Ontario Land Transfer Tax Rates 2025 Calculator Official

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Mortgage Monthly Payment Calculator

Estimate your monthly home loan repayments including interest and principal.

Loan Amount:
Monthly Principal & Interest:
Total Interest Paid:
Total Cost of Loan:

How to Use the Mortgage Payment Calculator

Planning for a new home involves more than just looking at the listing price. Our mortgage calculator helps you break down the monthly cost of homeownership. To get started, enter the total price of the property, the amount you plan to pay upfront (down payment), the current annual interest rate offered by your lender, and the length of the loan term in years.

The Formula for Mortgage Calculations

Mortgage payments are typically calculated using an amortization formula. The standard math used by banks is:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]

  • M: Total monthly payment
  • P: Principal loan amount
  • i: Monthly interest rate (annual rate divided by 12)
  • n: Number of months (years multiplied by 12)
Example Calculation:
If you buy a home for $350,000 with a $50,000 down payment, your loan amount is $300,000. At a 7% interest rate over 30 years, your monthly principal and interest payment would be approximately $1,995.91. Over the life of the loan, you would pay a total of $418,527 in interest.

Factors That Affect Your Monthly Payment

Beyond the principal and interest shown in this calculator, remember that your total housing expense may also include:

  1. Property Taxes: Annual taxes levied by your local government.
  2. Homeowners Insurance: Required by lenders to protect the asset.
  3. Private Mortgage Insurance (PMI): Usually required if your down payment is less than 20%.
  4. HOA Fees: Monthly dues if the property is part of a homeowners association.

Use this tool as a baseline to understand how changes in interest rates or down payment amounts impact your purchasing power. Even a 0.5% difference in interest rates can save or cost you tens of thousands of dollars over the lifetime of a 30-year mortgage.

function calculateMortgage() { var homePrice = parseFloat(document.getElementById("homePrice").value); var downPayment = parseFloat(document.getElementById("downPayment").value); var annualRate = parseFloat(document.getElementById("interestRate").value); var years = parseFloat(document.getElementById("loanTerm").value); if (isNaN(homePrice) || isNaN(downPayment) || isNaN(annualRate) || isNaN(years) || homePrice <= 0) { alert("Please enter valid positive numbers for all fields."); return; } var principal = homePrice – downPayment; if (principal <= 0) { alert("Down payment cannot be greater than or equal to the home price."); return; } var monthlyRate = (annualRate / 100) / 12; var numberOfPayments = years * 12; var monthlyPayment = 0; // If interest rate is 0 if (monthlyRate === 0) { monthlyPayment = principal / numberOfPayments; } else { var x = Math.pow(1 + monthlyRate, numberOfPayments); monthlyPayment = (principal * x * monthlyRate) / (x – 1); } var totalCost = monthlyPayment * numberOfPayments; var totalInterest = totalCost – principal; // Display Results document.getElementById("resLoanAmount").innerText = "$" + principal.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("resMonthlyPayment").innerText = "$" + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("resTotalInterest").innerText = "$" + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("resTotalCost").innerText = "$" + totalCost.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById("mortgageResult").style.display = "block"; }

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