What are my monthly mortgage payments going to be? Use our handy mortgage calculator to find out.
The Best Mortgage Rates in Ontario
5 YearFixed Closed View All
|2.74% View Details »||2.58% View Details »||2.64% View Details »|
5 YearVariable Closed View All
|2.00% View Details »||2.20% View Details »||2.40% View Details »|
3 YearFixed Closed View All
|2.39% View Details »||2.49% View Details »||2.54% View Details »|
1 YearFixed Closed View All
|2.34% View Details »||2.84% View Details »||2.99% View Details »|
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Mortgage Calculator FAQs
How do accelerated mortgage payments save you money?
Since you're paying half of your mortgage monthly payment every other week, you end up making an extra payment each year.
How do lump sum mortgage payments work?
Lump sum mortgage payments are applied directly to the principal of your mortgage, saving you in interest payments.
What is Amortization?
The amortization is the length of time required before the mortgage will be paid off in full. The amortization period is capped at 25 years for home buyers requiring CMHC coverage (when paying less than 20 per cent on a down payment of their mortgage value), and 30 years for those in conventional mortgages (a down payment of more than 20 per cent of the mortgage value). Depending on your mortgage product's features, you may have the option to pay it off faster, and shorten your amortization. This could save you thousands of dollars in interest over time.
Difference between a Fixed and a Variable Mortgage Rate?
A fixed mortgage rate is set for a predetermined length of time, or mortgage term, and is ‘locked in’, meaning it cannot rise or fall during that time period. Five year fixed is the most popular mortgage rate among borrowers. When the mortgage term expires, you can renew with your lender, often at the same rate, or for one even lower. Your monthly mortgage payments will stay the same based on a fixed mortgage rate.
Variable mortgage rates are in correlation with the Bank of Canada's interest rate. Whether the variable rate is high or low depends on the status of this overall rate. Signing up for a variable mortgage means your monthly mortgage payment can fluctuate with the market, and may be higher or lower than when you signed up for it. Five years is also the most popular mortgage term for variable mortgage rates.
What is the most popular fixed mortgage rate term?
A five year fixed mortgage rate is the most popular term.
What is the most popular variable mortgage rate term?
A five year variable mortgage rate is the most popular term.
What is a lump sum mortgage payment?
A lump sum mortgage payment is a payment that goes directly towards your mortgage principal. Depending on your mortgage, you can make a certain number of these payments toward your mortgage every year.
What Is my Mortgage Payment Type?
The mortgage payment type refers to the frequency of your mortgage payments. Mortgage payments can be made on a monthly, bi-weekly, or weekly basis. There are also accelerated payment options including: weekly accelerated payments, or bi-weekly accelerated payments.
Using the Mortgage Calculator to determine your monthly payments is a useful tool when establishing your home budget, and will show you the maximum amount of interest you will pay over the lifetime of your mortgage. Increasing the frequency of your payments puts more money toward your principal amount, and can save you thousands of dollars in interest over time, and decrease your mortgage amortization.