Canadian Mortgage Calculator

This calculator can be used to determine the monthly payments of Canadian mortgages, which compound interest semi-annually. It will also calculate the required annual income that’s necessary for Canadian homebuyers to have in order to qualify for financing.

The default entries provided in the calculator show a $300,000 house with a $250,000 mortgage at 4.75% interest for 30 years. The monthly principal and interest (P&I) payment is calculated to be $1,297.15; the down payment is $50,000.00 with a required down payment of $75,00; and the required income to qualify for this home is $48,642.95.

To use the calculator, enter the following information:

Property Information: Home Value.
Loan Information: Amount (of mortgage), Interest Rate and Length (in years).

The calculator will compute the following information:

Monthly Principal and Interest
Total Monthly Payments
Total Interest Paid
Down Payment
Required Down Payment
Required Income

The calculator can also produce a PDF output file for download, and you can click the check box to view the Schedule Table for the time frame selected. The Schedule Table fields include: Number (of payment month), Interest, Principal, and Balance. It also shows totals for every field after each year of the mortgage.

Input Information

Property Information
Home Value :	($)
Loan Information
Amount :	($)
Interest Rate :	(%)
Length :	(Yrs)
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Show Schedule Table

Financial Analysis

Monthly Principal and Interests :	$1,297.15
Total Monthly Payments :	$466,967.28
Total Interests Paid :	$216,972.35
Down Payment :	$50,000.00
Required Down Payment :	$75,000.00
Required Income :	$48,642.95