Calculating mortgage payments used to be complex, but mortgage payment calculators make it much easier. Our mortgage payment calculator gives you everything you need to test different scenarios, to help you decide what mortgage is right for you. Here’s a little more information on how the calculator works.
There are several factors that go into estimating how much your regular mortgage payments will be. These 3 numbers are particularly important:
1. The total mortgage amount: This is the price of your new home, less the down payment, plus mortgage insurance, if applicable.
2. The amortization period: This is the total life of your mortgage, and the number of years the mortgage payments will be spread across.
3. The mortgage rate: This is the rate of interest you pay on your mortgage.
To use the calculator, start by entering the purchase price, then select an amortization period and mortgage rate. The calculator shows the best rates available in your province, but you can also add a different rate. The calculator will now show you what your mortgage payments will be.