Mortgage Calculator:

• The mortgage payment calculator below estimates your monthly payment and amortization schedule for the life of your mortgage. If you’re purchasing a home, the payment calculator allows you to test down payment and amortization scenarios and compare variable and fixed mortgage rates. It also calculates your mortgage default insurance premiums and land transfer tax.

Quebec Mortgage payment calculator

 

How to calculate mortgage payments

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.

The three numbers you’ll need

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.

How to use the mortgage payment calculator

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.