Use this calculator to generate an amortization schedule for your current mortgage. Quickly see how much interest you will pay, and your principal balances. You can even determine the impact of any principal prepayments! Press the report button for a full amortization schedule, either by year or by month.

To help you see how much you can afford, there are two simple rules that lenders use to determine how much of a mortgage you qualify for. These rules are governed by Canada Mortgage and Housing Corporation (CMHC) which is Canada's national housing agency and Canada's premier provider of mortgage loan insurance, mortgage-backed securities, housing policy and programs, and housing research. Visit them at http://www.cmhc-schl.gc.ca

The first rule is that your monthly housing costs should not exceed 32% of your gross monthly household income (GDS). Housing costs include monthly mortgage payments, taxes and heating expenses. If applicable, this sum should also include half of monthly condominium fees. Secondly, your entire monthly debt load should not be any more than 40% of your gross monthly income (TDS). This includes housing costs, and other debts such as car payments, personal loans, and credit card payments.

Before you begin using our calculator below, please visit CMHC's GDS and TDS calculators to see if you are in line with their qualification limits:http://www.cmhc-schl.gc.ca/en/co/buho/hostst/hostst_002.cfm#CP_JUMP_28119


Rent vs. Buy Calculator


 

Glossary

Mortgage amount

Original or expected balance for your mortgage.

Interest rate

Annual interest rate for this mortgage.

Amortization period

The number of years over which you will repay this loan. The most common mortgage amortization periods are 20 years and 25 years.

Mortgage payment

Your principal and interest payment (PI) per period.

Accelerated weekly and bi-weekly payments

Accelerated weekly and accelerated bi-weekly payment options are calculated by taking a monthly payment schedule and assuming only four weeks in a month. We calculate an accelerated weekly payment, for example, by taking your normal monthly payment and dividing it by four. Since you pay 52 weekly payments, by the end of a year you have paid the equivalent of one extra monthly payment. This additional amount accelerates your loan payoff by going directly against your loan's principal. The effect can save you thousands in interest and take years off of your mortgage.

The accelerated bi-weekly payment is calculated by dividing your monthly payment by two. You then make 26 bi-weekly payments. Just like the accelerated weekly payments you are in effect paying an additional monthly payment per year.

Total payments

Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.

Total Interest

Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.

Prepayment type

The frequency of prepayment. The options are none, monthly, yearly and one-time payment.

Prepayment Amount

Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.

Start with Payment

This is the payment number that your prepayments will begin with. For one-time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation.

Savings

Total amount of interest you will save by prepaying your mortgage.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

 




 



OUR REALTORS


Rajni Agarwal
Broker of Record
Malcolm Clark
Broker
Barbara McEwen
Sales Rep
Wes Case
Sales Rep
Brad Hilgers
Sales Rep
 
Q&A
When do you get the keys to your home?

On the day of closing, assume that you will not get your keys until 5.00 p.m. However, we will make every possible effort to obtain your keys earlier. It is probably a good idea to arrange for your moving truck to come in the afternoon. This will avoid unnecessary charges by the moving company, as a result of any delays.   Learn more