Mortgage Calculator

Before starting your home search, it's important to evaluate your financial situation, confirm your budget, familiarize yourself with mortgage options and secure pre-approval from your lender.  This will help you conduct your search with confidence and negotiate your desired home successfully.

Mortgage Calculator

This calculator is for information purposes only. Users should not use this calculator to make any financial decisions and should speak with their bank or mortgage broker. The website owner does not guarantee the accuracy or reliability of any information or calculations provided by this calculator. The website owner is not liable for loss or damage of any kind arising from the use of this tool.

Understanding Mortgage Basics

knowledge is power so learning the terms commonly used when researching your mortgage options is key.  The calculator doesn't help if you don't know the language it's speaking.


Amortization is the length of time the entire mortgage debt will be paid. The longer the period, the lower your payments, but the more interest you pay in the long run.

Interest Rates

Mortage interest rates are fixed, variable or adjustable.

  • Fixed is a locked in rate that will not change for the term
  • Variable is a rate that fluctuates pending the market conditions while the payment remains unchanged
  • Adjustable rate means both the interest and the mortgage payment change based on market conditions

Mortgage Term

The term is the length of time the mortgage contract conditions, including interest rate, are fixed. The term can be 6 months to 10 years.

Open or Closed Mortgage

Closed mortgages cannot be paid off, in whole or in part, before the end of the term.  A closed mortgage.  There are often penalties if you pay additional amount but is a good option if you want predictable monthly expenses.

Open mortgage means you can pay off part or the entire amount at any time without penalty.  This may be a better option if you plan to sell in the future.

Conventional vs High Ratio Mortgage

Conventional Mortgage: a mortgage loan that is equal to, or less than, 80 percent of the lending value of the property.  A down payment for a conventional mortgage is at least 20 percent of the purchase price or market value.

High-ratio Mortgage: If your down-payment is less than 20 percent of the home price, you will typically need a high-ration mortgage which usually requires mortgage loan insurance.

I deeply care about my clients and work to make sure you get the best experience as we navigate the market and their ever-evolving real estate needs. 

What do you need help with?

Steven Hill

Start With Choosing The Best Representation

As an Accredited Buyer's Representative, Real Estate Negotiations Expert and a Certified Condominium Specialist, I provide full service to home buyers  Having proper buyer representation is critical to a successful purchase and your real estate investment. There are negotiation strategies, contract laws, agency relationships, to take into consideration when choosing the right buyer representation.  Choose Wisely.

If you are interested in buying a home, it would be an honour to help.

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.