Mortgage Calculator

Buying a home is exciting, but understanding what your mortgage payments could look like is one of the most important steps before making an offer. Our Ottawa mortgage calculator gives you a quick estimate of your monthly payments, upfront costs, and the amount you'll need to borrow, helping you plan your next move with confidence.

Monthly Payment
$3,112
Principal + Interest
Mortgage amount $567,970
Default insurance $15,470
Land transfer tax $11,000
Total Cash at Closing $110,000
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This calculator is for illustrative purposes only. Users should not rely on this calculator to make any financial decisions. While every effort is made to keep this tool up-to-date, The Mortgage Advisors does not guarantee the accuracy, reliability or completeness of any information or calculations provided by this calculator. The Mortgage Advisors is not liable for loss or damage of any kind arising from the use of this tool.

Need More Accurate Numbers?

A mortgage calculator is a great place to start, but every mortgage is unique. Your interest rate, lender qualifications, debt ratios, income, and available mortgage programs can all influence your final payment.

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What Does This
Mortgage Calculator
Include?header decoration

Our mortgage calculator estimates several key costs associated with purchasing a home, giving you a clearer picture of what to expect before you begin the mortgage application process.

Home Price

Enter the purchase price of the home you’re considering. This forms the foundation of your mortgage calculation and helps determine your estimated loan amount.

Down Payment

Your down payment is the amount you’re contributing toward the purchase. A larger down payment reduces the amount you need to borrow and may help you avoid paying mortgage default insurance.

Interest Rate

The calculator uses your selected mortgage interest rate to estimate your payments over the life of your mortgage. Even small changes in interest rates can have a noticeable impact on your monthly costs.

Amortization Period

Your amortization period is the total length of time it will take to pay off your mortgage if payments remain consistent. Most Canadian homebuyers choose either a 25- or 30-year amortization depending on their financial goals and lender qualifications.

Payment Frequency

Compare monthly, semi-monthly, bi-weekly, accelerated bi-weekly, weekly, or accelerated weekly payment options to see how different schedules can affect your mortgage payments and the amount of interest paid over time.

Land Transfer Tax

Our calculator estimates your Ontario land transfer tax based on your property location and purchase price, helping you prepare for one of the largest closing costs you’ll encounter.

Mortgage Default Insurance

If your down payment is less than 20%, mortgage default insurance is typically required. The calculator estimates these premiums and factors them into your overall borrowing costs.

How to Use Our
Mortgage Payment
Calculatorheader decoration

Getting an estimate only takes a few minutes. Follow these simple steps to better understand what your mortgage could look like.

Step 1: Enter the Property Price

Input the purchase price of the home you’re considering buying.

Step 2: Add Your Down Payment

Enter your available down payment as either a dollar amount or a percentage of the purchase price.

Step 3: Choose an Interest Rate

Use a current mortgage rate or one provided by your mortgage broker for the most accurate estimate.

Step 4: Select Your Amortization Period

Choose the amortization period that best matches your financial goals. Most Canadian borrowers select either 25 or 30 years.

Step 5: Review Your Results

Once you’ve entered your information, the calculator will estimate:

  • Monthly mortgage payment
  • Mortgage amount
  • Mortgage default insurance (if applicable)
  • Land transfer tax
  • Total cash required at closing

Understanding Your
Resultsheader decoration

Once you've completed your calculation, you'll receive an estimate of several important mortgage costs. Here's what each figure means.

Monthly Payment

This is your estimated mortgage payment based on the information you’ve entered, including your interest rate, amortization period, and payment schedule.

Total Mortgage Amount

This represents the amount you’ll borrow from your lender after your down payment has been deducted from the purchase price.

A scale with a bag of money on one side and a home graphic on the other to demonstrate what a home equity loan is

Cash Required at Closing

Beyond your down payment, you’ll need funds to cover closing costs such as land transfer tax, legal fees, and other applicable expenses. The calculator provides an estimate to help you prepare.

Conceptual image of a person sitting at a table with a piggy bank on how to save for your first home.

Mortgage Insurance Costs

If your down payment is under 20%, mortgage default insurance premiums may apply. These premiums are typically added to your mortgage balance and repaid over the life of the loan.

Miniature model house on a table with application papers, models of a mini family and tiles that spell out the word task. All together, they symbolize the Ontario Land Transfer Tax Rebate for First-Time Home Buyers

Property Location Considerations

While this calculator can be used anywhere in Ontario, Ottawa homebuyers should be aware that local closing costs, municipal taxes, and available rebate programs may differ from those in other communities. Understanding these costs early can help you build a more accurate home-buying budget.

Why Mortgage
Calculators Are Helpful header decoration

Mortgage calculators make it easier to understand your financial options before speaking with a lender. They provide a fast, convenient way to compare scenarios and make more informed decisions throughout the home-buying process.

