Mortgage Calculator

Estimate your monthly mortgage payments in seconds. Adjust the down payment with the slider or enter a custom amount.

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What is the minimum down payment in Ontario?

The minimum is 5% for homes under $500,000. Above that, a higher percentage is required.

What is amortization?

Amortization is the total length of time it takes to pay off your mortgage in full.

How does interest rate affect payments?

Higher rates increase monthly payments and total cost of borrowing, while lower rates reduce them.

What are closing costs?

They typically range from 1.5–4% of the home’s purchase price and include lawyer fees, taxes, and insurance.

Can I pay off my mortgage faster?

Yes, most lenders allow extra payments or lump-sum contributions to reduce interest.

Should I get pre-approved?

Absolutely. Pre-approval shows sellers you’re serious and helps define your budget.

Fixed vs. Variable mortgage?

Fixed gives predictable payments, while variable may save money if rates drop but carries more risk.