Calculate Your Mortgage Payments

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Property price

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Down payment

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  • Single family dwellings, condos and duplexes:

    • Minimum down payment of 5% on properties of $500,000 or less
    • For properties over $500,000: Minimum down payment of 5% on the first $500,000 and 10% on the remaining amount

  • Triplexes and quadruplexes: Minimum down payment of 10% for owner-occupied properties

  • Any property with a purchase price greater than $1,500,000 requires a minimum down payment of 20%

Repayment period

years

Interest rate

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%

Results

$392.92 per month

Your mortgage loan1 amount will be:

  • $98,800

  • With insurance premium (CMHC/SagenTM */Canada GuarantyTM): $16.09

Your payments will be:

  • $418.37 per month

Two other payment options

  • $209.18 every two weeks

  • Savings: $2,924.85

  • Repayment period: 22 years, 7 months

  • $104.59 per week

  • Savings: $2,954.35

  • Repayment period: 22 years, 7 months

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Where do these savings come from?
When you opt for accelerated payments (weekly or bi-weekly), you end up making the equivalent of an extra monthly payment per year, which is applied directly to your mortgage principal. This means:
  • considerable interest savings
  • a shorter repayment period (amortization).
Would you like a concrete example of your potential savings? Calculate the Two other payment options for two identical scenarios with different repayment periods.
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Accelerated payments

Pay off your mortgage faster with flexible payments or by using your credit card reward points.

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Pro tip!

Open an FHSA and start saving towards a down payment or other fees related to buying your first property.

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Little details that matter

TM Sagen is a trademark of Genworth Financial Canada, the mortgage insurance company

*Formerly known as Genworth.

TM Canada Guaranty is a trademark of Canada Guaranty Mortgage Insurance Company.

  1. The data generated by this calculator is approximate and does not create any legal or contractual obligation for National Bank and its subsidiaries. The granting of financing remains, at all times, subject to the credit approval of the National Bank. Certain conditions apply. The client agrees to have their personal situation in relation to any product described in these pages validated and analyzed with their accountant, tax expert, and a National Bank advisor.