Mortgage Calculator for US & Canada

As of 2026, average 30-year fixed mortgage rates in the US are roughly 6.5–7.0% APR, depending on credit score, lender, and loan type. Rates fluctuate with Federal Reserve policy and bond market conditions. Check with multiple lenders for your personalized rate.

In Canada, the minimum down payment is 5% for homes under $500,000, 10% on the portion between $500,000 and $999,999, and 20% for homes $1 million or above. Any down payment under 20% requires CMHC mortgage insurance.

Your monthly P&I (principal and interest) payment is calculated using the standard amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments. Add property tax, insurance, and PMI to get your total monthly housing cost.

An amortization schedule is a complete table of all loan payments over time, showing how much of each payment goes to principal (reducing your balance) and how much goes to interest. It also shows the remaining loan balance after each payment. Our calculator generates the full schedule instantly.

A 15-year mortgage has higher monthly payments but you pay far less total interest (often 50–60% less) and build equity faster. A 30-year mortgage has lower monthly payments, giving you more cash flow flexibility. Use this calculator to compare both scenarios and see the total interest difference.

In the US, conventional loans typically require a credit score of 620+. FHA loans can go as low as 580 (or 500 with 10% down). In Canada, most lenders require a minimum score of 680 for insured mortgages. Higher scores get lower interest rates, which significantly reduces total cost.

PMI stands for Private Mortgage Insurance. In the US, it's required on conventional loans when your down payment is less than 20% of the home's purchase price. PMI typically costs 0.5–1.5% of the loan amount per year. In Canada, the equivalent is CMHC insurance, which ranges from 0.6–4% of the mortgage amount depending on the down payment size.

A common guideline is the 28/36 rule: your monthly mortgage payment should not exceed 28% of your gross monthly income, and total debt payments should not exceed 36%. In Canada, lenders use GDS (Gross Debt Service) and TDS (Total Debt Service) ratios — GDS should be under 39% and TDS under 44% for insured mortgages.