Some of the biggest benefits include:

  • Estimate your monthly mortgage payments in minutes
  • Compare different home prices and purchase scenarios
  • Understand how your down payment affects borrowing costs
  • Budget for land transfer tax and other closing costs
  • Explore affordability before applying for a mortgage
  • Compare different amortization periods and payment frequencies

Have Questions
About Your Results? header decoration

Our mortgage advisors can review your estimate, explain your options, and help you find a mortgage solution that fits your financial goals.

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Mortgage Calculator
FAQsheader decoration

Have questions about mortgage planning and calculations? We’re here to help!

Yes, you can use our mortgage calculator to compare different loan options, such as fixed and variable rates. Please note that adjusting variables like the frequency of payment or loan term can also inform you of other options available.

Absolutely! Our mortgage calculator can estimate your monthly payments based on the information you provide. While the calculator results may differ slightly from your actual payments, it allows you to gain a clearer understanding of the financial commitment that comes with different mortgage scenarios.

Since mortgage calculators can estimate your monthly payments in different scenarios, you can determine what you can and can’t afford when looking for houses as you embark on this new homeownership journey.

A mortgage calculator can help you get an idea of how much your monthly payments will be. All you have to do is input details like your loan amount, interest rate, term, and down payment. When you adjust these values, you can explore different scenarios and understand how these changes can affect your payments. Keep in mind that mortgage calculators may not include all homeownership costs.

To maximize our calculator’s effectiveness, input your mortgage amount, interest rate, payment frequency, rate term, and desired amortization period for paying off the loan. Do your best to be as precise as possible so the estimated payment will be accurate.

Our mortgage calculator provides reliable estimates based on the information you enter. However, your final mortgage payment may differ depending on your approved interest rate, lender requirements, debt ratios, credit profile, and other factors. For personalized figures, it’s best to speak with one of our mortgage advisors.

This calculator estimates mortgage payments for a specific purchase price. If you’re trying to determine your maximum home-buying budget, our pre-approval calculator or a conversation with one of our mortgage experts will provide a more accurate picture of your borrowing power.

Yes. If your down payment is less than 20%, the calculator estimates mortgage default insurance premiums and includes them in your overall mortgage estimate.

Yes. The calculator estimates Ontario land transfer tax based on your purchase price and property location, helping you better prepare for your closing costs.

For the most accurate estimate, use a current mortgage rate or one provided by your mortgage advisor. If you’re unsure which rate to choose, our team can help you understand today’s lending options and how they apply to your situation.

A 25-year amortization generally results in higher monthly payments but lower overall interest costs. A 30-year amortization spreads payments over a longer period, reducing monthly payments while increasing the total interest paid over the life of the mortgage.

The minimum down payment depends on the purchase price of the home. In Canada, eligible buyers can purchase a home with as little as 5% down for qualifying properties, although larger down payments reduce your mortgage balance and may eliminate the need for mortgage default insurance.

The best payment frequency depends on your financial goals and cash flow. Many homeowners choose accelerated bi-weekly payments because they can help reduce the total interest paid and shorten the time it takes to pay off the mortgage.

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The Benefits of
Working

With Usheader decoration

We’re a bit like superheroes without the capes — you can count on us for personalized support and a world of options to guide you toward an informed decision. Buying a home is serious business, but that doesn’t mean we can’t make it a fun process!

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Experienced Team

With years of experience under our belts, our team of specialists is armed with leading knowledge and expertise to help guide you through your homeownership journey.

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Unmatched Solutions

Our connections to various lenders mean you can access the best possible options for your specific needs. We have all kinds of solutions for you to explore!

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Helpful Resources

We get it — the mortgage world can be confusing. That’s why we’re here as your one-stop-shop resource to help simplify the process and enhance your understanding.

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Easy Application

We make mortgages easy, starting from the moment you fill out an application. Just input your details, and we’ll walk you through the rest!

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Mortgage Dictionaryheader decoration

We believe you should feel confident in all aspects of the mortgage process, from comprehending vocabulary to choosing a solution. To help you out, here are some must-know words that you might come across during your journey:

The loan provided by a lender to finance your property purchase.

The initial payment you make towards purchasing your home. This can range from 5% to more than 20% of the property’s value.

This insurance protects the lender if you default on your mortgage payments. This insurance is required for high-ratio mortgages with a down payment of less than 20% of the home’s value.

The initial amount borrowed for a mortgage, excluding interest and other fees.

The interest rate set by major banks and financial institutions, which is used as a benchmark for setting variable mortgage rates.

The schedule you follow for your mortgage payments. This can include monthly, bi-weekly, or weekly.

A voluntary payment made towards the mortgage principal, in addition to your regular monthly payment, to reduce the overall loan amount.

The total time it takes to fully repay the mortgage, typically ranging from 25 to 35 years.

A group of professionals, including mortgage brokers, advisors, and lenders, who can assist you in navigating the mortgage process.

The date when your mortgage term ends and the remaining balance must be fully repaid or renewed.

Ready to Discover Your Options?

We’ll help you explore different mortgage scenarios that can work for your current budget and future goals. Contact us today!

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