This tool is for informational use only. It is not financial advice – Auburn AI is not a registered financial advisor. Numbers here are estimates; consult a licensed Canadian financial advisor before any major money decision.
About this tool
The Mortgage Calculator figures out your monthly payment, total interest paid over the life of the loan, and a full amortization table showing how each payment splits between principal and interest. It works for standard fixed-rate mortgages and is useful for first-time buyers, homeowners considering refinancing, or anyone comparing loan scenarios before talking to a lender.
Reach for this tool when you want a clear picture of what a home loan actually costs over time, not just the monthly number. It is especially handy when you are stress-testing different down payments, interest rates, or amortization periods side by side before committing to anything.
How to use it
- Enter the home purchase price or the total loan amount you need to borrow.
- Input your down payment as a dollar amount or percentage of the purchase price.
- Enter the annual interest rate quoted by your lender or from a rate comparison site.
- Select your amortization period, typically 25 years in Canada, or adjust to compare options.
- Choose your payment frequency: monthly, bi-weekly, or accelerated bi-weekly.
- Click Calculate to see your payment amount, total interest, and the full amortization schedule.
Pro tips
- Switch to accelerated bi-weekly payments to shave years off your mortgage and save thousands in interest without feeling a big budget difference.
- Run the calculator twice using rates 1 to 2 percent higher than today to stress-test affordability before rates renew.