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Mortgage Calculator

Explore your mortgage options and see how changes to your term, amortization, interest rates and payment frequency impact the total cost of your mortgage.

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  • The total cost of your home, including sales taxes if it is a new construction, but not including any rebates or the cost of mortgage insurance.

    The purchase price does not include other taxes, such as land transfer, welcome, city or school taxes that may apply.

  • The amount of money you will put towards the purchase of your home up front that will not be covered by your mortgage.

    In Canada, the minimum down payment is 5% for properties up to $500,000, and 10% for the portion of the house price above $500,000. If the house price is above $1,000,000, a minimum down payment of 20% is required.

    Home purchases with down payments of less than 20% require mortgage insurance. The amount of mortgage insurance, if applicable, is calculated automatically and added to the total mortgage.

  • The total amount of your mortgage which has been calculated as the purchase price minus your down payment, plus any mortgage insurance that you may require.

  • The total length of your mortgage.

    The maximum amortization period is 30 years. If your down payment is less than 20%, your maximum amortization will be 25 years.

  • How often you will make mortgage payments on a regular basis. Do not include additional payments outside of your regular schedule, such as a one-time annual payment you may choose to make in the future.

    Weekly payments are calculated by multiplying the monthly payment by 12, then dividing it by 52. Accelerated weekly mortgage payments are calculated by taking the monthly payment and dividing it by four. In both cases, you make 52 payments in a year, but you pay more with accelerated weekly payments, and pay less interest over time.

    Bi-weekly payments are calculated by multiplying the monthly payment by 12, then dividing it by 26. Accelerated bi-weekly payments are calculated by dividing the monthly payment by two. In both cases, you will make payments 26 times, but you pay more using accelerated bi-weekly payments and pay less interest over time.

    Semi-monthly payments are calculated by dividing the monthly payment by two. Semi-monthly payments are made 24 times a year.

    Monthly payments are made 12 times a year.

  • The length of time that your mortgage rate is fixed or locked-in for. Terms can be open or closed.

    With a closed term, you are committing to a specific period of time. You typically receive a lower interest rate, but will likely have to pay a penalty if you decide to pay your mortgage off before the committed term.

    With an open term, you can pay your mortgage off faster without being charged a penalty, but will likely receive a higher interest rate than a closed term.

    Terms typically range from one to 10 years with an average of five years.

  • The annual interest rate for the mortgage over your term, as quoted by your lender.

    Rates can be variable – where the interest rate can change throughout the term of your mortgage – or fixed – where your interest rate remains the same over the course of your mortgage term. The calculations in this tool are based on a fixed rate of return.

    Banks use a qualifying rate set by the Bank of Canada for anyone who is getting a variable rate or term less than five years. For fixed rate mortgages of five years or more, the qualifying rate is the contract interest rate.

  • Select one of three additional payment options.

    A one-time payment is made once at the end of the year you specify.

    An annual payment is made at the end of every year, beginning in the year you specify.

    If you choose “increase payment,” this will increase your regular mortgage payments by the amount you enter, beginning in the year you specify.

    Your financial institution may allow you to combine multiple additional payment options throughout the course of your mortgage, but for the purposes of this tool, you can only choose one additional payment option per scenario.


    Enter the amount of your additional payment, whether it is one-time, annual, or part of each mortgage payment.

    Typically, you can make extra payments up to 10% of the original loan principal each year. This amount varies with your financial institution, and you may be charged additional fees if you exceed the maximum.


Your results

Your payment is $ .

With additional payments, you will save $ in interest costs over the length of your mortgage.

Interest costs
Over current term:

The total interest you will pay over the length of time that your mortgage rate is fixed or locked-in for.

Over total amortization period:

The total interest you will pay over the length of your mortgage.

End of term mortgage balance:

The remainder of your mortgage at the end of your current term.

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What we can do for you
Your MD Advisor can help you plan and prepare for every financial milestone, including home purchases, incorporating your practice, and living your retirement. Our business relationship with National Bank* gives you access to flexible mortgage options, including preferred “no haggle” rates, and home equity lines of credit.
Contact an MD Advisor
Rick Powell
Assistant Regional Manager
Prairie Region

Mortgage rates are compounded semi-annually within this tool.

The calculations in this tool are based on a fixed rate of return.

Canada Mortgage and Housing Corporate (CMHC) mortgage insurance premiums listed within this tool are current as of June 1, 2015.

This calculator rounds to the nearest dollar.

*Banking products and services are offered by National Bank of Canada through a relationship with MD Management Limited. Credit and lending products are subject to credit approval by National Bank of Canada.

The information presented here is not intended to offer foreign or domestic taxation, legal, accounting or similar professional advice, nor is it intended to replace the advice of independent tax, accounting or legal professionals. Incorporation guidance is limited to asset allocation and integrating corporate entities into financial plans and wealth strategies. Any tax-related information is applicable to Canadian residents only and is in accordance with current Canadian tax law including judicial and administrative interpretation. The information and strategies presented here may not be suitable for U.S. persons (citizens, residents or green card holders) or non-residents of Canada, or for situations involving such individuals. Employees of the MD Group of Companies are not authorized to make any determination of a client’s U.S. status or tax filing obligations, whether foreign or domestic. MD Financial Management provides financial products and services, the MD Family of Funds and investment counselling services through the MD Group of Companies. MD Financial Management Inc. is owned by the Canadian Medical Association.