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GlobalPayCalc

Canada mortgage calculator

This mortgage calculator estimates monthly principal and interest from home price, down payment, rate, and term. It does not include property tax, homeowners insurance, HOA fees, stamp duty, or mortgage insurance unless you add them yourself.

Currency CAD · Locale en-CA · Figures formatted for Canada

Results

Monthly principal & interest
$1,798.65
Loan amount
$300,000.00
Down payment
20%
Total interest
$347,514.00
Total of payments
$647,514.00

How this calculator works

  • Loan amount = home price − down payment.
  • Payments use the same amortising formula as a standard mortgage (principal & interest).
  • Term is entered in years and converted to months (years × 12).
  • Country-specific rules (e.g. UK product fees, Canadian stress test, US PMI) are not applied here.

Monthly P&I = L × r(1+r)^n / ((1+r)^n − 1), where L is the loan amount, r is the monthly interest rate, and n is the term in months.

Worked example

Home price 375,000 with 75,000 down (300,000 loan) at 6% for 30 years.

Inputs

  • Home price375,000
  • Down payment75,000
  • Rate6%
  • Term30 years

Results

  • Loan amount300,000
  • Monthly P&I≈ 1,798.65
  • Total interest≈ 347,514

Frequently asked questions

Is this payment my full monthly housing cost?

Usually not. Many borrowers also pay property tax, insurance, and sometimes association fees into escrow. This tool shows principal and interest only.

Does a larger down payment always help?

A larger down payment lowers the loan amount and monthly P&I. In some countries it can also avoid mortgage insurance — check local rules.

Fixed vs variable rate?

Enter the rate that applies to the period you are modelling. Variable rates can change; re-run the calculator when your rate resets.

Are Canadian or UK mortgage quirks included?

No. Stress tests, term vs amortisation splits, and product fees need product-specific tools. Use this for a clear P&I baseline.

Sources and disclaimer

  • Standard amortising mortgage principal & interest formula

Estimates only — not financial advice. Results ignore fees, taxes on interest, early repayment charges, and product-specific rules. Verify with your lender or a qualified adviser.

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