Active Mortgage · Planning tools
Mortgage payment calculator
Start with one estimate, then add a second or third scenario to see how a different down payment, rate or amortization changes what you'd pay. Rates shown are examples only; our brokers can check real options for you.
Scenario A
Payment estimate
Insured mortgage (default insurance)
With default insurance, down payments can start at 5% and a premium is added to the loan. Without it, you need at least 20% down and no premium applies.
Minimum required:
Default insurance premium
Added to the mortgage balance rather than paid at closing.
Insured mortgages can stretch to 30 years for first-time buyers and new construction.
How much could you borrow?
Minimum payments on cards, loans and lines of credit.
What drives your payment
Four inputs do most of the work: the purchase price, your down payment, the interest rate and the amortization, which is the total time to pay the loan off. Your term — how long a rate is locked in — doesn't change this calculation, but it affects penalties and flexibility, so it's worth discussing with a broker.
With less than 20% down, Canadian lenders require mortgage default insurance. The premium protects the lender, is based on how much of the home's value you borrow, and is usually added to your mortgage balance. With 20% or more down, the mortgage is conventional and no premium applies — but insured and conventional rates can differ, so try both in separate scenarios.
A longer amortization lowers each payment and raises the total interest you pay. Setting 25 and 30 years side by side shows that trade-off in dollars. If you're thinking of leaving your current mortgage early, check a possible penalty with our IRD calculator or the TD penalty guide.
Questions to consider
How close is this estimate to a real payment?
The maths follows Canadian semi-annual compounding, the default-insurance premium tiers and minimum down payment rules built into the tool. The biggest unknown is your rate, which depends on your credit, income, property and lender. Our brokers can replace the example rate with real options for your file.
Why set up more than one scenario?
Down payment, amortization and rate all move the payment, and it isn't always obvious which matters most for you. Changing one thing per scenario makes the effect easy to see.
Does this calculator assume a fixed or variable rate?
Neither — it uses whatever rate you type. To compare the two, enter a fixed-rate example in one scenario and a variable-rate example in another, keeping everything else the same.
Can I keep a copy of my scenarios?
Use the option to email yourself the results. If you'd like a broker to follow up, leave your details and someone from our team will get back to you.
More calculators
Estimates only. Actual rates, terms and approval depend on the lender's review and market conditions. OAC.
Talk through your next step with our brokers
Your lender’s terms, household budget and goals matter alongside the numbers. Our team can help you review your mortgage options.