Mortgage Payment Calculator


There are 2 calculators. They calculate payment amount by:

  1. Mortgage amount ("How much will I pay for 400K mortgage?").
  2. Price and % of down payment ("How much will I pay if condo price is 500K and I pay down 20%?").
Use whichever is more convenient for you.

By mortgage amount:


Enter Amortization Period (like 25 or 30 years) into the field "Loan term (years)":



By home price and % of down payment:


Enter Amortization Period (like 25 or 30 years) into the field "Loan term (years)":

REMARKS:

Purchase price:

If your down payment is less than 20%, you have to pay Mortgage Default Insurance. It is calculated using this calculator. That insurance can be either paid with cash on closing or added to ("dissolved" in) the mortgage principle. In the second case, the calculated amount must be added to the Purchase price prior to calculation. For example, if you buy a 500,000 home and the Mortgage Default Insurance is 7,650, populate the field "Purchase price" with the value 507,650.

Mortgage term:

In fact, that is the mortgage amortization period (which usually consist of a few terms in Canada). For example, a mortgage with amortization period of 25 year can consist of 5 terms of 5-year each. So, enter "25", but in the generated report refer only the first 5 years (probably, contracts of next terms will have different conditions and, hence, the amounts will be different from that report).

MAIN PAGE

Once you are interested in obtaining a mortgage, then you most likely will also be interested in the help of an experienced real estate agent:

Comments are closed.