Mortgage Calculator
Calculate your monthly payments, interest and loan amortization
Estimated monthly payment
2 157,29 $
over 25 years (300 payments)
Amount borrowed
360 000,00 $
Down payment
20.0%
Total interest
287 187,53 $
Total cost
647 187,53 $
Taxes (QC (TPS+TVQ))
67 387,50 $
Principal / Interest split
Principal: 55.6%Interest: 44.4%
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How to calculate a mortgage in Canada?
The mortgage formula is: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly rate and n is the number of payments. The standard amortization period in Canada is 25 years.
CMHC Insurance
If your down payment is less than 20%, you must pay CMHC mortgage insurance ranging from 2.8% to 4% of the borrowed amount. This premium can be added to the mortgage balance.
Provincial taxes GST/HST/QST
For a new property in Quebec: GST (5%) + QST (9.975%). In Ontario: HST (13%). In Alberta: GST (5%) only. For existing (resale) properties, taxes generally do not apply.