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Mortgage calculator

Fixed interest mortgage calculation

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Frequency of mortgage payments

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Total loan and interest over the period

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Calculating the mortgage

Mortgage payments are calculated using the following elements

  • Mortgage Amount : Represents the purchase amount of the building (building and land)
  • Down Payment : Represents the amount of money you invest during the purchase to decrease the loan amount
  • Interest rate : This rate is the rate offered by your bank, caisse or other financial institution. This one can be fixed, variable, ascending, descending, etc.

Mortgage Formula

The monthly payment = Loan amount x Mortgage rate / Number of payments in the year 1 - (1 + Mortgage rate / Number of payments in the year) -Number of payments * Number of years of the term

Calculation example

Take for example a mortgage of $ 250,000, a rate of 5% (0.05), a term of 25 years and monthly payments (12 payments per year).

250 000 x 0.05 / 12 1 - (1 + 0.05 / 12)-12 * 25 = 1041,666666666667 1 - (1,0041667)-300 = 1041,666666666667 1 - 0,28725 = 1041,666666666667 0.71275 = 1461.4755$/mois

Mortgage Loan

The vast majority of future building owners, whether residential, commercial or others, need a mortgage.

Mortgage rates

It is strongly recommended that you shop around for your financial situation, creditworthiness, promotions and your ability to take risks with your mortgage payment.

You can decide to separate your mortgage under different scenarios.

Fixed rate

The fixed rate mortgage provides you with a consistent payment amount throughout your agreement. It does not fluctuate, so you can plan your budget more accurately. However, the majority of fixed rate loans are more expensive than variable rates.

Normally, the longer the loan is set over a long period, the lower the loan and the better it is, based on a financial point of view.

For the calculation proposed here, we use the fixed rate.

Variable rate

This rate, as its name suggests, is variable and depends primarily on the Bank of Canada's policy rate. The key rate rose sharply in the summer of 2017 from 0.50% to 1% in less than 3 months. Learn more about recent Policy Interest Rate.

Whatever the variable rate is considered riskier, it may be advantageous to opt for this type of loan to reduce the initial costs.

The down payment

This amount invested in the purchase of the building, reduces the amount of the mortgage. The minimum down payment amount has been set at 5% of the purchase (for a purchase price of less than $ 500,000).

Down payment from 5% to 19.99%

For a down payment of 5% (or even less than 20%), loan insurance made to Canada Mortgage and Housing Corporation (CMHC) will likely be required by your financial institution.

However, this insurance will increase the total amount of your mortgage or the purchase amount.

As of October 17, 2016, all homeowners whose mortgage is high ratio will have to go through an interest rate crisis simulation in order to be eligible for the loan in question. Get more information about Mortgage Insurance Rules .

Down payment of 20% or more

If you buy a home of 1 million or more, you will be required to invest 20% in fund to obtain a mortgage.

Paying 20% ??of the purchase amount will allow you to obtain a loan without mortgage insurance, as long as your situation allows.

Learn more about rules on the down payment

Mortgage line of credit

This line of credit is available to you directly from the funds invested or repaid from your mortgage. However, this margin is only available if your down payment is over 20% and you are using a mortgage.

It is therefore very advantageous to obtain this margin that will allow you to self- financed.

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