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 ≤32%, TDS ≤40–44%. 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.
- 4× income (safe): $480,000.00
- 4.5× 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 (15–20% 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 15–20% 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 — compare multiple lenders, often better rates
Renew Your Mortgage
Fill in your current mortgage details and renewal goals.
We’ll score and rank lender options that fit your situation.
Rates shown are illustrative — always verify with a licensed broker.