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Mortgage Payment Calculator
Mortgage Payment Comparison Calculator
Mortgage Affordability Calculator
Mortgage Prepayment Calculator
Calculators on the site are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please contact us directly to seek personalized advice from qualified professionals for all personal finance issues.
Mortgage Affordability Calculators: Find the Payment that Works for You
Homeownership can be very satisfying. You know your home is yours, so you can decorate, landscape, renovate, and update it to make it comfortable and in line with your personal style. Owning a home offers the chance to build equity, too, supporting good financial health.
However, your home and the mortgage you use to pay for it have to make sense financially. The last thing you want is to feel squeezed each month by your mortgage payments, worrying about making ends meet.
Using a mortgage affordability calculator, mortgage payment calculator, and similar tools can make your financial position a little clearer. You can take the many factors of a mortgage, from the interest rate to the down payment, and adjust them as needed. Then, you can calculate what matters on a practical level: your monthly payment.
Four Loan Calculators for Canadian Mortgages
Make a more informed decision about your mortgage. You can find effective support and address a wide range of mortgage-related financial questions with our mortgage calculators!
- Mortgage Payment Calculator: Also called an amortization calculator and loan payment calculator, this tool will show a hypothetical monthly payment. It can also break down the split between principal and interest for each payment.
- Mortgage Payments Comparison: Compare two loan options with this tool. It works as a mortgage loan interest calculator, too, helping you see the difference between interest rates on fixed- and variable-rate loans.
- Mortgage Affordability Calculator: Find the mortgage payment that aligns with your income, expenses, and debts. This monthly mortgage payment calculator can make it easy to find the ideal terms and conditions for your home loan.
- Mortgage Prepayment Calculator: At Innovation, you get a mortgage prepayment option that saves you money across the life of your loan. Use this mortgage rate calculator to see your potential savings!
With our simple mortgage calculators, you can find the sweet spot for your total mortgage value and monthly payment based on your specific income.
A Mortgage You Can Count On
Our mortgage payment calculator for Canadians isn’t limited to our credit union, but we hope you’ll like what we have to offer you.
From profit sharing to community investment and no-penalty, money-saving mortgage prepayment options, you can save, earn, and give more every day!
Ready to take the next step toward a mortgage?
Mortgage Affordability and Payment FAQs
What is the 28/36 Rule?
This rule is a simple way to remember what you can likely afford for a mortgage, based on monthly income and expenses. You shouldn’t spend more than 28% of your monthly pre-tax income on housing expenses. Similarly, no more than 36% should go toward debt (including but not limited to your mortgage). Many lenders use this rule to help determine loan eligibility.
What size of mortgage can I afford in Canada?
Most lenders use Canada Mortgage and Housing Corporation (CMHC) debt limits:
- Your Gross Debt Service (GDS) must be 39% or less of your gross income and
- Your Total Debt Service (TDS) must be 44% or less of gross income.
Your GDS is your mortgage principal + interest + property taxes + heating costs + additional fees, divided by your gross annual income.
Your TDS is your GDS debt mentioned above + all other debt you have divided by your gross annual income.