Free mortgage calculators for Canada and the US
Work out your monthly payment, what you can afford, whether to refinance, and how much interest extra payments save - all free and in plain English.
A mortgage is the biggest number in most people's lives, yet small differences in rate and term move it by tens of thousands of dollars. These calculators make those trade-offs visible before you sign.
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Why a fraction of a percent matters
On a $500,000 mortgage amortised over 25 years, the difference between a 5.0 percent and a 5.5 percent rate is roughly $150 per month, or about $45,000 over the life of the loan. That is why comparing even two or three lenders is the highest-value hour you can spend before borrowing.
Frequently asked questions
How is a monthly mortgage payment calculated?
Your principal-and-interest payment is a function of the loan amount, the interest rate, and the amortization period using a standard formula. Taxes and insurance are added on top by most lenders.
How much house can I afford?
A common guideline is that housing costs stay under about 30 to 32 percent of gross income and total debt under about 40 to 44 percent. Our affordability calculator applies these ratios to your numbers.
Should I choose a fixed or variable rate?
Fixed gives payment certainty; variable can be cheaper but moves with rates. The right choice depends on your risk tolerance and how long you will hold the mortgage.
How much down payment do I need?
In Canada, 5 percent on the first $500,000 with mortgage insurance below 20 percent down. In the US, conventional loans often need 3 to 20 percent, with low-down-payment programs available.
Does this site lend money?
No. We provide free calculators and information and link to rate-comparison services. We are not a lender, broker or adviser.