Mortgage calculators
Set a purchase budget, estimate a monthly payment, check your renewal or see what consolidating debt does to your monthly outflow.
What can 8Twelve's mortgage calculators do?
Five free calculators cover the questions we hear most: how much you can borrow, what the payment will be, what your renewal will cost, whether rolling debt into your mortgage makes sense and how much tax is due at closing. Each one uses Canadian rules, including semi-annual compounding, default insurance premiums and the stress test.
Buying? Start with affordability. Already own? Start with the renewal or debt consolidation calculator.
- Payment calculator: estimate your monthly payment from price, rate, down payment and amortization
- Affordability calculator: find your maximum home price using GDS/TDS ratios and the stress test
- Renewal calculator: compare your new rate at renewal against your current payment
- Land transfer tax calculator: estimate closing costs for any province, including Toronto and first-time buyer rebates
- Debt consolidation calculator: see potential savings from rolling high-interest debt into your mortgage
Mortgage Details
Location Details
Estimated Payment
Your expected payment schedule over the full amortization period.
$2,712
Monthly Payment
Mortgage Details
Home Price
$500,000
Interest Rate
5%
Down Payment
$50,000 (10.0%)
Mortgage Term
5 Years
Total Loan Cost
$813,662
Amortization Period
25 Years
Loan Amount
$463,950
Payment Frequency
Monthly
Total Interest Cost
$349,712
No. of Payments
300
CMHC Premium
$13,950
Land Transfer Tax
$6,475
Results are estimates. Your actual payment may differ.
Quick reference guides
Minimum down payment
- Under $500K: 5% minimum
- $500K–$1.5M: 5% on first $500K, 10% on remainder
- $1.5M+: 20% minimum
CMHC insurance costs
- 5% down: 4.00% premium
- 10% down: 3.10% premium
- 15% down: 2.80% premium
- 20%+: No insurance needed
Stress test rate
- Qualifying rate: contract rate + 2%
- Or 5.25%
- Whichever is greater
All our calculators
Mortgage payment calculator
Estimate your monthly payment from price, down payment, rate and amortization.
Affordability calculator
Find your maximum home price using GDS/TDS ratios and the mortgage stress test.
Mortgage renewal calculator
Compare your renewal offer with your current payment and see how much it changes.
Debt consolidation calculator
See your monthly outflow before and after rolling credit cards and loans into your mortgage.
Land transfer tax calculator
Estimate the transfer tax due at closing in any province, including Toronto and first-time buyer rebates.
Already own your home?
These tools aren't only for buyers. If your 2021 five-year fixed is about to renew, run the renewal payment calculator with your remaining balance and a few example rates to see the size of the jump, then read what to check before you sign your renewal.
Carrying $30,000 across credit cards and a car loan? The debt consolidation savings calculator compares what you pay now with a single mortgage payment, and our guide to consolidating debt into your mortgage walks through the costs. To change your rate, amortization or balance mid-term, see how refinancing works in Canada (you can borrow up to 80% of your home's value). If you'd rather draw funds as you need them, compare that with a home equity line of credit.
Shopping for a home instead? Set your ceiling with the how-much-can-I-afford calculator, price the monthly cost with the monthly mortgage payment calculator and budget closing cash with the land transfer tax estimator.
Frequently asked questions
Which mortgage calculator should I use first?
It depends where you are. Buyers should start with the affordability calculator to set a budget, then use the payment and land transfer tax calculators once they have a price in mind. Homeowners whose term is ending should start with the renewal calculator, and anyone carrying credit card or loan balances should run the debt consolidation calculator.
Are these calculators accurate for my actual mortgage approval?
They're close estimates built on the same formulas and rules lenders use, including insurance premiums, GDS/TDS ratios and the stress test. A real approval also depends on your credit, employment and each lender's policies, so treat the results as a starting point, not a decision.
Are 8Twelve's calculators free to use?
Yes, all our calculators are free with no sign-up required. Run as many scenarios as you like.
Ready to turn an estimate into a real quote?
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Current Mortgage Rates
Find a realistic rate to use in your calculations.
Learn moreFirst Home Buyers
Special programs can lower your costs further.
Learn moreKnowledge Hub
Learn how mortgages work in our resource centre.
Learn moreBest available rate from 8Twelve's lender panel, subject to qualification and lender approval. OAC. Your rate depends on your individual financial situation.