Mortgage Calculator
Loan & CreditEstimate your monthly mortgage payment including principal, interest, and see a full repayment breakdown for your home loan.
Mortgage amount
$540,000
Mortgage Summary
Monthly payment
$3,066
Total payment
$1,103,782
Total interest
$563,782
LTV ratio
90.0%
PMI may apply
Loan-to-value ratio
â ī¸ LTV above 80% â lenders may require Private Mortgage Insurance (PMI).
Mortgage rates in Canada
What is a Mortgage Calculator?
A mortgage calculator helps you estimate your monthly home loan repayment based on the property value, your down payment, the interest rate, and the mortgage term. It is an essential first step for any home buyer in Canada planning their finances before approaching a bank or lender.
How to use this calculator
Enter the property price and your planned down payment â the calculator automatically derives the loan amount. Then enter the interest rate and mortgage term. You will see your monthly repayment, total interest over the life of the loan, the loan-to-value (LTV) ratio, and a full yearly amortisation schedule.
Example
For a Canada property worth $600,000 with a $60,000 deposit at 5.5% over 25 years, you can see the exact monthly payment and total interest cost using this calculator. Canadian rates are influenced by the Bank of Canada overnight rate. Mortgage rates are typically fixed for 5-year terms and vary by lender.
Frequently asked questions
What is loan-to-value (LTV) ratio?
LTV is the loan amount as a percentage of the property value. A lower LTV means less risk for the lender â most banks prefer LTV below 80%. Above 80%, lenders may require mortgage insurance.
Does this include property taxes and insurance?
No â this calculator computes principal and interest only. Your actual monthly payment from the bank will include property taxes, insurance, and possibly HOA fees.
What are typical mortgage calculator rates in Canada?
Canadian rates are influenced by the Bank of Canada overnight rate. Mortgage rates are typically fixed for 5-year terms and vary by lender.
Which lenders offer this in Canada?
Popular lenders in Canada include RBC, TD Bank, Scotiabank, BMO, CIBC. Always compare rates from multiple providers before committing.
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Further reading
How Rising Interest Rates Are Affecting Mortgages in 2026
Interest rates have shifted significantly across the US, UK, Canada, and Nigeria in 2026. Here's what that means for your mortgage payments â with real numbers.
Read article âPersonal Loan vs Mortgage: When Should You Choose Which?
They're both loans â but choosing the wrong one can cost you significantly more. Here's a clear breakdown with numbers for the UK, US, Canada, and Nigeria.
Read article â