Calculate Your Mortgage Payment

This simple mortgage calculator gives you an instant estimate of your payment. Enter your mortgage amount, interest rate, amortization period, and payment frequency to see what you’d pay each month — or bi-weekly.

How Mortgage Payments Work

Every mortgage payment covers two things: interest charged by the lender, and principal repayment. Early in your mortgage, most of each payment goes to interest. As the balance decreases, more of each payment goes toward the principal — this gradual process is called amortization.

Key Inputs Explained

Mortgage Amount — The amount you’re borrowing: purchase price minus down payment, plus your CMHC/Sagen default insurance premium if your down payment is under 20% (the premium is added to the mortgage, not paid upfront).

Interest Rate — Enter the rate you’ve been quoted or a current market estimate. Fixed rates provide payment certainty for the full term; variable rates fluctuate with the prime rate. Not sure which to choose? Ask us — it depends on your timeline and risk tolerance.

Amortization Period — The total length of time to pay off the full balance. 25 years is the standard for insured mortgages; 30 years is now available for eligible first-time buyers purchasing homes under $1.5 million.

Payment Frequency — Monthly, semi-monthly, bi-weekly, or accelerated bi-weekly. Accelerated bi-weekly results in one extra full payment per year, paying your mortgage down faster with minimal impact on day-to-day cash flow.

What This Calculator Doesn’t Include

This tool shows principal and interest only. Your total housing costs will also include property tax, home insurance, and potentially condo fees or heating costs. A mortgage broker will factor all of these in when assessing your full affordability.

Ready to find the best rate available in Guelph today? Book a free consultation with the Skip The Bank team.