What is the monthly payment on a given mortgage?
Your monthly payment is set by three numbers: the principal you're borrowing, the interest rate, and the amortization period (how many years it takes to pay off the loan in full).
The math behind it is the standard fixed-payment amortization formula. Each month you pay back a bit of the principal and a bit of the interest — early in the term most of the payment goes to interest, late in the term most of it goes to principal.
What this calculator doesn't include: property taxes (often collected with the mortgage), strata fees, home insurance, or CMHC default-insurance premiums if your down payment is under 20%. Add those separately to get a true monthly housing cost.
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