Financial Tools
Mortgage Calculator
Estimate your monthly mortgage payments for homes across Oshawa. Adjust the numbers to find what fits your budget.
By Keith Williams & Lisa C. Follows, Brokers, Willows Realty Group
Your Numbers
Adjust the numbers
Drag the sliders to see your estimated monthly payment update instantly.
Estimated Monthly Payment
$3,557
principal + interest
Total Interest
$427,000
Total Cost
$1,067,000
Breakdown
- Mortgage Amount
- $640,000
- Down Payment Ratio
- 20%
- Amortization
- 25 years
Based on a 5-year fixed rate with 25-year amortization. Default rates reflect current market conditions. Add property tax (~1% of home price), heating, and CMHC insurance for a complete budget.
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Let us help you find a property that fits your budget.
Know the Numbers
Understanding your mortgage payments
A mortgage is more than the monthly payment. These four factors shape what you can borrow and what you will actually pay over the life of the loan.
How much can you afford?
As a general rule, keep your total housing costs at or below 32% of your gross household income. That includes mortgage, property tax, and heating.
CMHC insurance
A down payment below 20% requires mortgage default insurance, which adds roughly 1.8% to 4% of the loan to your borrowing cost.
Stress test
You must qualify at a higher rate than your contract rate, currently about 5.25% or your contract rate plus 2%, whichever is higher.
Additional costs
Budget for property tax (~1% of the home price per year), home insurance, utilities, maintenance of 1% to 2%, and land transfer taxes.
FAQ
Frequently Asked Questions
Common questions about mortgages and home affordability in Canada.
How do I calculate my mortgage payments?
Your monthly mortgage payment is calculated from three numbers: the amount you borrow (home price minus down payment), the interest rate, and the amortization period. The standard formula divides the loan into equal monthly payments using the monthly interest rate and the total number of payments. Use the sliders on this page to see how each number changes your monthly payment instantly.
What is a typical mortgage term in Canada?
Most Canadian mortgages use a 5-year term, either fixed or variable, with a 25-year amortization period. The term is how long your rate and contract are locked in, while the amortization is the full length of time it takes to pay the mortgage down to zero. At the end of each term you renew at the then-current rate.
How much do I need for a down payment in Canada?
You need at least 5% of the purchase price for homes under $500,000, and 10% on the portion of the price between $500,000 and $1,000,000. For homes over $1,000,000, you need at least 20% down. A down payment below 20% requires mortgage default insurance (CMHC insurance).
Want a personalized affordability analysis?
Keith and Lisa work with trusted local mortgage brokers who can walk you through pre-qualification, CMHC insurance, and the exact numbers for your situation, with no pressure and no obligation.
Get in Touch