This Canadian mortgage calculator helps you understand the financial implications of your mortgage decisions. It provides detailed insights into your payment schedule, interest costs, and the impact of additional payments.

It is based off the mortgage payment formulas that are provided by Canada's Financial Consumer Agency (Financial Consumer Agency of Canada). The most similar calculations can be found here: https://itools-ioutils.fcac-acfc.gc.ca/MC-CH/MC-CH-eng.asp.
However, all calculations differ at different financial institutions. Therfore, this calculator should only be used as a guide as the true amount may differ depending on your financial institution. Please consult your financial institution for more information.

Key features include:

• Calculate regular mortgage payments based on your terms
• Visualize the split between principal and interest payments
• Plan additional payments and see their impact
• View detailed amortization schedules
• Compare different payment frequencies

Variable Mortgage Rates & Forecasts

Variable mortgage rates in Canada are tied to each lender's prime rate, with discounts or premiums applied to determine the final rate. Different financial institutions use their own methods to set these discounts, meaning two borrowers could see different offers even if the prime rate is the same. Because of this, it's important for borrowers to understand how their rate is calculated, not just the number that's quoted.

Forecasts of future variable rates are typically based on an average of predictions from up to four major financial institutions. Each lender may rely on different factors when making these forecasts—such as inflation expectations, Bank of Canada policy changes, bond yields, and broader economic trends. While combining multiple forecasts helps smooth out individual bias, no model can predict rates with certainty. Unexpected events, both in Canada and globally, can quickly shift outcomes. For that reason, forecasts should be treated as guidance only.

Users should always reach out to financial institutions directly for the historical and forecasting calculations that apply to the mortgages they provide. Please do your own research and planning, as there are too many factors to accurately provide the exact numbers one would, or could, experience.