Mortgage Payments Calculator

Your Payment will be:

$

  • Mortgage Amount:

    $

  • Interest Rate:

    %

  • Amortization:

  • Interest Cost for the term:

    $

  • Total Interest Cost:

    $

$0$2.5M+

your estimated payment will be:

$

  • Mortgage Amount:

    $

  • Interest Rate:

    5.140%

  • Amortization:

    25 Years0Months

  • Interest Cost for the term:

    $

  • Total Interest Cost:

    $

your estimated payment will be:

$

  • Mortgage Amount:

    $

  • Interest Rate:

    %

  • Amortization:

  • Interest Cost for the term:

    $

  • Total Interest Cost:

    $

Book AN Appointment

The tools and features on this website, including our mortgage calculator, are for illustrative purposes only and provide estimates based on certain assumptions. They may not encompass all scenarios. We recommend using these tools in consultation with a West Capital Mortgage advisor. West Capital Mortgage does not guarantee the accuracy, reliability, or completeness of these tools or their calculations. For full disclaimer, see here.

Best mortgage rate ensures lower payments, saving you money.

Here's how our mortgage payment calculator works:

  • Mortgage Amount defaults to an average home price in Canada. Enter the price of your specific home or property.
  • Down Payment is automatically calculated. It shows 3 options: the minimum down payment required (based on federal regulations listed in our FAQs below), a 20% option (conventional mortgage that doesn't require insurance), or enter your custom amount. If you have less than 20% down, you'll need to purchase mortgage default insurance, which is calculated as part of your mortgage payment.
  • Mortgage Term is first set to a 5-year fixed rate, the most common term and rate type chosen by our clients. Pick a different rate or term to see the effect on your numbers.
  • Mortgage Rate is first set to our lowest 5-year fixed rate. Adjust the rate to calculate the effect on your payment and how much you save with a better rate (for which you'll need to qualify through the federal stress test).
  • Payment Frequency is first set to monthly. You can choose other options in the dropdown — notice how much sooner you'll pay off your mortgage with an accelerated schedule!
  • Amortization is first set to a standard 25 years. You may be able to extend your amortization, depending on your down payment or other details (talk to our mortgage experts for more info).
Our process

Process Tailored to Each Tool

STEP 1

Enter Details

Provide necessary information for accurate calculations.

STEP 2

Calculate Results

Generate precise outcomes based on entered data.

STEP 3

Review Options

Explore various possibilities before making a decision.

STEP 4

Closure and Conveyance

Finalize the process and transfer ownership accordingly.

Client stories

Hear from Our Delighted Clients

"Refinancing our home with WCM was a breath of fresh air. The team was incredibly supportive, explaining each step clearly, and they managed to secure us a much lower rate that has made all the difference in our monthly budget. Truly grateful!"

"As a first-time homebuyer, I was pretty overwhelmed, but WCM made the process smooth and understandable. Their patience and expertise helped me find the perfect starter home within my budget. Highly recommend their team!"

"I can't thank WCM enough for helping us navigate the purchase of our second home. Their advisors were knowledgeable and responsive, ensuring we got the best deal possible. It’s been a fantastic experience from start to finish!"

"The professionalism at WCM is unmatched. They handled my mortgage transfer efficiently and saved me from a lot of potential headaches with their proactive approach. I am very impressed with their service."

"Thanks to WCM, I was able to tap into the equity of my home to fund my small business. Their tailored advice and quick processing helped me achieve my dreams much faster than I thought possible."

"The team at WCM is fantastic! They helped us refinance our mortgage and we were amazed by how straightforward they made the entire process. It’s clear they truly care about their clients’ needs."

"Investing in real estate felt daunting, but the advisors at WCM provided the guidance and confidence I needed to dive in. Their insight into the market dynamics and investment strategies was invaluable."

"WCM’s approach to handling my vacation home purchase was exceptional. Their detailed understanding of the market and dedication to finding the best mortgage product for me was beyond what I had expected."

"As someone who has dealt with various mortgage companies over the years, I can say WCM stands out for their integrity and commitment. They helped me consolidate my debts and refinance my home under much better terms."

"Switching my mortgage to WCM was a game-changer. The process was seamless, and the benefits were immediately noticeable. Their team’s expertise and genuine care for my financial well-being were evident throughout our interactions."

FAQS

Know More About This Calculator

see all faqs

How does the mortgage calculator work?

Our mortgage calculator requires you to input details such as the loan amount, interest rate, and loan term. It then calculates your estimated monthly payment based on these inputs, incorporating principal and interest components. Some details like the interest rate are set to the lowest rate available by default.

What information do I need to use the mortgage Payment calculator?

To use our Mortgage Payment Calculator effectively, you'll need the purchase price of the home, your down payment amount, the loan term (in years), and the interest rate.

What Areas Does West Capital Mortgage Serve?

West Capital Mortgage proudly servesallacross British Columbia, with multiple offices strategically located throughout the Lower Mainland. Whether you're looking to buy a home, refinance, or inquire about mortgage options, we are here to assist you wherever you are in the region.

Can the mortgage calculator account for different types of mortgages?

Yes, our mortgage payment calculator can provide estimates for different types of mortgages, such as fixed-rate and variable-rate mortgages, by adjusting the interest rate and loan term according to the type of mortgage you are considering.

Does the calculator include taxes and insurance in the payment estimates?

Yes, our calculator includes estimates for taxes and homeowners insurance in your monthly payment calculation. Additionally, if your down payment is below the required minimum, the calculator will automatically include mortgage insurance in your estimated payment to give you a more comprehensive view of your potential expenses.

Can I calculate the total cost of the mortgage over the life of the loan?

Yes, the calculator can provide an estimate of the total cost over the life of the loan by multiplying the monthly payment by the number of payments (months in the loan term) and adding any upfront costs like down payment. This can be found under the label "Total Interest Cost" on our calculator.

Take the Next Step Towards Property ownership

Explore options, connect for personalized assistance on your homeownership journey. Achieve goals with confidence.

Add  Down Payment

Mortgage Amount: = $

Default Insurance: + $

Total Mortgage Amount: = $

Charts

Payment Frequency Payment Amount Protected Payment Amount Amortization Interest Cost for the term Total Interest Cost Interest Savings
(Compared to Monthly Payment)
Payment Amount $2.84 $1.42 $1.31 $0.66 $1.42 $0.71
Protected Payment Amount $2.84 $1.42 $1.31 $0.66 $1.42 $0.71
Amortization $2.84 $1.42 $1.31 $0.66 $1.42 $0.71
Interest Cost for the term $2.84 $1.42 $1.31 $0.66 $1.42 $0.71
Total Interest Cost $2.84 $1.42 $1.31 $0.66 $1.42 $0.71
Interest Savings
(Compared to Monthly Payment)
$2.84 $1.42 $1.31 $0.66 $1.42 $0.71
# Principal Outstanding Principal & Interest Payment Interest Principal New Principal Outstanding
1 $500 $1.42 $1.31 $0.66 $1.42
1 $500 $1.42 $1.31 $0.66 $1.42