Mortgage calculator
The Quick Mortgage Calculator allows you to estimate the monthly payment due, as well as other financial costs associated with mortgages. There are options to include additional payments or annual percentage increases in current mortgage expenses. The calculator is primarily intended for use by Quebec residents.
Mortgage calculator
Result:
Your estimated monthly payment : $0.00
A mortgage calculator allows you to estimate monthly loan payments based on the amount borrowed, the interest rate and the loan term. Here are the main elements taken into account:
1. Mortgage payment formula
The basic formula for calculating the monthly mortgage payment is:M=P×r(1+r)n(1+r)n-1M = P \times \frac{r(1 + r)^n}{(1 + r)^n - 1}M=P×(1+r)n-1r(1+r)n
Where:
- M = Monthly payment
- P = Loan amount (capital borrowed)
- r = Monthly interest rate (annual rate divided by 12)
- n = Total number of payments (loan duration in months)
2. Variables influencing lending
- Interest rates The higher it is, the higher the monthly payment.
- Loan term A longer period reduces the monthly payment but increases the total cost of interest.
- Down payment A larger down payment reduces the loan amount and, therefore, the payments.
3. Online calculator features
- Amortization option Compare the impact of different loan terms (15, 20, 25 years).
- Add property taxes and insurance To calculate the real cost of the loan.
- Advance payments See the impact of accelerated repayment on interest savings.
4. Calculation example
If you borrow 300 000 $ at a rate of 5 % on 25 years oldthe payment would be approximately 1 745 $ per month (excluding tax and insurance).