Mortgage Estimator

Bank of Canada · Policy Rate

—

fetching latest rate…

5-Year Fixed (guide)

4.79%

varies by lender

BoC rate is the benchmark set by the central bank. 5-year fixed is closer to what you'd actually pay on a mortgage (a few percent higher than the BoC rate). Use the slider below to try your own number.

Home price

$500,000

$100K$2M

Down payment

20% $100,000

5%50%

Interest rate

4.79%

1%10%

Amortization

25 yrs

5 yrs30 yrs

Estimated

$2,400

per month

Mortgage amount

$400,000

Total interest

$320,000

Total cost of mortgage

$720,000

For estimation purposes only. This calculator gives a rough monthly payment based on the inputs above and uses the standard Canadian semi-annual compounding formula. It does not include CMHC default insurance, property taxes, home insurance, condo fees, legal costs, land transfer tax, or closing costs. Actual rates, qualification, and approval vary by lender, credit, income, and property. Contact a licensed mortgage broker or lender for a real pre-approval, and contact Colette Banks for help finding the right home for your budget.

Ready for the Next Step?

Let's find a home that fits your budget

Once you've got a rough number in mind, the next step is talking to a mortgage broker for a real pre-approval. I'm happy to recommend a few in the Interlake area.

Get in Touch

Let's find a home that fits your budget