Opens in a new tab

Mortgage Payment Calculator

Enter a home price, down payment, interest rate, and amortization period to see the monthly payment — and the total interest paid over the life of the mortgage. If you have never seen that second number before, brace yourself.
Mortgage amount$0
Monthly payment$0
Total interest over the mortgage$0
True total cost of the home$0

Uses Canadian semi-annual compounding for fixed-rate mortgages. Excludes property tax, insurance, and CMHC premiums.

How to Use the Mortgage Calculator

  • Start with a real listing price from your city — the point is to work with numbers from your actual market.
  • Try 5%, 10%, and 20% down payments and watch both the payment and the total interest move.
  • Then change the interest rate by a single percentage point. That one small change is worth tens of thousands of dollars.

Why a Teen Finance Site Has a Mortgage Calculator

This is the exact exercise I was quoted on in Yahoo Finance: mortgage calculators are one of the best classroom tools for teaching what housing really costs, because the gap between the sticker price and the total paid is a lesson no lecture can match. You will not buy a home this year — but the person who has run these numbers at 17 makes very different choices at 27.

Try This

Run a $500,000 home with 10% down over 25 years at today’s rates, and look at the total interest. For most students it is the first time they realize a house can cost nearly double its price — and why every dollar of down payment and every fraction of a percent matters.

Mortgage FAQ

What is amortization?

The total number of years to pay the mortgage to zero — commonly 25 in Canada. Longer amortization means smaller payments but more total interest: the same trade-off as a car loan, with more zeros.

How much down payment do I need in Canada?

The legal minimum starts at 5% (rising with the price), but below 20% you also pay for mortgage default insurance. Verify current rules when the time comes — they change.

What should I be doing about this as a teenager?

Two things: learn the numbers (you are doing that now) and start the savings habit early — see how much to save before moving out and the FHSA, the account built exactly for this.

Keep Going

When you are 18 or older, the First Home Savings Account turns these numbers in your favour: contributions are tax-deductible, and qualifying withdrawals for a first home are tax-free.

To see how borrowing choices stack up, read what is good debt vs bad debt, then try the car loan payment calculator or the student loan calculator. You can also see growth over time with the compound interest calculator, and find every tool on our free calculators page.