Whether you are buying a home in the United States or Canada, understanding your monthly mortgage payment is the first step to homeownership. This tool calculates your principal and interest payments based on your loan amount, interest rate, and term length.
The main difference lies in compounding. US mortgages typically use monthly compounding, meaning interest is calculated 12 times a year. Canadian mortgages use semi-annual compounding, which can slightly lower your effective monthly payment. Select your region in the dropdown above for the most accurate result.