Mortgage Payments 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.

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.

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

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.

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

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)

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.

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!

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