Mortgage Payment Calculator
Estimate your payment from the purchase price, custom down payment, interest rate, amortization and payment frequency. When the down payment is below 20%, the calculator also shows a CMHC-based mortgage default insurance estimate where applicable. Use the full monthly-cost tool or a 10-minute consultation to review the wider ownership picture.
Mortgage Payment Calculator
Enter your own numbers above. Nothing is preloaded until you begin.
Mortgage payment estimate for Canada and Ontario purchase costs
This mortgage calculator with down payment estimates principal and interest using the home price, down payment, interest rate, amortization and payment frequency you choose. It also models mortgage default insurance where applicable, Ontario land transfer tax, Toronto municipal land transfer tax when Toronto is selected, and first-time buyer land transfer tax rebates when the buyer indicates they may qualify.
See the full monthly cost before you stretch the budget.
Mortgage payment is only part of homeownership. Property tax, condo fees, insurance, utilities and maintenance can materially change the monthly number.
Quick answers before you send your scenario.
How much cash do I need beyond the down payment?
Closing costs are separate from the down payment. Federal consumer guidance says buyers should plan for costs such as legal fees, title insurance, inspection fees, property-tax adjustments and land transfer tax, with a broad planning range of about 1.5% to 4% of the purchase price.
Estimate cash to close →Is mortgage insurance paid in cash?
CMHC says the insurance premium can generally be paid as a lump sum or added to the mortgage. In Ontario, this calculator keeps the estimated 8% provincial tax on a taxable insurance premium separate from the mortgage amount.
CMHC explanation →What interest rate should I use?
Use your own lender or mortgage-broker quote whenever you have one. Until then, the calculator can load the RBC rate snapshot stored on the Manroop Rate Board as a starting point. It is a comparison input, not a mortgage offer.
Check the RBC rate page →What changes if I am a first-time buyer?
Select First-time buyer to estimate eligible Ontario land transfer tax relief and, for Toronto purchases, the additional Toronto rebate. Eligibility is not automatic and should be confirmed before relying on the amount.
Ontario eligibility rules →Does this tell me how much mortgage I qualify for?
No. A payment estimate is different from lender qualification. Income, debts, property costs, the mortgage stress test, credit and lender underwriting all matter.
Use the Mortgage Qualification Calculator →Have a property—or a move—in mind?
Bring the address, the numbers or the timing question. A focused 10-minute conversation can clarify the next step before you commit more time or money.