Mortgage payment calculator
Calculate and compare mortgages.
Use this mortgage calculator to estimate your mortgage payment amounts and compare different scenarios to find the best option for you.
Things to keep in mind.
Interest rate fluctuations
Interest is compounded semi-annually. This calculator can’t be used to calculate fluctuations in payments for variable or floating-rate mortgages.
Additional closing costs
Buying a house includes additional closing costs, such as legal fees and property transfer taxes, which are not factored into this calculation.
Mortgage default insurance
If you need a high-ratio mortgage because your down payment is less than 20% of your home’s purchasing price, the cost of mortgage default insurance could be up to 4.00% of the mortgage amount. Your affordable amount might decrease due to this.
Ways to save on your mortgage.
Practical tips to help you pay less interest and pay off your mortgage sooner.
Increase how much and how often you pay
Switch from monthly to accelerated bi‑weekly payments. You can also increase your regular payment by up to 20% each year. Paying more, more often helps reduce interest and lower your principal faster.
Choose a shorter amortization
When setting up or renewing your mortgage, choose the shortest amortization you can comfortably afford. A shorter amortization means you will pay less interest over the life of your mortgage.
Make extra payments when you can
Use prepayment options to put extra money toward your mortgage, such as lump‑sum payments of up to 20% of your original principal each year. Tax refunds, bonuses, or other cash windfalls can make a big difference. Extra payments go straight to your principal.
Keep payments steady at renewal
If interest rates drop at renewal, consider keeping your payments the same. You can stay on track with your amortization or pay off your mortgage sooner without increasing your budget.
Featured mortgage rates.
Our top picks and special offers.
3.97% APR◊
5-year fixed-term variable rate
Great if you want a variable rate with the security of predictable payments.
4.47% APR¤
3-year fixed-term fixed-rate insured
Book an appointment for a high-ratio insured mortgage. Terms and conditions apply.
4.52% APR**
Special offer
3-year fixed-term fixed-rate (special offer)
Special offer rate when you book an appointment for a fixed-term, fixed-rate mortgage. Terms and conditions apply.
4.56% APR¤
5-year fixed-term fixed-rate insured
Book an appointment for a high-ratio insured mortgage. Terms and conditions apply.
4.25% APR◊
1-year fixed-term fixed-rate
Great if you want to lock in a short-term mortgage and consider future refinancing options.
4.49% APR◊
2-year fixed-term residential
Great if you want to lock in a short-term mortgage. Terms and conditions apply.
4.62% APR◊,α
4-year fixed-term fixed-rate
Great if you want to count on making the same payment for your entire term.
4.66% APR◊
5-year fixed-term fixed-rate
Great if you want to count on making the same payment for your entire term.
Where you bank can change everything.
- 100% of everyday deposits stay in the local and Canadian economy.
- 30% of profits go to you and fund values-based projects.
- 75+ years of positive action on climate and inclusion.
Tools to help you get on track.
* You must qualify for a mortgage using a minimum qualifying rate set by the federal government to show you’ll be able to afford payments at an interest rate typically higher than the actual rate of your mortgage contract. As of Dec. 12, 2023, this minimum qualifying rate is either 5.25% or your interest rate plus 2%, whichever is higher.
To get a better estimate of what you could qualify for when using the Affordability calculator, complete your calculation and select the “Stress Test Rate” option if available or by using “enter your own rate” and adding 2%. The calculation assumes a constant interest at a fixed rate throughout the amortization period
These calculators are based on the data you have entered and for illustration purposes only. Any examples are hypothetical. The calculator is not an advertisement for any particular mortgage loan product, nor is it a part of the loan approval process. The applicability and accuracy of the calculations are not guaranteed. The calculator makes a number of assumptions that may or may not be correct or true in your particular circumstances. Vancity does not make any express or implied warranties or representations with respect to any information or results in connection with this calculator. Vancity will not be liable for any losses or damages arising from any errors or omissions in any information or results, or any action or decision made by you relying on any information or results. Actual mortgage rates may fluctuate and are subject to change at any time without notice. Mortgage prepayments may be subject to a prepayment charge. You may qualify for a larger mortgage amount based on other sources of income such as rental income. For mortgage approval you will typically need at least 5% of the purchase price as a down payment. Mortgage default insurance is mandatory for down payments between 5% and 19.99% of the purchase price. The calculator is for residential properties and mortgages. Additional conditions may apply. Please speak to one of our mortgage specialists to obtain a more detailed assessment of what mortgage products will work best for you.
Some conditions apply. Available to Vancity members on new and renewing mortgages where the mortgage loan-to-value is less than 75% and the amortization is 25 years or less. Must be owner occupied. All applicants must meet the Vancity lending criteria. Rate is subject to change or may be withdrawn without notice at any time.
Some conditions apply. Available to Vancity members on new and renewing mortgages where the amortization is 25 years or less, and residential property with a purchase price under $1,000,000. Must be owner occupied. All applicants must meet the Vancity lending criteria. Rate is subject to change or may be withdrawn without notice at any time.
Available to members with less than 20% down payment, a residential property with a purchase price under $1,500,000, the amortization is 30 years or less, owner occupied, and who are eligible for and purchase mortgage default insurance. Default insurance is subject to eligibility conditions, limitations and exclusions. All applicants must meet the Vancity lending criteria. The annual percentage rate (APR), compounded semi-annually, not in advance. The APR is based on a mortgage of $300,000 with monthly payments, a 25 year amortization and an appraisal fee of $300. Appraisal fees are subject to change and an increase may result in an increase to the APR. You may be required to pay additional fees which would increase your APR. If there are no cost of borrowing charges, the APR and the interest rate will be the same. Rate is subject to change or may be withdrawn without notice at any time. This rate cannot be combined with the mortgage cash back offer.
Some conditions apply. This advertised rate is only available to members with 20% or greater down payment on the property, purchasing a residential owner-occupied property with purchase price under $1,000,000, and mortgage amortization of 25 years or less. All applicants must meet the Vancity lending criteria. The annual percentage rate (APR), compounded semi-annually, not in advance. The APR is based on a mortgage of $300,000 with monthly payments, a 25 year amortization and an appraisal fee of $300. Appraisal fees are subject to change and an increase may result in an increase to the APR. You may be required to pay additional fees which would increase your APR. If there are no cost of borrowing charges, the APR and the interest rate will be the same. Rate is subject to change or may be withdrawn without notice at any time.
You must qualify for a mortgage using a minimum qualifying rate set by the federal government to show you’ll be able to afford payments at an interest rate typically higher than the actual rate of your mortgage contract. As of Dec. 12, 2023, this minimum qualifying rate is either 5.25% or your interest rate plus 2%, whichever is higher.