Mortgage Payment Calculator

Want to find out how much and how often your mortgage payments will be? Use this calculator to compare options and find one that's right for you.


Payment Type Payment Amount Amortization Period Interest Costs for Full Amortization
Monthly
Weekly
Bi-Weekly
Accelerated Weekly
Accelerated Bi-Weekly
 
  

This calculation is an estimation for informational purposes only, and does not include surcharges, applicable sales taxes, closing costs, or other fees that may be required. Actual payment amounts must be obtained from your lender. Neither ComparaSave.com nor any of its affiliates shall have any liability for the accuracy of the information contained on this page.

This is the estimated value of your home if you are purchasing. If you are renewing or refinancing your mortgage, this is the value of your mortgage.
The amount that you pay upfront when purchasing a home. Depending on the type of mortgage, down payments generally range from 5% to 20% of the purchase price. Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price. To help you make an estimate, a 10% down payment on a $500,000 property, would be $50,000.
The term of a mortgage refers to the number of months or years that the lender and borrower commit to one another at the quoted interest rate and agreed-upon mortgage features. It differs from the amortization period in that mortgage terms usually range from 6 months to 5 years, while it may require a 25-year amortization period to pay back the entire borrowed amount, for example. Each time a term is up, you must either renew for another term with your current lender at new rates or find a different lender.
This is the frequency at which you wish to make payments.
The time over which all regular payments would pay off the mortgage. This is usually 25 years for a new mortgage, however it can be greater, up to a maximum of 30 years.

A Fixed Rate allows you to lock-in a set mortgage payment each month for the length of the term, without worrying about fluctuations in the bank's prime rate and the Bank of Canada's overnight rate; while a Variable Rate changes during the term with the lender's prime rate.

A Closed mortgage means you are agreeing to a term, which can range from 6 months to 10 years. If you back out of the mortgage before the term is up, you will have to pay a penalty. An Open mortgage is one where you can pay back the money you borrowed at any time, without penalty.Choosing a fixed-rate allows you to lock-in a set mortgage payment each month for the length of the term, without worrying about fluctuations in the bank's prime rate and the Bank of Canada's overnight rate.

HELOC stands for home equity line of credit and is a loan set up as a revolving line of credit with a maximum draw, rather than a fixed dollar amount with a term.

The amount that you need to borrow.