Question 1

How do I calculate my monthly mortgage payment?

Accepted Answer

Your monthly mortgage payment is determined by the mortgage amount (principal), the annual interest rate, and the amortization period. This calculator uses the standard amortization formula to estimate your monthly payment, total interest paid, and total amount paid over the life of the loan.

Question 2

What is a typical amortization period for a Canadian mortgage?

Accepted Answer

A 25-year amortization period is the most common for Canadian home buyers, though 30-year amortizations are available for some insured mortgages. Longer amortization periods mean lower monthly payments but more total interest paid over time.

Question 3

Why does a higher interest rate increase my total mortgage cost?

Accepted Answer

A higher interest rate increases both your monthly payment and the total interest you pay over the life of the mortgage. The calculator shows how the rate directly affects the estimated monthly payment and total interest.

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