This tool estimates your mortgage payment using principal + interest only. It uses a standard amortization formula
based on your loan amount, interest rate, and amortization period.
Monthly payments use 12 payments per year. Bi-weekly payments use 26 payments per year
(common in Canada). The total interest shown is an estimate based on the full amortization schedule.
What’s included
- Loan amount (home price minus down payment)
- Payment amount (principal + interest)
- Total interest estimate across the amortization period
What’s not included
- Property taxes, home insurance, condo fees
- Prepayments / lump sums (separate calculator later)
- Variable-rate changes over time