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Mortgage Payment Calculator

Estimate a mortgage payment using either a home price with down payment, or a mortgage balance on its own.

Your Numbers

If you already know the mortgage balance, enter it here and leave down payment blank.
Leave blank if the first box is already the mortgage balance.
Add income if you want a simple comfort estimate.
Estimates only. Actual lender approvals, insurance rules, and costs may differ.

Your Estimated Payment

Estimated mortgage payment
$0
Enter your numbers to see the payment.
Comfort estimate
Add income
Add your income to see how this payment may feel for your situation.
  • Calculation type: —
  • Down payment: —
  • Mortgage amount used: $0
  • Total of all payments: $0
  • Estimated total interest: $0
Actual comfort depends on your income, debts, lifestyle, and other housing costs.
How this is determined

This estimate compares your mortgage payment to monthly household income. Lower percentages tend to feel more comfortable, while higher percentages may require tighter budgeting.

A simple way to estimate your mortgage payment

Use the first box as either the home price or the mortgage balance. If you enter a down payment, the calculator treats the first number as the home price. If you leave down payment blank, it treats the first number as the mortgage balance.

This calculator is for planning only. A mortgage professional can help confirm the final numbers, including insurance, taxes, fees, and lender requirements.

Frequently Asked Questions

What does this Mortgage Payment Calculator do?

This calculator estimates your mortgage payment for both insured and uninsured mortgages in Canada. It lets you adjust your purchase price, down payment, interest rate, amortization, and payment frequency so you can compare options before you make an offer.

What is the difference between an insured and an uninsured mortgage?

An insured mortgage in Canada has less than a 20% down payment and requires mortgage default insurance. The premium is added to your mortgage and allows you to qualify with a smaller down payment, but increases your total loan amount. An uninsured or conventional mortgage has at least 20% down and does not require mortgage insurance.

Does the calculator automatically add mortgage insurance?

Yes. When your down payment is below 20% and within current Canadian insured mortgage rules, the calculator automatically estimates the mortgage insurance premium and adds it to your mortgage amount so your payment reflects the insured loan.

Are the results from this calculator guaranteed?

No. This tool is for educational and planning purposes only. Exact payments, premiums, and qualification limits depend on the lender, current insured mortgage rules, and your full mortgage application. Always speak with a licensed mortgage professional before making final decisions.

Mortgage payment calculator for insured and uninsured mortgages in Canada

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