Ottawa Mortgage Calculator: Estimate Your Monthly Payment

By the Ottawa Mortgages editorial team · Last reviewed: September 2026 · How we write our guides

How do I calculate my mortgage payment? Enter the home price, your down payment, the interest rate, the amortization and how often you pay. This calculator uses Canadian compounding rules (semi-annual for fixed rates, monthly for variable) and adds the default insurance premium if your down payment is under 20%.
Your estimated payment
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Estimate only. Your lender's actual payment and default insurance premium may differ.

How this calculator works

Canadian fixed-rate mortgages are compounded semi-annually, while variable-rate mortgages are compounded monthly. Payments are then calculated over your amortization, which is the total time to pay off the mortgage, commonly 25 or 30 years. Your term, typically 1 to 5 years, is the length of your rate contract, and your balance at the end of the term is what you would renew.

What the results include

  • Payment: Monthly, bi-weekly, accelerated bi-weekly or weekly.
  • Default insurance premium: Added to your mortgage when your down payment is under 20%. Premiums range from about 2.8% to 4.0% of the mortgage, plus a small surcharge for amortizations over 25 years.
  • Balance after 5 years: What you would still owe at a typical renewal.
  • Total interest: The interest paid over the full amortization if the rate stayed the same.

Tips to lower your mortgage cost

  1. Choose accelerated bi-weekly payments. You make the equivalent of one extra monthly payment per year.
  2. Increase your down payment to reduce or avoid default insurance.
  3. Use prepayment privileges to pay down principal faster.
  4. Compare rates from multiple lenders using the same term and type.

Buying? Estimate your closing costs with our land transfer tax calculator, and read the first-time buyer guide.

Frequently asked questions

What is the difference between amortization and term?

Amortization is the total number of years to pay off the mortgage, such as 25 years. The term is the length of your current rate contract, such as 5 years, after which you renew.

Why is my payment different from my lender’s quote?

Lenders may use slightly different rounding, insurance premiums or fees. Your final numbers come from your lender’s approval.

Are accelerated bi-weekly payments better?

They usually help you pay off your mortgage sooner and save interest, because you make the equivalent of 13 monthly payments a year instead of 12.

Does this include property tax and insurance?

No. Budget separately for property taxes, home insurance, utilities and maintenance.

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Important: Ottawa Mortgages is an independent information and referral service. We are not a lender, mortgage broker or mortgage brokerage, and we do not give mortgage advice or make credit decisions. If you ask to be connected, your details may be shared with a licensed Ontario mortgage professional, who may compensate us. Rates, rules and eligibility change often. Confirm details with a licensed professional and official sources, and check any Ontario mortgage broker’s licence with FSRA. Read our full disclosure.