Tools

Mortgage Calculators

These Calculators are to be used as a guide only.

Mortgage Calculator

The Mortgage Calculator is designed calculator your mortgage payment. 

This calculator will also show your balance at the end of the term and how much interest was paid.

The Principal Vs Interest Chart illustrates how during the initial years of the mortgage, more of the payment goes towards interest while the later years you begin to pay more of the balance. This is broken down into detail in the Amortization Table.

This Calculator should be used to:

  • Calculating A Mortgage Payment
  • Determining The Balance At The End Of A Term
  • Calculating The Amount Of Interest Paid
  • Understanding The Relationship Between Principal And Interest

Purchasing Calculator

The Mortgage Calculator is designed for those who are purchasing.

This calculator will show you the true cost of home ownership by using variables like Property Taxes, Utilities, and Condo Fees, just the same as a mortgage application would.

This Calculator should be used to:

  • Calculate The Down Payment
  • Determine The Mortgage Required
  • Calculating Mortgage Payments

Income Qualifier

The Mortgage Calculator is designed to estimate your maximum mortgage amount.

It is important to use the Bank of Canada’s 5-Year Benchmark Rate, otherwise known as the Stress Test or Qualifying Rate to get a true result. Rates can be found here.

This Calculator should be used to:

  • Determine The Required Down Payment
  • Maximum Mortgage Amount