This tool will help you estimate your monthly mortgage payments in Canada.
How to Use the Mortgage Calculator
To use this mortgage calculator, simply fill in all the inputs with your mortgage information:
- Home Price: The total price of the home you wish to purchase.
- Down Payment: The amount of money you will pay upfront for the home.
- Loan Term: The length of time you will take to repay the loan, in years.
- Interest Rate: The yearly interest rate on the loan.
- Property Tax: The yearly property tax rate as a percentage of the home price.
- Home Insurance Rate: The yearly home insurance rate as a percentage of the home price.
- Monthly HOA Fees: The monthly fees to the Home Owners Association.
Once you have filled in all the fields correctly, click on Calculate to see the breakdown of your monthly mortgage payments.
How It Calculates the Results
This calculator uses the following formulas to calculate your mortgage payments:
- Monthly Principal & Interest: Uses the formula for an annuity to calculate the monthly mortgage payment based on the loan amount, interest rate, and number of payments.
- Monthly Property Tax: Home price multiplied by the monthly property tax rate.
- Monthly Home Insurance: Home price multiplied by the monthly insurance rate.
- Total Monthly Payment: Sum of the monthly principal & interest, property tax, home insurance, and HOA fees.
Please note that this calculator provides an estimate based on the information you provide. Actual mortgage payments and rates can vary.