Mortgage payment Step 1 of 4
What's the purchase price?
A rough number is fine. You can change it at the end.
How much are you putting down?
Canadian minimums apply: 5% to $500K, 10% on the next $1M, 20% at $1.5M and up.
Your rate and amortization
Use a rate you've been quoted, or today's typical 5 year fixed.
Want this number confirmed?
We'll connect you with a London mortgage broker who actually answers the phone, and send you homes in this price range. No cost, no obligation.
Or call or text 519-670-3027Thanks, we're on it
Mackenzie will be in touch shortly, usually within the hour. Need it sooner? Call or text 519-670-3027.
Estimate only. Principal and interest, not taxes or condo fees. Your lender, term and credit set the real payment. Not financial advice or a mortgage approval.
The rules behind the number
- 1Canadian compounding
Fixed rate mortgages in Canada compound twice a year, not monthly. That makes a real difference to the payment, and most US calculators get it wrong.
- 2Minimum down payment
5% on the first $500,000, 10% on the portion up to $1,500,000, and 20% above that. If you enter less, we raise it to the minimum and tell you why.
- 3CMHC insurance
Put down less than 20% and your lender needs mortgage default insurance. The premium (2.8% to 4%) is added to your mortgage, and we include it.
Questions people ask
Lenders look at your income, debts and the stress test rate, not just the payment. A broker can tell you your real number in one call, and we can connect you with one at no cost.
You have to qualify at the higher of 5.25% or your rate plus 2%. It limits how much you can borrow, even if your actual rate is lower.
30 years is available on uninsured mortgages (20% or more down), and on insured mortgages for first-time buyers and new builds. It lowers the payment but adds interest.
No. It shows principal and interest only. Add property taxes, home insurance and any condo fees to get your full monthly cost.
Yes. A pre-approval tells you your budget, holds a rate for up to 120 days, and makes your offer stronger when you find the right place.