower your payment? We have your best rate with great advice — talk or apply with us today.

  • Purchase
  • Switch / Renew

Determine Your Payments

Minimum 5%
Custom 5%

Payments of

Required mortgage insurance
Total mortgage required
Interest paid over term
Principal paid over term
Balance at end of term

Determine Your Payments


Payments of

Interest paid over term
Principal paid over term
Balance at end of term

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.

To save money, your best rate and mortgage payment go hand-in-hand.

Here's how our mortgage payment calculator works:

  • Purchase Price defaults to an average home price in Canada. Enter the price of your specific home or property.
  • Down Payment is automatically calculated. It shows 3 options: the minimum down payment required (based on federal regulations listed in our FAQs below), a 20% option (conventional mortgage that doesn't require insurance), or enter your custom amount. If you have less than 20% down, you'll need to purchase mortgage default insurance, which is calculated as part of your mortgage payment.
  • Mortgage Term is first set to a 5-year fixed rate, the most common term and rate type chosen by our clients. Pick a different rate or term to see the effect on your numbers.
  • Mortgage Rate is first set to our lowest 5-year fixed rate. Adjust the rate to calculate the effect on your payment and how much you save with a better rate (for which you'll need to qualify through the federal stress test). Want to truly compare rates? Take a spin with our Compare & Save Calculator.
  • Payment Frequency is first set to monthly. You can choose other options in the dropdown — notice how much sooner you'll pay off your mortgage with an accelerated schedule!
  • Amortization is first set to a standard 25 years. You may be able to extend your amortization, depending on your down payment or other details (talk to our mortgage experts for more info).

Cool Feature Alert!

  • Choose an accelerated payment option to see how much faster it pays off your mortgage (remaining amortization).
  • Use our interactive graph to see how your rate affects your principal, interest, and mortgage balance over time.
  • Download the Amortization PDF to see the payments and principal/interest balance right until the end of the amortization.

Mortgages can be stressful. We help make the process so easy.

Our friendly, highly-trained mortgage brokers are real people, who care about saving you thousands. We take pride in providing you with exceptional 5-star service that puts you first.

Your mortgage payment is the main focus of your home affordability, and we help whittle it down to your best one to help you save money, time and stress.

Are you a first-time home buyer? Download your best ever guide to help make your dream a reality.

We're here for your better mortgage bottom-line — online, over the phone, through our chat, or at one of our store locations, anywhere you are in Canada.

Apply online or chat with us, for fast, friendly service.

Mortgage Payment Calculator FAQ's

What information do I need to use the payment calculator?

The more specific numbers you have, for instance, an actual home purchase price that you're interested in, and the right mortgage rate and down payment amount, the closer the calculator will be for estimating your mortgage payment.

For a renewal, you'll need your current mortgage amount (or the remaining time left on your term, for a switch or refinance). You can enter an interest rate to see how your payment changes.

Ultimately, these numbers are scenario-based for illustrative purposes only. For your accurate numbers, apply with us, or contact an expert True North Mortgage broker in your area. We'll help you shockingly fast.

How is my minimum down payment calculated?

With the home price entered in our calculator, your minimum down payment is based on current federal regulations:

  • A 5% minimum down payment is allowed on homes under $500K
  • Homes between $500K and $1M require 5% down for the first $500K plus 10% down for the remainder
  • All homes over $1M require 20% down, and as such, do not need mortgage default insurance
  • If you have less than 20% down, you're required to purchase mortgage default insurance, and a premium is added to your mortgage

Are you a first-time home buyer? There are federal programs that may help with your down payment. Contact one of our expert brokers to determine your eligibility.

Which mortgage rate type should I choose?

There are two mortgage rate types to choose from, a variable rate or a fixed rate.

A variable rate is tied to the prime lending rate, and tends to be lower because of the higher risk of payment fluctuations (if the rate goes up or down, it will affect the amount of principal and interest-cost paid over your term).

A fixed rate is just that — set for the mortgage term-length chosen, for payments that won't change and a set amount of principal and interest-cost amounts paid over the term.

Our expert brokers can take you through your options, and help you decide which rate type may be best for your mortgage goals.

Read more: Variable vs Fixed Mortgage Rates

What else should I consider when estimating my mortgage payments?

Knowing the exact size of your down payment will help you more accurately determine your mortgage-payment numbers and possible default insurance costs.

As well, there are other costs and fees that will be either added to your mortgage payment, or will need to be paid out before your mortgage loan is advanced:

  • Land Transfer Tax (LTT) or title transfer fees, which can differ by province or city
  • Other closing costs, such as lawyer fees, appraisal fees, property tax adjustments and utilities

A True North Mortgage broker can outline all the costs associated with your mortgage, for no surprises.

And lastly, will your new house or property need renovations right away? Read more about rolling the cost of upgrades into your monthly payments with a Purchase Plus Improvements mortgage.

How can I get approved for a mortgage?

There are several factors that a lender will consider for your mortgage loan approval, such as your income and employment history, credit standing, debts owed, and any current home equity. In particular, they look at your Gross Debt Service (GDS) and Total Debt Service (TDS) ratios in relation to your household income to ensure that you can afford your mortgage payments.

You will also need to qualify for your mortgage rate using the latest federal stress test regulations.

The easiest way to know where you stand is to get pre-approved. Applying with us is easy, free and no obligation. Fill out our user-friendly online application form, give us a call, click on the chat bubble, or drop by one of our store locations. Our expert brokers will help you with any questions and ensure you get your best rate and mortgage fit, with the right lender for your needs.

Related: Pre-Qualify for a Mortgage in Minutes

What is included in my mortgage payments?

Your mortgage payment, determined after your full mortgage amount is approved by a lender, can include the following:

  • Combined principal and interest amount, blended according to your amortization schedule, mortgage rate and type, and mortgage term length
  • Insurance premium for high-ratio mortgages (less than 20% down payment)
  • Closing costs, including Land Transfer Tax or title transfer fees
  • Renovation costs (see Purchase Plus Improvements mortgage solution)
How can I lower my mortgage payments?

Depending on the price of your home or property, or if you already have a mortgage, there are a few ways you may be able to lower your mortgage payment:

  • Get your best rate through our volume discount (you may save thousands over the life of your mortgage)
  • Consider a whether a fixed or variable rate will work for your situation
  • Find ways to come up with a larger down payment, perhaps by foregoing a vacation, through a family gift, or federal assistance programs for first-time home buyers
  • Refinance at a lower rate (pre-payment penalties may apply)
  • Extend your amortization, depending on your down payment amount, the lender, or how long you've been paying off your mortgage

Give us a shout, and we'll help outline any details you need.

Will I be penalized for paying off my mortgage faster?

Depending on your mortgage product, you may have some flexibility to increase your mortgage payment amount, pay lump sums down on your principal, or change the frequency of your mortgage payment — called pre-payment privileges.

However, some lenders and mortgage products (especially those that can come with 'ultra-low' rates) can carry pre-payment penalties that may cost you more if you want to pay off your mortgage faster, especially before your renewal time.

Contact us, and we can go through the fine print of your current mortgage, or make sure you get the best mortgage for your financial goals, right from the start!

Pre-Payment Penalties and Privileges
How to Get Out of a Mortgage

Let's talk about your best mortgage numbers.