Determining Your Payment
CompareMyRates
October 24, 2018

You will need to make regular mortgage payments when you take a loan to purchase a property until it is paid off. The following four things will impact the amount of your mortgage payment:

  • Mortgage Amount – To calculate your mortgage amount, simply subtract your down payment from the purchase price of your home. You will have a larger mortgage amount if you purchase an expensive home or you make a smaller down payment and, therefore, your monthly, bi-weekly, or weekly payments will be larger.

    You will also have to pay CMHC insurance if you make a down payment of less than 20 percent, and this is added to your total mortgage amount.

  • Mortgage Rate – Your mortgage payment will be higher if you have a high-interest rate. Click here for the lowest mortgage rates available in your province.
  • Amortization Period – Your mortgage payments will be lower if you have a long amortization period. On the other hand, you will pay more interest on a mortgage with a longer amortization period.
  • Payment Frequency – The payment frequency you opt for will affect the amount of each installment and how many payments you will make per year.
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Current Average Mortgage Rate*: 2.660% APR *5 Year fixed term
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