Calculate Your Mortgage Payment
Canadian standard: semi-annual compounding. Enter your mortgage details.
$2,136.37 / month
- Bi-weekly
- $986.02
- Accelerated bi-weekly
- $1,068.19 (pays down faster)
- Total interest
- $290,911.06
- Total amount paid
- $640,911.06
From home price and down payment
Optional: enter home price and down payment % to get principal (with CMHC if <20% down).
How Much Can You Afford?
GDS β€32%, TDS β€40β44%. Use 30% of gross income for a safe, low-risk payment.
Max mortgage payment (lender limit)
$2,750.00
GDS at 32% / 40%
30% of income (recommended)
$3,000.00
25% of income (conservative)
$2,500.00
Max mortgage principal: $450,530.53
At current rate for amortization
Home price rules of thumb
Lenders use GDS/TDS. These are practical guidelines.
- 4Γ income (safe): $480,000.00
- 4.5Γ income (stretch): $540,000.00
- Lender-approvable (with 20% down): ~$563,163.17
How to Choose the Right Mortgage
A risk-aware approach to Canadian mortgages.
Want flexibility?
- All-in-one accounts (Manulife One, RBC Homeline, Scotia STEP)
- HELOC / readvanceable mortgages
- Lenders with strong prepayment (15β20% lump-sum, double-up)
Want the lowest rate?
- Monoline lenders, credit unions
- No-frills mortgages (check prepayment restrictions)
Want stability?
- 5-year fixed (most popular)
- Closed mortgage with predictable payments
Plan to prepay aggressively?
- Banks offering 15β20% lump-sum + double-up
- Avoid lenders with minimal or no prepayment options
Where to get a mortgage
- Your bank, or any other bank
- Mortgage brokers β compare multiple lenders, often better rates