Financial Tools

Mortgage Calculator

Estimate your monthly mortgage payments for homes across Durham Region. Adjust the numbers to find what fits your budget.

By Keith Williams & Lisa C. Follows, Brokers, Willows Realty Group

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$200K $3M
$0 $2M
0.5% 10%
5 yr 30 yr

Canadian mortgage defaults

Based on a 5-year fixed rate with 25-year amortization. Default rates reflect current market conditions. Add property tax (~1% of home price), heating, and CMHC insurance for a complete budget.

Monthly Payment

$3,557

principal + interest

Total Interest

$267,089

Total Cost

$907,089

Mortgage Amount $640,000
Down Payment Ratio 20.0%
Amortization 25 years

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Understanding your mortgage payments

How much can you afford?

A good rule of thumb is your monthly housing costs (mortgage, property tax, heating) should not exceed 32% of your gross household income. Use this calculator as a starting point, then talk to a mortgage professional.

CMHC insurance

If your down payment is less than 20%, CMHC mortgage loan insurance is required. This adds 1.8% to 4% to your mortgage amount, increasing monthly payments.

Stress test

Canadian lenders apply a mortgage stress test. You must qualify at a rate higher than your contract rate (typically 5.25% or the contract rate + 2%). Make sure you budget accordingly.

Additional costs

Beyond your mortgage, budget for property taxes (approx. 1% of home value annually), home insurance, utilities, maintenance (1–2% of home value annually), and land transfer taxes.

Frequently Asked Questions

Common questions about mortgages and affordability.

How do I calculate my mortgage payments?
Enter your home price, down payment, interest rate, and amortization period into the calculator. It will show your estimated monthly payment, total interest, and total cost.
What is a typical mortgage term in Canada?
Most Canadian mortgages have 5-year fixed or variable terms, but you can choose terms from 6 months to 10 years. The amortization period is typically 25 years.
How much do I need for a down payment in Canada?
For homes under $500,000, the minimum down payment is 5%. For homes between $500,000 and $1.5 million, it is 5% on the first $500,000 and 10% on the balance. Over $1.5 million requires 20%.

Want a personalized affordability analysis?

We work with trusted local mortgage brokers who can help you get pre-approved and find the right financing for your Durham Region home.

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