Plan · Calculate · Move Forward
Estimate your monthly payment and plan your next move with confidence.
This is an estimate for planning purposes only, based on the figures you enter. Your actual payment depends on your lender, mortgage type, insurance, condo fees, and current rates. In Canada, a down payment under 20% requires mortgage default insurance (CMHC), which is not included here. Contact me and I'll connect you with a trusted mortgage professional for exact numbers.
Understanding Your Mortgage
In Canada, the minimum is 5% on the first $500,000 and 10% on any portion above that (20% for homes over $1M). A larger down payment lowers your loan and monthly cost, and reaching 20% lets you avoid CMHC insurance.
This is how long you take to pay off the mortgage, commonly 25 years. A longer amortization means lower monthly payments but more interest over time; a shorter one costs more monthly but saves interest.
Separate from amortization, your term (often 5 years) is how long your current rate and contract last. At the end you renew, renegotiate, or refinance.
A fixed rate stays the same for your term, offering stability. A variable rate moves with the lender's prime rate, often lower to start but subject to change.
Paid to the City of Calgary based on your home's assessed value, often bundled into your monthly mortgage payment by your lender.
If you buy a condo or some townhomes, monthly condo fees cover building maintenance, amenities, and reserves, and are separate from your mortgage.
Financing Options
Your rate and payment stay the same for the full term. Stable and predictable, usually at a slightly higher rate. Popular for peace of mind.
Your rate moves with the lender's prime rate. Often lower to start, but payments can change. Best for stable incomes that can handle fluctuation.
Pay off your loan in full or make extra payments any time without penalty. Maximum flexibility, usually higher rates.
Locked terms with limited prepayment, at lower rates. The most common type in Canada. Early payoff usually means a penalty.
Choosing the right mortgage depends on your situation and plans. I can connect you with trusted mortgage professionals to find the best fit.
