Mortgage Interest Calculator

Use our calculator to find a home that fits within your desired price range.

Please enter a valid asking price.

Your down payment must be at least 5% of your home price.
Please enter a valid mortgage rate.

Total mortgage amount:


Monthly Payment


Mortgage Term Summary

Financial Breakdown of Mortgage Term

 Principal Paid$-
+ Interest Paid$-
= Total Paid$-

Remaining balance$-

Amortization Schedule for the Mortgage
YearMortgage PaymentPrincipal paidInterest paidBalance

Mortgage Made Easy: Empowering Your Future

Our user-friendly interface simplifies the complex world of mortgages, empowering you with the necessary knowledge and tools to make well-informed decisions that effortlessly shape your financial future and bring you peace of mind.

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From interest rates to repayment terms, we believe in providing you with complete information, empowering you to make informed decisions with confidence.


A mortgage payment refers to the sum of money you regularly contribute to your mortgage, usually on a bi-weekly or monthly schedule. These payments consist of two components: the mortgage principal, which represents the borrowed amount, and the interest, which signifies the additional cost imposed by the lender on the principal. Initially, when you commence making mortgage payments, a significant proportion of your payment is allocated to cover the interest. However, over time, as you gradually reduce your mortgage balance, the interest portion diminishes, allowing a larger share of your payment to be applied towards the repayment of the principal.

The mortgage principal refers to the initial amount of money borrowed from a lender to purchase a property . It represents the total loan amount that needs to be repaid over a specific period, typically through regular mortgage payments. Let's say you want to purchase a home for $300,000. You have saved up $50,000 for a down payment, so you need to borrow $250,000 from a lender. The $250,000 is the mortgage principal - the initial amount of money borrowed to purchase the property.

Calculating your mortgage payment is an important step in understanding the financial commitment involved in homeownership. The Peachytrip mortgage calculator can help you get an idea of how much your mortgage payment could be by using some key variables:

Total principal amount:   This is the purchase price minus your down payment

Term and Interest rate:  Choose a term and interest rate that best suits your needs and your timeline.

Amortization period:  Decide on the length of time you will take to repay the mortgage in full. Payment

Payment Frequency:  Select how often you would like to make payments on your mortgage.

Fixed Rate Mortgage:  A fixed-rate mortgage is a type of home loan where the interest rate remains constant throughout the entire loan term. This means that your monthly mortgage payment remains the same over the life of the loan. With a fixed rate mortgage, you have the advantage of knowing exactly how much your monthly payment will be, providing stability and predictability for your budgeting. It is an ideal option if you prefer steady payments and want to protect yourself from potential interest rate fluctuations in the market.

Variable Rate Mortgage:  The interest rate on a variable-rate mortgage is subject to market conditions and may vary over the duration of your mortgage. With a variable-rate mortgage, your interest rate is tied to the lender's prime rate, which in turn is influenced by the Bank of Canada rate. If the lender's prime rate prime rate changes, your mortgage payment could either increase or decrease depending on the rate adjustment. In some cases, your payment amount may remain constant, but the allocation between principal and interest portions of the payment may be adjusted to accommodate changes in the lender's prime rate.

The mortgage amortization period refers to the length of time it takes to repay your mortgage loan in full. It is the duration over which you make regular mortgage payments to gradually reduce your outstanding balance. The length of the amortization period can vary and is typically expressed in years. Common amortization periods are 15, 20, 25, or 30 years, although other options may be available. Choosing a longer amortization period typically results in lower monthly payments, but you end up paying more interest over the life of the mortgage. Conversely, opting for a shorter amortization period means higher monthly payments but less interest paid overall.

Paying off your mortgage faster can lead to significant savings in interest, potentially saving you thousands of dollars. However, it's important to note that methods for accelerating mortgage payments will require larger monthly payments, although for a shorter duration. Remember to review your mortgage agreement and consult with your lender to understand any prepayment penalties or specific terms related to paying off your mortgage faster. With that said, here are some strategies to expedite your mortgage payoff:

Accelerate your payment schedule:   Instead of making monthly payments, you can switch to a more frequent schedule, such as bi-weekly payments. This strategy helps you pay off your mortgage faster and reduces the overall interest paid.

Make lump sum payments:   If you come into a lump sum amount, such as a tax refund, inheritance, or work bonus, applying it towards your mortgage can reduce the outstanding balance and can shorten the loan term. Of course, this option depends on your financial capability.

Increase your monthly mortgage payments:   By allocating a higher amount towards your mortgage every month, you can effectively reduce the time it takes to fully pay off your mortgage.