Monthly payment planner
Mortgage payment calculator
Estimated monthly payment
$3,985
- Mortgage amount
- $720,000
- Qualifying-rate estimate
- 6.50%
- Payment at qualifying rate
- $4,823
Principal and interest only. This does not include mortgage insurance, property tax, utilities, condo fees, maintenance, or lender-specific rules.
Read the result well
Payment is only part of affordability.
The monthly estimate uses the entered mortgage amount, contract rate, and amortization. The qualifying estimate applies the current federal minimum benchmark for uninsured mortgages: the greater of 5.25% or the contract rate plus two percentage points.
Add property tax, home insurance, utilities, maintenance, parking, and condo fees where relevant. A pre-approval and a personal comfort number serve different purposes—you need both.
OSFI qualifying-rate guidanceNext: include closing tax with the Ontario land transfer tax calculator.
Common questions
Questions, answered clearly.
What does the monthly mortgage estimate include?+
It estimates principal and interest using Canadian semi-annual compounding. It does not include mortgage insurance, property tax, utilities, condo fees, repairs, maintenance, or lender fees.
What qualifying rate does the calculator show?+
For an uninsured mortgage, the federal minimum qualifying rate is the greater of the contract rate plus two percentage points or 5.25%. Lenders and insured mortgages can have additional rules.
Is this a mortgage approval?+
No. A lender or mortgage professional must assess income, debts, credit, property, down payment, and current underwriting requirements.
Your next move
Let’s talk.
Tell Amit what you’re planning. He responds directly.
How should Amit reach you?
Private · No mailing list
This opens a private WhatsApp message to Amit. Nothing is sent until you review and send it.