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Mortgage Payment Calculator

Use our mortgage calculator to estimate payments and compare mortgage options to find the best fit for you.

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Mortgage Details

Mortgage Details

Amortization Period

Your monthly payment will be

$1,578.06

You could be mortgage free 3 years, 2 months sooner by switching to accelerated bi-weekly payments.

Compare Mortgages

A mortgage broker can help you understand the numbers and explore your personal mortgage options.

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Mortgage 1

Mortgage 1 Details

Amortization Period

Mortgage 2

Mortgage 2

Mortgage 2 Details

Amortization Period

A mortgage broker can help you understand the numbers and explore your personal mortgage options.

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Mortgage 1 -

Your {0} payment will be

Your {0} payment will be

Your {0} payment will be

At an interest rate of {0}% over an amortization period of {1}, your total interest cost would be {2}

Mortgage 2 -

Your {0} payment will be

At an interest rate of {0}% over an amortization period of {1}, your total interest cost would be {2}.

Mortgage Comparison

Click here to access MCAP’s prepayment charge calculator and prepayment privilege calculator.

From mortgage payment calculator to finding the right mortgage

Whether you’re using our mortgage payment calculator to determine what you can afford before purchasing a home, or reevaluating what works for your current financial situation, calculating your payments is just the first step. The next one is determining the right mortgage for you and your lifestyle.

Finding the right mortgage option to align with your needs can be challenging. That’s why we provide mortgage options designed to accommodate your financial goals and priorities. Whether you prefer a fixed rate for predictable payments, a variable rate for potential savings, or a line of credit for added flexibility, we have a mortgage solution that suits your needs.

Fixed rate mortgages

Lock-in your rate and enjoy the security of knowing that your payments won’t change.

LEARN MORE Fixed rate mortgages

Adjustable rate mortgages

Your interest rate will adjust with the MCAP Prime Rate. When the Prime Rate decreases, your mortgage rate will lower as well.

LEARN MORE Adjustable rate mortgages

Fusion mortgage

A mortgage and line of credit together giving you the flexibility to leverage your home equity when you need to without having to refinance or requalify.

LEARN MORE Fusion mortgage

MCAP Safeguard Mortgage

An innovative second mortgage that lets you easily access equity without touching your existing home mortgage.

LEARN MORE MCAP Safeguard Mortgage

The benefits of an MCAP mortgage

MCAP has a long history of helping Canadians achieve their homeownership dreams. Our mortgage payment calculator is just one way we help make mortgages easier. Here’s what sets us apart and why homeowners have chosen us for over 35 years.

Flexible Payment Options

With an MCAP mortgage, you can choose a payment schedule that suits your lifestyle. You can opt for monthly, semi-monthly, bi-weekly, or even weekly accelerated payments. Pay down your mortgage faster by taking advantage of payment increases and lump sum payment privileges.

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24/7 Access to Your Mortgage

With our online portal, MyMCAP, you have access to everything you need to know about your mortgage — anytime, anywhere. You can make lump sum payments, review or apply for property tax payment service, view and print mortgage statements, change the frequency of your payments, and much more.

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Simplified Property Tax Payments

You can pay your property taxes along with your mortgage by signing up for MCAP’s Property Tax Service. This service means that you have one less bill to worry about, and you can rest assured that your property taxes will be paid on time, every time.

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Dedicated Customer Support

We are committed to providing you with excellent customer service. You can reach our customer service team by telephone or email. Our Mortgage Servicing Centre is open nationally from Monday to Friday, 8 am to 8 pm.

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What factors affect your mortgage payments?

When calculating your mortgage payments, it is important to understand that there are many factors that contribute to the amount of your mortgage payments. The purchase price of your home is one obvious factor as it will impact the amount of your mortgage loan, but there are others that influence the total amount of your mortgage payment. Here are some to consider:

amortization

Amortization

Amortization refers to the length of time it takes to pay off your mortgage. A shorter amortization will result in a larger regular mortgage payment but lower interest costs over the length of the mortgage.

Down Payment

Down Payment

A higher down payment reduces the loan amount, which can in turn lead to lower payments and less interest paid over the life of the mortgage.

Interest Rates

Interest Rates

Interest rates determine the cost of borrowing money for your mortgage. Higher interest rates mean you’ll be paying more to carry your mortgage.

Ready to start your mortgage application process?

If you’ve used our mortgage calculator to see what you can afford, the next step is to get in touch with a mortgage broker. They can help you get your mortgage application underway.

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Exploring your mortgage payment options?

If you’re an existing homeowner exploring your payment options, refinancing or renewing your mortgage with MCAP could be a great choice. Contact us to discuss your options.

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Mortgage Payment Calculator FAQs

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Applying for a Mortgage

Applying for a Mortgage

When most people start looking for a home, they’re likely to make a list of ideal locations, how many rooms they’d like and other must-haves for their property. Not too many will think about applying for a mortgage or what to prepare to make the process easier. To help prospective homeowners, in this part of the Mortgage Basics series, we’ll be looking at the mortgage application process, what you’ll need and what to expect.

 Ways to Use MCAP’s Mortgage Payment Calculator

Ways to Use MCAP’s Mortgage Payment Calculator

Whether you’re looking to buy your first home, paying down your mortgage, or exploring how a rate change may impact your mortgage payments, the MCAP Mortgage Payment Calculator is a useful resource at all stages of your homeownership journey.