Mortgage Calculator 

Once you’ve made the decision to buy a new home, the buying process begins with estimating how much you can afford to spend. Use our mortgage and purchase process guide below to learn more.

Why use a mortgage payment calculator?

When planning to buy a home, it's easy to focus on the headline figures, like the final purchase price or your overall mortgage amount. But in many way, the most relevant number for your mortgage will be your regular repayments. After all, your mortgage payments are the amount that you'll need to take from your pay cheque each month to keep your mortgage under control.

Using a mortgage payment calculator like the one above takes the guess work out of your mortgage payments. Our calculator lets you understand how much you'll need to pay each month for any size of mortgage, with any rate. This means you can compare homes and mortgage products with confidence, all the while knowing exactly how much you'll be on the hook for in each scenario.


How to use the mortgage payment calculator

To use the calculator, start by entering the purchase price, then select an amortization period and mortgage rate. The calculator shows the best rates available in your province, but you can also add a different rate. The calculator will now show you what your mortgage payments will be.

By default, the mortgage payment calculator will show four different monthly payments, depending on the size of your down payment. It will automatically calculate the cost of CMHC insurance. You can change the size of your down payment and the payment frequency to see how your regular payment will be affected

Our calculator also shows you what the land transfer tax will be, and approximately how much cash you’ll need for closing costs. You can also use the calculator to estimate your total monthly expenses, see what your payments would be if mortgage rates go up, and show what your outstanding balance will be over time.

If you’re buying a new home, it’s a good idea to use the calculator to determine what you can afford before you start looking at real estate listings. If you’re renewing or refinancing and know the total amount of the mortgage, use the “Renewal or Refinance” tab to estimate mortgage payments without accounting for a down payment.

 Mortgage payment calculator

Ratehub.ca logo
First time homebuyers may want to take advantage of the federal government’s Home Buyers’ Plan. Under this plan, you may use up to $25,000 of your RRSP towards the purchase of a home. The money is tax-free as long as you pay it back in the next 15 years. Ask for details.

  • What is a mortgage?
  • Where do I find a Lender/Mortgage Broker?
  • Pre-Qualifying for a Mortgage
  • How long is a Pre- Qualification Approval good for?
  • REQUALIFICATION: If you haven’t already gone through the mortgage pre-qualification process, you will need to meet with a lender or mortgage broker. They will establish how much of a mortgage you will qualify for. Mortgage rates vary considerably and it is paramount that you shop around for the best rate, terms and options.
  • DO I HAVE TO SIT WITH THE MORTGAGE COMPANIES/LENDERS? – No. A lot of the Pre-Qualification is done online.
  • I just got a new job…Will I qualify for a mortgage?
  • Our Mortgage Calculator will help you determine what monthly mortgage payment and the maximum mortgage you can manage. Note: if you are buying a condo, the amount of your monthly assessment has a direct impact on how much you can afford to spend on your mortgage.

GUIDE TO DOING BUSINESS IN CANADA: REAL ESTATE & URBAN DEVELOPMENT

Posted on May 02, 2021

Real estate & urban development


Real estate is a broad category that covers buying, selling, developing, leasing and financing across a wide range of sectors 

- from mining, forestry, and oil and gas to light-to-heavy industrial, commercial, residential, recreational, retail, office, condominiums, subdivisions, urban development, brownfields and mixed...

Read More

The Multiple Listing Contract, Real Estate in British Columbia 

Posted on Apr 10, 2021 in SELLERS

The Listing Contract legally defines your arrangement with the brokerage and, in accordance with the Real Estate Rules, it must contain:
The Multiple Listing Contract, Real Estate in British Columbia
  •    your name and the name of the brokerage that you have chosen to work with;
  •    the address of the property you are selling;
  •    the effective date of the agreement;
  •    the date the agreement expires;
  • a general description of ser...

Read More

Unauthorized Accommodations/Secondary Suites ... Read before you Buy.  

Posted on Apr 09, 2021 in BUYERS

Mortgage Helpers. There's quite a bit of demand these days for additional income to help reduce the costs of  mortgage expenses so a lot of buyers are looking for properties with rental or Secondary suites. 
Unauthorized Accommodations/Secondary Suites ... Read before you Buy. www.lolaoduwole.com

Secondary suites provide affordable, ground-oriented rental housing and contribute to the amount and diversity of housing available in the city...

Read More

March 2021 Housing Report 

Posted on Apr 06, 2021 in Housing Market Report

"In March, residents bought and listed homes across our region at levels not seen before. This surge in activity is increasing upward pressure on prices. We’re beginning to see double-digit price gains for single-family homes and townhomes over the last 12 months."
Taylor Biggar, REBGV Chair


Last month’s sales were 72.2 per cent above the 10-year Mar...

Read More

Get In Touch

Lola Oduwole

RE/MAX All Points Realty

101, 1020 Austin Avenue  Coquitlam,  BC  V3K 3P1 

Phone: 6048096317

lolaoduwole@yahoo.ca