Mortgage Calculator
The real cost of a home, in Canada or the US: your payment, the insurance you actually pay, whether a lender would say yes, and what it all adds up to. Computed to the cent, with each country's own rules.
With property tax, home insurance and heat, about $4,023 a month all in. In your first year, $12,905 of your payments builds the home and $28,328 is interest.
With 10% down, CMHC insurance costs you $30,995 over the loan, with the interest on it. Put $6,500 more down, to 11%, and it drops by $344.
Your home is $61,986 past your reach. The qualifies you at 6.79%, not your 4.79%, which takes $121,575 off your reach.
Add your other monthly debts on the left, a car loan or a card, to see what each takes from your reach.
You own 18% of your home, $117,959. You have paid $135,073 to borrow. This year, 38% of what you pay builds the home; from year 11 it is most of it.
Going deeper
FinPal ran your mortgage through every real stretch of Canadian rates since 1975: 32 histories, each starting in a different year, each renewal at what rates actually did.
- At your first renewal, in 2031between $3,055 and $3,788 a month in 8 of 10 histories. Today it is $3,436.
- Over the whole mortgage$319,105 to $452,421 of interest in 8 of 10, against $427,698 if today's rate held all the way. 28 of 32 came in cheaper.
- The hardeststarted in 1977: at its first renewal the rate was 8.44% and your payment reached $4,548, $1,112 a month more than today.
Read this with one thing in mind. These five decades were mostly a long fall in rates, from the 1981 peak to 2021, so most histories end cheaper than today. The next 25 years do not have to.
How it works: each history starts in a real year. Your own rate holds for your first 5-year term. At each renewal it moves by the same share the Bank of Canada's 5-year moved since that starting year (if it rose by a third, so does yours), using yearly averages from 1975 to 2026 so far. Monthly payments, no extra payments, never below 1%. Only histories whose renewals have all happened are used.
You will still owe $532,041 when you renew in 2031. At the same 4.79%, your payment holds. Drag the light at the gate, or pick a rate above, to try another. Every 1% at renewal is worth about $291 a month.
Cash to get the keys
- Down payment$65,000
- $9,475 to $18,950Ontario, with the Toronto municipal land transfer tax shown as the higher figure.
- $1,500 to $3,000Lawyer or notary, title insurance, registration.
- $500 to $1,100
- Moving and setup$1,000 to $4,000
- Sales tax on the premium$1,4518% in Ontario. The premium joins your loan; the tax on it does not, so it is due in cash.
This is a broad estimate. A lender judges your whole file.
- Home price$650,000
- Down payment$65,000, 10%
- Household income$130,000 a year
- Other debtsnone entered
- Credit scoresets your rate, and whether you qualify at all
- Every debt, and its kinda card's balance weighs differently than a car loan's
- Income, verifiedhow steady it is, not only how much
- Spending, month to monthwhat is really left after the mortgage
- Savings after closingthe cushion a lender wants to see remain
This calculator sees 4 lines of your file. FinPal reads all of it, shows you exactly how a lender would read you, and gives you simple, specific steps to get to yes.