Canadian Mortgage & Loan Calculator

Gain a better understanding of the mathematics involved with the mortgage industry by calculating mortgage payments, amortization schedules, and interest rates.


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Use the three "what if" scenarios to analyze Canadian mortgage options and see how a change in interest rates affect your mortgage payments, how an increase in payments affects your amortization period and so on.

Tips on using the mortgage calculator

Calculating a simple Canadian mortgage payment is relatively straightforward but here are some calculations you might not be aware of. See Tips >>

Fill in the following fields: loan amount, compound period (leave this at semi-annual which is the compounding used for Canadian mortgages), mortgage amortization period in months, mortgage term in periods (months) and the mortgage payment. Click "calculate".

You can manipulate the outstanding balance of a mortgage with the "term". Simply choose the number of months for your outstanding mortgage balance and your done. ie, 60 months would equate to the outstanding balance after 5 years, assuming that your using monthly payment frequency. If your using annual payment frequency, you would use 5 instead of 60 and so on.

You might also be noticing that when you use the mortgage term to manipulate the outstanding balance, the mortgage interest and mortgage principal also change. It's a great way to see the amount of principal or interest paid to a certain point.

To calculate an amortization schedule do the following: calculate a mortgage payment, choose the amortization "start" month, the start date (amortization from) and then choose the year you want to start with (output from) and the year you want the amortization schedule to finish on (output to). Then click "calculate".

The mortgage calculator is described as being Canadian, and by default, it will calculate a Canadian mortgage, however it also has the ability to calculate US mortgages. To calculate a US mortgage payment, simply change the compound period from semi-annual to monthly. That's the only difference between a mortgage in Canada and a mortgage in the US.

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We hope you find the mortgage calculator useful.

Do you know what your GDS and TDS are?

How much can you afford?

Want to know where you stand? With a few simple calculations, you can work out the home you can afford to buy. Use the examples below as a guide to calculate your own GDS and TDS ratios.

Simply input your monthly payments and household income. Your GDS (gross debt service ratio) and TDS (total debt service ratio) will be dynamically calculated.

Monthly Mortgage Payment $
Property Taxes $
Heating Costs $
Condo Fees (if required) $
Total Payments   
Gross Monthly Household Income $


Other Debts (Credit Cards, etc.) $




GDS RATIO (Gross Debt Service Ratio): The percentage of gross annual income required to cover payments associated with housing. Payments include mortgage principal, interest, property taxes and sometimes include secondary financing, heating, condominium fees or pad rent.

TDS RATIO (Total debt service ratio): The percentage of gross annual income required to cover payments associated with housing and all other debts and obligations, such as car loans and credit cards.

Example - GDS - Gross Debt Service Ratio

Monthly mortgage payment: (principal and interest)* $1,191.84
Property taxes: (monthly) $150.00
Heating costs: (monthly) $105.00
Other:** $50.00
Total monthly payments: $1,496.84
Gross monthly household income: $6,000.00
GDS = Total monthly payments (x 100)
            Gross monthly income
GDS = $1,496.84 (x 100) = 24.95%

* Principal and interest must be based on the total insured loan amount, including CMHC insurance premium (if you choose to add the premium to your mortgage and not to pay the premium up front). Mortgage payment is based on a $200,000 mortgage, 5.25% interest rate, 25 year amortization.

** If you are purchasing a condominium, you must include 50% of the monthly condominium fee. If the mortgage is for a mobile home (chattel mortgage) include 100% of the monthly site (pad) rent.

Example - TDS - Total Debt Service Ratio

Total monthly housing payments: (from GDS calculation):* $1,496.84
Other debts: (personal loans, car loans, credit cards, etc.): $350.00
Total monthly debts: $1,846.84
Gross monthly household income: $6,000.00
TDS = Total monthly payments (x 100)
            Gross monthly income
TDS = $1,846.84 (x 100) = 30.78%

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