Organize Your Payments Using Our Mortgage Calculator

Our mortgage purchase calculator is an informative tool that shows approximately how much your monthly mortgage payment will be. The calculator gets this number by taking the Home property value, amortization schedule, interest rate and down payment into account. 

If you have the Home value set, the payment calculator allows you to compare and test out different down payment and amortization periods. Default insurance is also calculated if required. 

Elements of the Mortgage Calculator

Property Value

The property value refers to the purchase price of the house without any other associated costs. The value of the property is reflective of the real estate market. The value of the Home can also be determined by an appraisal if the house is being refinanced. 

Amortization Period

Depending on how long of a time period you would like to pay off your entire mortgage, you can fast-track your way or take your time. This payment calculator ranges from 5-30 years.

In Canada, the maximum amortization period is 35 years with the exception of default insured mortgages that have a maximum amortization of 25 years.

A portion of each payment will be put towards the principal balance as well as the interest. The longer you set your amortization schedule, the more interest you will have to pay.

Mortgage Rate

Throughout a mortgage term, the buyer can choose between a fixed mortgage rate or a variable mortgage rate. Fixed-rates remain the same throughout the term while variable-rates rely on the fluctuating prime rate.

If the prime rate lowers, so will the mortgage rate. If the prime rate rises, the mortgage rate will do the same.

A prime rate is the annual interest rate a financial institution sets specifically for variable loans and mortgages.

Down Payment

A down payment is the initial payment required in order to purchase a Home. This money is deducted from the purchase price of the Home while your mortgage loan covers the rest. This initial cost confirms your severity about the purchase.

Canadians are required to put down a minimum of 5% on a property costing less than $500,000. Anything more will require 5% for the first $500,000 of the purchase price followed by 10% for the rest.


Purchase Price = $600,000

  • First Part of the Purchase Price ($) = $500,000
  • Minimum Down Payment (%) = 5%
  • Minimum Down Payment ($) = $25,000


  • Remaining Purchase Price ($) = $100,000
  • Minimum Down Payment (%) = 10%
  • Minimum Down Payment ($) = $10,000 


Minimum Down Payments ($25,000) + ($10,000) = $35,000

Total Minimum Down Payment = $35,000


If your down payment is less than 20% of the price of your Home, you are required to purchase mortgage loan insurance also known as default insurance.

Mortgage default insurance protects the mortgage lender in case you’re not able to make your mortgage payments. It is not meant to protect you. 

If you’re self-employed or have a poor credit history, you may be required to purchase mortgage loan insurance even if you have a 20% down payment.

You are not required to purchase default insurance if your down payment is more than 20% or if the cost of your Home is more than $1 million.

How will a mortgage calculator help me buy a Home in Calgary?  

By figuring out your mortgage payment frequency, you can financially plan for your entire mortgage term whether you are paying monthly, bi weekly or every week. For more information about the different kinds of mortgages you can find in Calgary, please visit our webpage.