Monthly payment formula
Loan = price − down payment. Monthly rate r = annual rate ÷ 12. Number of payments n = years × 12. Payment = loan × r(1+r)n ÷ ((1+r)n − 1). This is principal and interest only. It does not include property tax, insurance, condo fees, CMHC insurance, or closing costs.
Common questions
Why is this different from my bank quote?
Banks add tax, insurance, and sometimes default insurance. Rate holds and compounding conventions also differ by country.
What down payment should I use in Canada?
Often 5–20%. Under 20% usually means mortgage default insurance. This page does not add that premium.