MORTGAGE PAYMENT CALCULATOR

Calculate what your mortgage payment could be

Find out how changing your payment frequency and making prepayments can save you money.

What would you like to do?

Renew or refinance

Step 1 of 5

What's the purchase price of your home?

The price of your home helps determine how much you need for a down payment and your mortgage amount.

Purchase price in dollars. Minimum purchase price: $0. Maximum purchase price: $2,000,000.

Don't forget your closing costs. They may impact your offer, down payment and how much mortgage you qualify for.
Step 2 of 5

How much is your down payment?

Avoid paying mortgage default insurance with a down payment of 20% or more of the property value. Minimum down payments vary from 5% to 20%, depending on location.

Down payment in dollars.

A down payment is the amount of money, including deposit, you put towards the purchase price of a property.

Down payment percentage

Find ways to maximize your down payment and minimize your mortgage: tap into your RRSP if you're a first-time home buyer, set a budget, pay down debts and save your work bonuses.
Step 3 of 5

What type of mortgage do you want?

Your budget, payment flexibility and risk level are things to consider when picking your mortgage type.

Mortgage term

A mortgage term is the length of the contract with your lender.

Interest rate as a percentage

Interest is the money you pay to your lender for using the funds you borrow.

Check rates Opens a new window in your browser.

Fixed or variable? With fixed-rate mortgages, your interest rate and monthly payment stay the same for the entire term. With variable-rate mortgages, interest rates change with the market. When rates drop, you pay down your principal faster. Use the CIBC interest rate shown or enter a new one, up to 20%.
Step 4 of 5

What payment plan works best for you?

If you make more frequent payments, you'll pay less interest and be mortgage-free faster.

Payment frequency

Amortization period

The amortization period is the time it takes to pay off a mortgage in full, including interest. The amortization period may be up to 25 years if the mortgage is default insured, and up to 30 years if it's not. For a new mortgage, the amortization period is usually 25 years.

A shorter amortization period helps you save money on interest.
Step 5 of 5

Do you want creditor insurance coverage to help protect you and your family from the unexpected?

Get financial protection for your CIBC Mortgage Loan if you can't work due to a disability, involuntary job loss or in the case of your death. Learn about creditor insurance for CIBC mortgages.

Yes, add creditor insurance

No, don't add creditor insurance

Type of insurance

In the case of disability, critical illness, job loss or death, creditor insurance can help pay off your debt or reduce your balance, or help cover some payments. Creditor insurance is optional on mortgages.

Age range

Add creditor insurance to your mortgage to help ensure your family can enjoy your home today and in the future. You can also add it anytime during the life of your mortgage.

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Mortgage information

Purchase price Mortgage amount

Down payment

Mortgage term

Interest rate¹

Check rates

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Payment options

Payment frequency

Amortization period

Pay your mortgage faster (optional)

Increase payment

Annual prepayment

One-time payment

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Creditor insurance (optional)**

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My results

Mortgage information

Mortgage amount	Mortgage amount
Down payment – %
Mortgage default insurance² Mortgage default insurance protects your lender if you can't repay your mortgage loan. You need this insurance if you have a high-ratio mortgage, and it’s typically added to your mortgage principal. A mortgage is high-ratio when your down payment is less than 20% of the property value.

Principal and interest paid by the end of this term

Mortgage principal Mortgage principal is the amount of money you borrow from a lender. If a mortgage is for $250,000, then the mortgage principal is $250,000. You pay the principal, with interest, back to the lender over time through mortgage payments.
Interest
Total principal and interest
Balance at the end of this term

Creditor insurance payments

Total monthly creditor insurance payments

My mortgage payment plan

Find out how much you can save by changing your payment frequency.

This table shows how your mortgage debt decreases over your amortization period. It also shows how much faster you'll pay off your mortgage by increasing your mortgage payment or payment frequency.
Amortization	Total principal and interest	Interest	Principal	Balance

Your extra payments saved you and year(s) off your mortgage.

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* These calculations are based on the information you provide; they are approximate and for information purposes only. Actual payment amounts may differ and will be determined at the time of your application. Please do not rely on this calculator results when making financial decisions; please visit your branch or speak to a mortgage specialist. Calculation assumes a fixed mortgage rate. Actual mortgage rates may fluctuate and are subject to change at any time without notice. The maximum amortization for a default insured mortgage is 25 years.

^** Creditor Insurance for CIBC Mortgage Loans, underwritten by The Canada Life Assurance Company (Canada Life) , can help pay off, reduce your balance or cover your payments, should the unexpected occur. Choose insurance that meets your needs for your CIBC Mortgage Loan to help financially protect against disability, job loss or in the event of your death.

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MORTGAGE PAYMENT CALCULATOR

What would you like to do?

What's the purchase price of your home?

How much is your down payment?

What type of mortgage do you want?

What payment plan works best for you?

Do you want creditor insurance coverage to help protect you and your family from the unexpected?

Mortgage information

Payment options

Pay your mortgage faster (optional)

Creditor insurance (optional)**

My results

Mortgage information

Principal and interest paid by the end of this term

Creditor insurance payments

My mortgage payment plan

Explore your mortgage options

Learn more about mortgages

Let's get started