Interest rate, amortization, taxes, insurance, fees and maintenance all affect affordability.
Mortgage Calculator
Estimate your monthly mortgage payment and see what you can actually afford — built for Calgary and Alberta buyers.
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Your numbers
Everything updates instantlyTypical Calgary detached
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$150K$3M
$20.0% of price
5% minimum50%
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No mortgage default insurance neededAt 20% or more down, CMHC insurance does not apply — that keeps your mortgage smaller.
AmortizationShorter term = less interest
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per year
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per year
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per month
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With this mortgage, you’ll pay
The long view — what the loan actually costs you from first payment to last.
Total of all payments$0principal + interest
Total interest paid$0cost of borrowing
Payoff date—if you never pay extra
Loan-to-value0%—
Amortization schedule
Balance remainingPrincipal paid (cumulative)Interest paid (cumulative)
Compare loan options
Same home, same down payment — different structure. This is where real money is won or lost.
What if I pay extra?
Every extra dollar goes straight at the principal$
applied in year 1
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Time saved—off your amortization
Interest saved$0money back in your pocket
New payoff date—with extra payments
New total interest$0instead of $0
Ready to get pre-approved?
Know your real rate before you shop. A pre-approval locks a rate for up to 120 days and tells you the exact number you can offer with.
✓Rate held while you shop, so a rate hike can’t price you out
✓Sellers take pre-approved offers more seriously
✓You find out about credit or income issues early, not at closing
✓Introductions to brokers I actually trust — no referral pressure
Check my rate
Takes about a minute. I’ll connect you with a broker and follow up personally.
🔒Soft check only — no impact on your credit scoreWhere rates sit today
Typical Canadian ranges to sanity-check your estimate. Tap one to load it into the calculator — then confirm the real number with a broker, because your rate depends on your file.
5-year fixed4.19% – 5.09%Most common choice. Payment locked for five years.
3-year fixed4.29% – 5.29%Shorter lock if you expect rates to fall.
5-year variable4.45% – 5.45%Moves with prime. More upside, more risk.
Ranges are illustrative and change constantly — always confirm live pricing with a licensed mortgage professional before making an offer.
Understand what you’re signing
Four things every Alberta buyer should know before they commit.
Your mortgage portion uses the standard amortization formula: payment = P × r / (1 − (1 + r)−n), where P is the mortgage amount, r is the periodic interest rate and n is the number of payments.
Everything else on top — property tax, home insurance, condo fees, heat — is not interest. It is the real cost of owning, and lenders count it when they decide what you qualify for. That is why this calculator shows both numbers.
In Canada, if you put down less than 20% you must buy mortgage default insurance (CMHC, Sagen or Canada Guaranty). It protects the lender, not you, and the premium is added to your mortgage — so you pay interest on it for the whole term.
Premiums run roughly 2.8%–4.0% of the mortgage depending on your down payment. Reaching 20% down removes it entirely. On a $650,000 home that single move can save tens of thousands over the life of the loan.
Fixed means your rate and payment are locked for the term. You trade a slightly higher rate for certainty, and most buyers sleep better for it.
Variable moves with the lender’s prime rate. Historically it has often cost less overall, but your payment or your amortization can move against you. Choose variable only if your budget can absorb a rise without stress.
Lenders use two ratios: GDS (housing costs vs gross income, usually max 39%) and TDS (all debt payments vs gross income, usually max 44%). You must also qualify at the stress-test rate — the greater of 5.25% or your contract rate plus 2%.
The practical answer: what you qualify for and what you should spend are different numbers. Work backwards from the monthly payment you are comfortable with, not from the maximum a bank will approve.
Related tools
Keep going — the rest of the math that decides whether a move makes sense.
Home affordabilityWork out the price range your income and debts actually support.Open tool →
Rent vs buySee the break-even point where owning beats renting in Calgary.Ask for the analysis →
Refinance checkFind out whether breaking your term is worth the penalty.Run the numbers →
Down payment plannerMap how long it takes to reach 20% and skip CMHC.Plan it →
Now find the homes that fit this payment
Your estimate is set. The next step is seeing what is actually on the market inside that budget — I’ll filter the list to your number.