Monthly Payment
Loan Amount
Total Interest
Total Cost
| Year | Principal | Interest | Balance |
|---|
Enter home price, down payment, term, rate. See monthly payment, total interest, amortization schedule.
Biggest financial decision. Understand true costs, compare scenarios, determine affordability.
5% under $500k, 10% $500k-$1.5M, 20% over $1.5M.
Mortgage payment only; add taxes, insurance, insurance separately.
Fixed: predictable; variable: changes with Bank of Canada rate.
Typically 5-year terms with 25-year amortization.
The Toolzie Mortgage Calculator helps Canadians calculate monthly mortgage payments with full amortization schedules. Enter your home price, down payment, interest rate, and amortization period to see exactly what you'll pay each month — and how much goes to principal vs. interest.
Canadian mortgages compound semi-annually by law, unlike US mortgages which compound monthly. This results in a slightly different effective rate.
5% for homes under $500,000; 10% on the portion between $500,000 and $999,999; 20% for homes $1M and above.
If your down payment is less than 20%, you are required to get mortgage default insurance through CMHC, Sagen, or Canada Guaranty.
Most Canadians choose 25 years. A shorter amortization (15–20 years) saves significant interest but raises monthly payments.