Buy vs rent tool
Mortgage payment and renewal calculator
The mortgage is the biggest line in any buy vs rent comparison. Calculate the payment the Canadian way, see the balance at each renewal and test what a higher renewal rate would do.
Canadian compounding and payment frequency
Fixed-rate mortgages in Canada compound semi-annually, which makes the effective monthly rate slightly lower than the quoted rate divided by twelve. Accelerated bi-weekly payments make the equivalent of one extra monthly payment a year and shorten the amortization.
Questions people ask
Why does the renewal rate matter?
At renewal your remaining balance is re-priced. A higher rate lifts the payment or lengthens the amortization.
What is the difference between fixed and variable here?
The calculator changes the compounding method. It does not forecast rate moves.
Does the payment include insurance premium?
If your down payment is under 20%, yes: the premium is added to the loan by default.
Educational estimates based on your inputs; not advice. See the methodology and assumptions.