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B.C. Mortgage Payment Calculator

Use this free calculator to estimate your monthly mortgage payments in British Columbia, and see how interest rates and amortization lengths affect the total cost of your mortgage.

ALSO CONSIDER: Canada Mortgage Payment Calculator | Alberta Mortgage Payment Calculator | Ontario Mortgage Payment Calculator 

Mortgage Details

Mortgage Summary

Estimated Payment

The following items show your expected payment schedule over the full amortization period.

Doughnut chart


Monthly Payment

Principal & Interest
Mortgage Insurance
Mortgage details
Home Price
Down Payment
$25,000 (5%)
Total Loan Cost
Loan Amount
Total Interest Cost
Interest Rate
Mortgage Term
5 Years
Amortization Period
25 Years
Payment Frequency
No. of Payments

Amortization Schedule

Balance remaining in undefined

Payments Breakdown

Total Paid
Principal Paid
Interest Paid

Term Total


The line above displays the totals at the end of your mortgage term. At this time, you will renew your mortgage and choose among the rates that are available. The following analysis assumes you will lock in the same rate for the remainder of the amortization period, which may not be possible.


How this B.C. mortgage payment calculator works

  1. For “Property Value,” enter the price of the home you intend to buy or use the slide tool to indicate a price.
  2. For “Down Payment,” enter the amount of your down payment. You can use a dollar figure or a percentage of the home’s listing price.
  3. For “Interest Rate,” enter a potential mortgage interest rate. If you’re unsure of what value to enter, check Canada’s current mortgage rates to get an idea of a reasonable number.
  4. For “Mortgage Term,” choose how long you’d like to go before needing to renew your mortgage.
  5. For “Rate Type,” indicate whether your future mortgage will have fixed or variable rates.
  6. For “Amortization Period,” choose the total length of your mortgage loan.
  7. For “Payment Frequency,” indicate how often you’ll make a mortgage payment.

Together these inputs are used to estimate how much a mortgage in B.C. might cost you each month, as well as the entire lifetime of the loan.

Reasons to use this B.C. mortgage calculator

Even if you’re not ready to purchase a home tomorrow, a mortgage payment calculator is a powerful learning tool that can help you:

Costs included in a mortgage payment

Mortgage term vs amortization

When you take out a mortgage, you’ll have to choose a mortgage term and an amortization length.

Your mortgage term describes how long your current mortgage arrangement, including your interest rate and payment frequency, lasts. Mortgage terms in Canada typically range from one to 10 years, with most Canadians opting for five-year terms. Once your term expires, you’ll have to renew your mortgage, possibly at a different interest rate and with a different lender.

Amortization is how long it takes you to pay off your mortgage in full. Under Canada’s current lending guidelines, borrowers with down payments of less than 20% cannot choose an amortization period longer than 25 years. 

Variable mortgage rates vs. fixed mortgage rates

When securing a mortgage, you’ll have to choose whether your home loan charges a variable or  fixed rate of interest. 

With a variable-rate mortgage, your interest rate can change over the length of your mortgage term, rising or falling in line with your lender’s prime rate. If you choose a variable-rate mortgage with fixed payments, the monthly payment stays the same whether interest rates increase or decrease, but the amount put toward the principal and interest charges adjusts. If the interest rate rises, for example, more of the payment will go toward covering interest charges.

With a fixed-rate mortgage, your payments will remain the same for the duration of your mortgage term, no matter what happens with interest rates. 

Another difference between the two mortgage types is that interest compounds differently in each case. For fixed-rate loans, interest is compounded semi-annually, or twice a year. For variable-rate loans, compounding can occur more frequently. The more often interest compounds, the more you’ll wind up paying.

Payment frequency

Simply put, the more frequently you make your mortgage payments, the faster you’ll pay off your mortgage. Mortgage payment frequencies typically include:

Ways to reduce your monthly B.C. mortgage payment

Secure a lower interest rate

Depending on what options are provided by your lender, you may have the option of negotiating a mortgage that charges a lower interest rate.

A mortgage with a 4.5% interest rate might not appear to be significantly cheaper than one that charges 4.65%, but shaving even a few percentage points off an interest rate can save you thousands of dollars over the course of your mortgage.

Make a larger down payment

Saving up and making a larger down payment will reduce the amount of money you need to borrow. 

Borrowing less means you can make smaller monthly mortgage payments or try to pay off your mortgage over a shorter amortization period. A smaller loan means paying less in interest overall, but making a larger down payment can also help you secure a lower interest rate from your lender.

Choose a longer amortization period

While choosing a longer amortization will result in a greater number of payments and more interest charges overall, spreading your mortgage out over a longer period will also mean smaller monthly payments. 

You might end up paying more for your mortgage than you would with a shorter mortgage term, but the extra breathing room every month can be a game-changer if you’re on a tight budget. 


If you’ve owned your home for a while, have been keeping on top of your mortgage payments and have good credit overall, refinancing your home loan can also help you reduce your monthly mortgage payment.

When you refinance, you essentially begin a new mortgage. That gives you an opportunity to negotiate a lower interest rate and a new payment schedule, both of which can help lower your monthly obligations. 

Additional information for home buyers in B.C.

Getting a mortgage in B.C. shouldn’t be too different from getting a mortgage in any other province. Specific mortgage products and rates may differ somewhat, but the overall process should be the same. 

But there are a few unique factors homebuyers in the province should be aware of, including:

Frequently asked questions about B.C. mortgage payments

How much is the monthly payment on a $1,000,000 mortgage?

How much your mortgage costs depends on the interest rate offered by your lender and the length of your mortgage. A $1 million mortgage taken out at an interest rate of 4% and paid off over 25 years would cost around $5,260 per month. The same mortgage taken out at 6% would cost almost $6,400. If those mortgages amortized over 20 years, the monthly payments would be $6,042 and $7,121, respectively. 

How much is the monthly payment on a $700,000 mortgage?

Your monthly mortgage payment will depend heavily on your amortization period and the interest rate offered by your lender. A $700,000 mortgage taken out at an interest rate of 4% and paid off over 25 years would cost approximately $3,682 per month. At 6%, that same loan would cost almost $4,480. If the amortization was shortened to 20 years, the monthly payment on those loans would be $4,229 and $4,985, respectively.

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