Mortgage payment

Your payment, the insurance premium if your down payment is under 20%, and what you still owe when the term comes up for renewal.

Your numbers

Purchase price

Down payment

Percent down

Minimum for this price: $41,180

Interest rate

Amortization

yrs

Term

yrs

How long the rate is locked in, not how long you pay

Payment frequency

Extra per payment

Paid straight against the principal

Your payment

The payment covers principal and interest only. Property tax, heat and condo fees sit on top of it. Where mortgage insurance applies, the premium is already financed into the mortgage amount.

Payment

$2,831.07

Mortgage amount

$529,440

Price less down payment

Total interest

$319,882.53

Over the full amortization

Total cost

$849,322.53

Principal plus interest

Paid off

October 2051

At renewal

A Canadian rate is committed for the term, then renews at whatever is on offer. These figures assume you renew 5 years from now, 2 points higher.

Balance at renewal

$462,174.45

Still owed when the term ends

Interest during term

$102,598.65

Paid before you renew

Payment if rates rise

$3,333.17

Renewing 2 points higher on the remaining amortization

Qualifying payment

$3,437.91

What a lender tests you against, at 6.16%

Principal and interest by year

The early years are almost all interest. The crossover is the year your payment starts buying more house than time.