Mortgage Payment Calculator Canada
Use this mortgage payment calculator to see your monthly payment, total interest, and total cost over the life of the loan — on a typical $400K mortgage at 5.5% over 25 years, total interest approaches $333,000. Enter your loan amount, rate, and amortization; add extra payments to see how much interest you save.
Mortgage Details
Enter your loan amount and terms. CMHC premium applies when down payment is under 20% of purchase price.
For CMHC LTV calculation
Additional principal payment each month
$2,456
Monthly payment
Total interest
$336,905
Total cost
$736,905
Principal + CMHC
$400,000
How Mortgage Payment Calculator Canada Works
- Enter loan amount: Mortgage principal after down payment.
- Set rate and amortization: Annual rate and amortization period.
- Add CMHC if applicable: Required when down payment < 20%.
- Include extra payments: See interest savings from additional principal.
Uses standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1]. CMHC premium applies when down payment is less than 20%, based on LTV tiers published by CMHC.
Frequently Asked Questions
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