Plan the payment before you plan the purchase price
A mortgage payment is only one part of homeownership. Compare the principal-and-interest payment with property tax, heating, condo fees, insurance, maintenance and your other monthly obligations.
Frequently asked questions
How is a mortgage payment calculated in Canada?
The payment depends on the mortgage principal, interest rate, amortization and payment frequency. This calculator provides a monthly planning estimate.
Does the payment include property tax and heating?
The main mortgage payment is principal and interest. The calculator also lets you add property tax, heating and condo fees to see a broader housing-cost estimate.
Is the mortgage payment the same as the stress-test payment?
No. Mortgage qualification may use a higher qualifying rate. Use the Canada Mortgage Stress Test Calculator to compare the qualifying rate and debt-service ratios.