# Mortgage Calculator

Determine how much of a home (mortgage) you can afford, plus figure out your potential monthly payments.

**First-Time Home Buyer’s Calculator**

Compare down payments, amortization periods, and more.

**Mortgage Payment Calculator**

Compare rates, payment schedules, and more.

**Affordability Calculator**

Find out how much you can afford.

The amortization period is the length of time it will take you to pay off your entire mortgage. The traditional amortization period is 25 years. The shorter the amortization, the less interest you will pay over the length of your mortgage. The maximum amortization period for the BMO Smart Fixed Mortgage (closed) is 25 years.

The mortgage term refers to the amount of time your mortgage contract is in effect. Your agreed-upon interest rate is in effect for that term. At the end of each term, you will need to renew your mortgage for another term.

This refers to how often you make payments on your mortgage. Traditionally, mortgage payments are made every month. By paying more frequently, you'll pay your mortgage down faster and pay less interest over the long term.

Current Interest Rate

In these calculations we assume the following: (1) the interest rate is the same for the entire amortization period, (2) interest is compounded half-yearly for fixed interest rates and monthly for variable interest rates; and (3) the payment schedule you selected is maintained with no additional payments or skipped payments, unless selected by you. This table reflects the information you enter.

The list price of the home you would like to purchase.

Typically, a minimum of 5% of the purchase price is required for your down payment. If your down payments are below 20%, you will also be subject to default insurance costs.

Your monthly payment would be

## $0.00

Monthly Payment

### Interest Cost

- $0.00

For current term - $0.00

At amortization - $0.00

End of term balance

- Without lump sum payments
- With lump sum payments

## Get your home sooner, add additional payments now!

How often would you like to make an additional payment?

What is your additional payment amount?

For Most BMO closed mortgages, the maximum lump sum prepayment per calendar year is 20% of the original mortgage amount; for the 5-year BMO Smart Fixed Mortgage (closed), it is 10%

The increase to payment(s) you have entered exceeds the annual limit of allowable.

In which year will you make your additional payment?

### Other calculators

These calculations 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 solely on this information or result when making financial decisions; please visit your branch or speak to a mortgage specialist.

Amortization can only be entered in full years (not months or partial years).

Mortgage amount is rounded to the nearest $1,000.

For information on understanding Mortgage Default Insurance, click here

The amortization period is the length of time it will take you to pay off your entire mortgage. The traditional amortization period is 25 years. The shorter the amortization, the less interest you will pay over the length of your mortgage. The maximum amortization period for the BMO Smart Fixed Mortgage (closed) is 25 years.

The mortgage term refers to the amount of time your mortgage contract is in effect. Your agreed-upon interest rate is in effect for that term. At the end of each term, you will need to renew your mortgage for another term.

This refers to how often you make payments on your mortgage. Traditionally, mortgage payments are made every month. By paying more frequently, you'll pay your mortgage down faster and pay less interest over the long term.

Current Interest Rate

In these calculations we assume the following: (1) the interest rate is the same for the entire amortization period, (2) interest is compounded half-yearly for fixed interest rates and monthly for variable interest rates; and (3) the payment schedule you selected is maintained with no additional payments or skipped payments, unless selected by you. This table reflects the information you enter.

The list price of the home you would like to purchase.

Typically, a minimum of 5% of the purchase price is required for your down payment. If your down payments are below 20%, you will also be subject to default insurance costs.

## Get your home sooner, add additional payments now!

How often would you like to make an additional payment?

What is your additional payment amount?

For Most BMO closed mortgages, the maximum lump sum prepayment per calendar year is 20% of the original mortgage amount; for the 5-year BMO Smart Fixed Mortgage (closed), it is 10%

The increase to payment(s) you have entered exceeds the annual limit of allowable.

In which year will you make your additional payment?

Your monthly payment would be

## $0.00

Monthly Payment

### Interest Cost

- $0.00

For current term - $0.00

At amortization - $0.00

End of term balance

The amortization period is the length of time it will take you to pay off your entire mortgage. The traditional amortization period is 25 years. The shorter the amortization, the less interest you will pay over the length of your mortgage. The maximum amortization period for the BMO Smart Fixed Mortgage (closed) is 25 years.

The mortgage term refers to the amount of time your mortgage contract is in effect. Your agreed-upon interest rate is in effect for that term. At the end of each term, you will need to renew your mortgage for another term.

This refers to how often you make payments on your mortgage. Traditionally, mortgage payments are made every month. By paying more frequently, you'll pay your mortgage down faster and pay less interest over the long term.

Current Interest Rate

In these calculations we assume the following: (1) the interest rate is the same for the entire amortization period, (2) interest is compounded half-yearly for fixed interest rates and monthly for variable interest rates; and (3) the payment schedule you selected is maintained with no additional payments or skipped payments, unless selected by you. This table reflects the information you enter.

The list price of the home you would like to purchase.

Typically, a minimum of 5% of the purchase price is required for your down payment. If your down payments are below 20%, you will also be subject to default insurance costs.

## Get your home sooner, add additional payments now!

How often would you like to make an additional payment?

What is your additional payment amount?

For Most BMO closed mortgages, the maximum lump sum prepayment per calendar year is 20% of the original mortgage amount; for the 5-year BMO Smart Fixed Mortgage (closed), it is 10%

The increase to payment(s) you have entered exceeds the annual limit of allowable.

In which year will you make your additional payment?

Your monthly payment would be

## $0.00

Monthly Payment

### Interest Cost

- $0.00

For current term - $0.00

At amortization - $0.00

End of term balance

### Amortization

- Option 1
- Option 2

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