Aathis
PanchalingamMortgage Agent Level 1

5 ESSENTIAL TOOLS · CANADIAN DOLLARS

Estimate your payments
and home-buying costs.

Choose a calculator and replace the example numbers with your own. You’ll see an estimate and an explanation of what it means. The numbers you enter stay in your browser; they are not sent to me.

The numbers below are examples. Change them to try your own budget.

01 / PLAN YOUR PAYMENT

What could my monthly payment be?

Enter your loan amount, interest rate, and repayment time to estimate a monthly payment. The numbers shown are examples, not an offered rate.

Enter the amount you will borrow, not the home price. Include any mortgage insurance cost added to the loan.

This is called amortization. It is different from the length of your current mortgage agreement.

ESTIMATED MONTHLY PAYMENT

$2,767.36

Loan repayment and interest only

Loan amount paid off over 5 years
$61,018.06
Interest over 5 years
$105,023.82
Amount still owed when the agreement ends
$438,981.94

Property tax, insurance, condo fees, utilities, and closing costs are extra.

Ask me about these numbers
How this estimate works

The payment tools assume monthly payments and an interest rate that stays the same. They use Canadian fixed-rate calculations: a nominal annual rate compounded twice a year. Add any mortgage insurance financed into the loan to your loan amount. Taxes, fees, and purchase costs are extra. Selecting 30 years does not mean you qualify for that repayment period. The down-payment estimate is for an eligible one- or two-unit home you plan to live in.

Federal down-payment guidance ↗FCAC mortgage calculator ↗
What do these mortgage words mean?
Principal
The amount you borrow or still owe.
Interest
The cost of borrowing that money.
Term
How long your current mortgage contract runs.
Amortization
The estimated number of years to pay off the whole mortgage.
Equity
Your home’s value minus the mortgage and other loans tied to it.
GDS / TDS
GDS compares housing costs with income before tax. TDS adds your other debt payments. Lenders use these measures when checking whether you can manage a mortgage.