Mortgage Calculator

Estimate your monthly payments and see how much home you can afford.

💰 Calculate Your Payment

Adjust the values below to see your estimated monthly mortgage payment.

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Estimate only, based on a fixed rate compounded semi-annually (standard for Canadian mortgages). Excludes property tax, condo fees, mortgage default insurance, and closing costs. Contact us for a personalized quote.

✉ Get Pre-Approved

Lock in your rate and shop with confidence. Tamanna Bhalla, our Licensed Mortgage Broker, will walk you through your options at no cost.

Request Pre-Approval →

Understanding Your Mortgage Payment

Your monthly mortgage payment is made up of principal (the amount you borrowed) and interest (the cost of borrowing). Early in your amortization period, more of each payment goes toward interest — over time, that balance shifts toward principal.

In Canada, mortgage interest rates are compounded semi-annually by law for fixed-rate mortgages, which is why this calculator may show slightly different results than a simple loan calculator.

Down Payment Requirements in Canada

For homes priced up to $500,000, the minimum down payment is 5%. For the portion between $500,000 and $1.5 million, the minimum rises to 10%. Homes priced at $1.5 million or more require at least 20% down.

If your down payment is less than 20%, your mortgage must be insured (CMHC, Sagen, or Canada Guaranty), and the premium is usually added to your loan balance.

FAQ

Mortgage Questions, Answered

A few things buyers often ask before getting pre-approved.

How accurate is this mortgage calculator?

This calculator gives a close estimate of your monthly principal and interest payment based on Canadian mortgage rules, which compound interest semi-annually. It does not include property tax, condo fees, heating costs, or mortgage default insurance premiums, so your actual lender quote may differ slightly.

What is the minimum down payment for a home in Alberta?

For homes priced up to $500,000, the minimum down payment is 5%. For the portion of the price between $500,000 and $1.5 million, the minimum is 10%. Homes priced at $1.5 million or more require at least 20% down. A mortgage broker can confirm the exact requirement for your situation.

Do I need mortgage default insurance?

If your down payment is less than 20% of the purchase price, your mortgage is considered a high-ratio mortgage and must be insured through CMHC, Sagen, or Canada Guaranty. The insurance premium is typically added to your mortgage balance.

How do I get pre-approved for a mortgage?

Reach out to Tamanna Bhalla, our Licensed Mortgage Broker, for a free pre-approval consultation. She'll review your income, credit, and down payment to confirm your budget and lock in a rate before you start shopping for a home.