Buying a home is one of the biggest financial decisions you’ll ever make — and it starts with knowing exactly what you can afford. Our free Mortgage Purchase Calculator helps you estimate your monthly mortgage payments and plan your home purchase with confidence.
Whether you’re buying in Toronto, Vancouver, Calgary, or anywhere across Canada, this tool gives you real numbers based on your budget, interest rate, and down payment.
How the Mortgage Purchase Calculator Works
This calculator is designed to show you what your monthly mortgage payments could look like based on your unique financial profile.
Here’s what you can adjust to see accurate results:
- Home purchase price
- Down payment amount or percentage
- Amortization period (typically 25 or 30 years)
- Interest rate (fixed or variable)
- Payment frequency (monthly, bi-weekly, etc.)
Once you enter those details, you’ll instantly see:
- Estimated monthly mortgage payment
- Total cost of borrowing over time
- Amount of interest paid vs. principal
It’s just like using an mortgage payment calculator, but tailored to help you shop the entire Canadian mortgage market — not just one bank’s rates.
Why Use a Mortgage Calculator Before You Buy?
Understanding your potential payments before you house-hunt puts you in control. You’ll avoid surprises, know what to expect, and be more confident when making an offer.
It also helps answer questions like:
- How much house can I afford?
- Should I increase my down payment to reduce monthly costs?
- How will interest rate changes affect my budget?
- What’s the difference between fixed and variable rates?
Whether you’re checking rates in Ontario, comparing mortgage rates in Alberta, or just getting familiar with the Toronto housing market, this calculator is your first step toward clarity.
Compare Rates From Multiple Lenders
Most bank websites — like BMO, or TD — only show rates from their own institution. At Mortgages.ca, our calculator can be paired with real-time rate data across Canada’s top lenders so you can compare and save.
We shop rates across:
- Big banks — including TD mortgage rates, BMO mortgage rates
- Credit unions
- Private lenders for unique financing scenarios
- Broker-exclusive deals not advertised publicly
Using our calculator alongside guidance from a licensed mortgage broker in Toronto gives you an edge when shopping for a home or getting pre-approved.
More Than Just Numbers — We Help You Understand Them
A mortgage calculator is a great start, but your numbers can change based on your credit score, income, employment type, or whether you’re buying a condo vs. detached home.
That’s where our team comes in. We help you interpret the results, then customize a mortgage strategy around your real goals. Just like you’d get from top-tier brokers like Ron Butler of Butler Mortgage, you’ll get transparency and straight talk from advisors who put your best interests first.
Plan Ahead With Real-World Insight
In a shifting economy where the Bank of Canada rate can move quickly, it’s more important than ever to run the numbers before making an offer. This tool helps you prepare for:
- Fluctuating interest rates
- Multiple offer scenarios
- Changes in property taxes or insurance premiums
Our purchase calculator is a key part of your planning process, especially if you’re watching trends in the Toronto MLS or staying updated on the Toronto real estate market.
What Happens After You Use the Calculator?
If the results look good and you’re feeling confident, your next step is to get pre-approved — which we can help with in a matter of hours. We’ll take the numbers from the calculator, verify your details, and connect you with the right lenders.
No pressure, no sales pitch — just honest advice and access to the lowest rates we can find.
Try the Calculator Now
Ready to get started? Scroll back up and try the mortgage purchase calculator. Enter your numbers, explore different scenarios, and see what’s possible. It’s free, fast, and incredibly helpful — whether you’re buying your first home or upgrading to your dream place.
And when you’re ready to take the next step, we’re here to help. Get in touch with a licensed broker today and let’s make your home ownership plan a reality.