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Mortgage Calculator

This powerful Mortgage Calculator allows you to explore a variety of different financial scenarios. Firstly, you can contrast your monthly payments while varying the down payment, mortgage rate, amortization period or type of mortgage. Secondly, you can calculate the cash needed to close on the property. Thirdly, you can impact of changing interest rates over the long term and see the resulting amortization schedule (the amount you will owe at any point in the future).

***This Mortgage Calculator is for education purposes only. We cannot guarantee that all calculations are accurate, and the displayed information should not be relied upon without verification.***

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Fixed Interest Rate
The Rate stays the same for the entire Term, and your payments will be fixed for the Term too. Typically, the Fixed Rate is higher than the Variable Rate because you are paying the lender to assume the risks associated with changing interest rates.

Variable Interest Rate
The Rate can increase and decrease during the Term. In other words, you can fix the monthly payments, and when the rate is increasing your portion of the payment that goes towards the principal amount will decrease. (and the other way around). Lenders might give the option for an adjustable payment, in which case your monthly payment will change when the Rate is changing.

Some lenders might offer ‘Hybrid Interest Rate’ which combine the Fixed Rate with the Variable Rate.

Open
Is recommended if you plan on making large payments or paying your mortgage in full before the Term is complete without penalty. Interest Rates will fluctuate from month to month.

Closed
Is a commitment to pay a pre-determined Interest Rate for a specific period of time (Term). You usually pay a penalty if you fully pay your loan before the end of the Term. Usually the Interest Rates are lower than for Open mortgages.

Convertible
Is an agreement made at the beginning of a Term that allows you to switch from a Type of Mortgage you choose at the beginning of the Term to a different Type. For example start with Open Mortgage and than lock into a Closed Mortgage.

Hybrid
In a Hybrid there is more than one Type of mortgage contained in a single mortgage registration. The registration could include a fixed rate portion, a variable rate portion, a line of credit portion. Each lender have different Hybrid products.

Reverse
A Reverse mortgage is a loan that allows homeowners 55 years and older to get money from their home equity without having to sell their home. They can get a lump sum payment or a monthly payment. You don’t have to make any regular payment on a Reverse mortgage. You will have to repay the amount owing if you sell your home or if the borrower dies.

Payment Frequency refers to how often you make your regular payments. Typically, it’s once a month. However, the lenders will give you options to pay Bi-weekly or Accelerated Bi-weekly. Choosing Accelerated payments can save you thousands of dollars in interest over the life of your loan.

The amortization period is the length of time you’ll pay your mortgage in full. The most common amortization period is 25 years.

‘Term’ is the length of time your contract is in effect, and can range from a few months to 10 years. Typically, interest rates are lower if the term is shorter since the lender isn’t assuming risk for as long. At the end of each Term, you’ll have to either renew your mortgage, or pay it in full. If you renew, you will get the interest rates that are in effect at that time, which may be higher or lower than your original interest rate.

Be aware that there will be penalties if you break your contract before the end of the Term, and the penalties can be quite large!

Lenders want to make sure you will be able to repay your mortgage loan. To achieve that they are looking at:

  • Total monthly housing costs (including mortgage payments, taxes, utilities, Strata Fees) to be not more than 1/3 of your Total gross income.
  • Your Total dept (including car loans, credit cards, etc.) to be less than 40% of your Total gross income.


The Mortgage Calculator will let you adjust your housing expenses to give you a more accurate figure of your financial situation.

Find out more details about what to consider when choosing a mortgage.

Always consult a financial advisor/broker before making personal financial decisions. We listed a few mortgage brokers on our Professionals & Contractors page.

Try out our Affordability Calculator to figure out how much you can afford.

Try out our Property Transfer Tax Calculator to figure how much Tax you will have to pay on the Completion Date.

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