Financial calculator
Mortgage Payment Calculator
Calculate your monthly mortgage payments, total interest, and amortization schedule.
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$
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Monthly payment
$2,167
Amortization Period: 25 years @ 4.29%
Loan Amount
$400,000
Total Interest
$250,230
Loan Amount$400,000
Total Interest$250,230
Total Cost$650,230
- Principal62%
- Interest38%
Methodology
- Periodic rate: i = (1 + r/2)^(2/f) − 1, where r is the annual rate and f the number of payments per year (12, 26 or 52). In Canada, a fixed mortgage rate is compounded half-yearly, not in advance (Interest Act, s. 6).
- Payment: P × i / (1 − (1 + i)^−n), where P is the loan and n the number of payments over the amortization. The accelerated payment is the monthly payment ÷ 2 or ÷ 4; its payoff time and interest are recalculated payment by payment.
- CMHC insurance: a premium of 2.80% to 4.00% of the loan depending on the down payment, plus 0.20% above 25 years, added to the loan. Minimum down payment: 5% of the first $500,000, 10% of the portion above; 20% from $1.5 million, the price at which a home can no longer be insured.
- Estimate at a constant rate over the whole amortization. Excludes fees, property taxes and home insurance.
Sources:Interest Act, s. 6CMHC · Mortgage loan insurance costFCAC · Down payment