Mortgage calculators
Six tools that use real Canadian mortgage maths rather than the simplified monthly-compounding version most online calculators run. Fixed rates compound semi-annually here, because that is how they actually work.
Payment calculator
What a given price, down payment and rate actually costs per month. Canadian fixed rates compound semi-annually and this calculates them that way.
Run the numbers
Estimate only. Not an approval or a rate offer. Some conditions may apply. Rates may vary from province to province and are subject to change without notice. Posted rates may be high-ratio and/or quick-close, which can differ from conventional rates. O.A.C. E.&O.E.
Affordability calculator
The other direction: what a lender would likely let you borrow, tested at the qualifying rate rather than the rate you were quoted.
What could you actually qualify for?
Estimate only. Not an approval or a rate offer. Gross debt service is capped at 39% and total debt service at 44%, which is where most lenders sit. Heating is assumed at $150 per month. Some conditions may apply. Rates may vary from province to province and are subject to change without notice. Posted rates may be high-ratio and/or quick-close, which can differ from conventional rates. O.A.C. E.&O.E.
Renewal and penalty estimator
What breaking your term early would cost, and which of the two penalty calculations your lender would apply.
Estimate the penalty
Estimate only. Not an approval or a rate offer. Every lender calculates the interest rate differential differently, and some use a posted rate rather than the rate you were given, which can multiply the number. Always ask your lender for the exact figure in writing before you act on an estimate. Some conditions may apply. Rates may vary from province to province and are subject to change without notice. Posted rates may be high-ratio and/or quick-close, which can differ from conventional rates. O.A.C. E.&O.E.
Accelerated bi-weekly
Half the monthly payment every two weeks is twenty-six payments a year, not twenty-four. The thirteenth monthly payment lands entirely on principal.
Accelerated bi-weekly savings
Estimate only. Not an approval or a rate offer. Assumes the rate holds for the whole amortization, which no Canadian mortgage does - it renews every term. The saving is the shape of the effect, not a quote. Some conditions may apply. Rates may vary from province to province and are subject to change without notice. Posted rates may be high-ratio and/or quick-close, which can differ from conventional rates. O.A.C. E.&O.E.
Mortgage payoff
What a lump sum today and a fixed extra each month take off the amortization, and what they save in interest before the mortgage is gone.
Pay it off sooner
Estimate only. Not an approval or a rate offer. Prepayment privileges vary by lender and by product, and exceeding them triggers a charge. Check your commitment before you set anything up. Some conditions may apply. Rates may vary from province to province and are subject to change without notice. Posted rates may be high-ratio and/or quick-close, which can differ from conventional rates. O.A.C. E.&O.E.
Compare two mortgages
The lower rate is not automatically the cheaper mortgage. This judges both on what you have actually spent by the end of the term, fees and remaining balance included.
Compare two mortgages
Estimate only. Not an approval or a rate offer. Total cost is payments made over the term plus the balance still owing at the end of it, so a longer amortization is not rewarded for the smaller payment it produces. Some conditions may apply. Rates may vary from province to province and are subject to change without notice. Posted rates may be high-ratio and/or quick-close, which can differ from conventional rates. O.A.C. E.&O.E.
A calculator cannot read your file
These give you a shape. What you actually qualify for depends on the documents, and that is a conversation.