Mortgage Calculator
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Monthly Housing Costs
Your Estimated Payment
Monthly Mortgage Payment
$2,524.90
Total Monthly Housing Cost
Mortgage (P&I)$2,524.90
Property Tax$416.67
Heating$100.00
Total / Month$3,041.56
Home Price:$600,000
Down Payment:$120,000 (20.0%)
Loan Amount (incl. insurance):$480,000
Interest Rate:4.00%
Amortization:25 years
Total Interest Paid:$277,469
Total Mortgage Cost:$757,469
Est. Min. Income to QualifyBased on 39% GDS ratio$93,587/yr
This calculator provides estimates only and does not constitute financial or mortgage advice. Mortgage payments use Canadian semi-annual compounding as required by the Interest Act. CMHC insurance premiums follow published rates; PST (8%) is estimated for Ontario - rates vary by province. The minimum income estimate is based on a 39% GDS ratio and does not account for existing debts, credit score, or lender-specific criteria. Actual rates, payments, and eligibility are subject to lender approval. Consult a licensed mortgage professional for personalized advice.
