How is a mortgage payment calculated?

It's based on the loan amount, interest rate, and amortization length using a standard amortization formula. Longer terms lower the payment but raise total interest.

What down payment do I need in Canada?

The minimum is 5% on the first $500,000 and 10% on the portion above. Under 20% down requires CMHC mortgage insurance.

📁 theHomework.ca_□×

Mortgage Payment Calculator

Estimate your monthly mortgage payment.

Planning a general contractor project?

Tell us what you need and local pros will get in touch. Free, no obligation.

Home price (CAD) ($)Down payment (%)Interest rate (%)Amortization (years)

Save your results to your home — free.Open the full tool →

How to use this calculator

Enter the home price and your down payment percent.
Enter the interest rate and amortization period.
See your estimated monthly payment and total interest.

Tired of calling around? Post your project once and let local pros come to you.

Frequently asked questions

How is a mortgage payment calculated?: It's based on the loan amount, interest rate, and amortization length using a standard amortization formula. Longer terms lower the payment but raise total interest.
What down payment do I need in Canada?: The minimum is 5% on the first $500,000 and 10% on the portion above. Under 20% down requires CMHC mortgage insurance.