Major-bank prime reference
4.45%
Often used as a base for variable-rate lending.
Latest observation: July 15, 2026
Mortgage Payment Calculator
Estimate your monthly mortgage payment for a home in Vancouver or elsewhere in British Columbia, and see how your balance may change over the selected term.
Your estimate
Monthly payment breakdown
Total monthly payment
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- Principal
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- Interest
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- Property taxes
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- Insurance
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- Other fees
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Mortgage details
- Monthly payment
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- Mortgage amount
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- Total paid in term
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- Principal paid in term The amount of your payments that reduces your mortgage balance during the selected term.
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- Interest paid in term The portion of your payments that goes toward interest over the selected term.
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- Balance at end of term Your estimated remaining mortgage balance at the end of the selected mortgage term.
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- Total interest over amortization The estimated total interest paid if you keep the same mortgage until it is fully paid off.
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Fixed rates assume semi-annual compounding and variable rates assume monthly compounding; lender conventions may differ.
These calculations are general estimates only. They are not an approval, qualification result, lender commitment, or financial advice. Actual rates, payments, fees, insurance, penalties, and lender calculations may vary.
Official Canadian Mortgage Rate Trends
Compare the rate in your calculation with the latest available Bank of Canada averages for uninsured residential mortgages. These figures provide national market context and are not personalized mortgage offers.
Latest available averages
Observed May 2026
Fixed, 5 years and over
4.34%
Variable
3.89%
Latest 12 monthly observations
- Fixed, 5 years and over
- Variable
Monthly observation values
- Jun 2025: Fixed, 5 years and over 4.25%. Variable 4.53%.
- Jul 2025: Fixed, 5 years and over 4.27%. Variable 4.54%.
- Aug 2025: Fixed, 5 years and over 4.31%. Variable 4.49%.
- Sep 2025: Fixed, 5 years and over 4.37%. Variable 4.27%.
- Oct 2025: Fixed, 5 years and over 4.40%. Variable 3.97%.
- Nov 2025: Fixed, 5 years and over 4.26%. Variable 3.88%.
- Dec 2025: Fixed, 5 years and over 4.31%. Variable 3.88%.
- Jan 2026: Fixed, 5 years and over 4.33%. Variable 3.86%.
- Feb 2026: Fixed, 5 years and over 4.31%. Variable 3.84%.
- Mar 2026: Fixed, 5 years and over 4.22%. Variable 3.84%.
- Apr 2026: Fixed, 5 years and over 4.18%. Variable 3.88%.
- May 2026: Fixed, 5 years and over 4.34%. Variable 3.89%.
Additional market benchmarks
Major-bank five-year posted reference
6.09%
A public benchmark, not the average rate charged on reported mortgage lending.
Latest observation: July 15, 2026
How to read your results
How to read your mortgage estimate
The main result is a scheduled principal-and-interest payment based on the mortgage amount, rate, amortization, term, and payment frequency you enter. It uses common Canadian compounding conventions that apply to BC mortgages. Use the term results to see what happens before renewal — not over the full life of the mortgage.
How the main result is calculated
Each payment is a mix of principal and interest. Principal reduces the balance; interest is the cost of borrowing on what remains.
The selected term is the contract window for your current rate and conditions. Amortization is the longer schedule used to size the payment, often 25 years in Canada.
Changing rate type, term length, amortization, or payment frequency can shift the payment, interest, and remaining balance.
Fixed vs. variable
A fixed rate stays set for the term. A variable rate can move with the lender’s prime rate. Test both if you are weighing payment stability against rate movement.
Term vs. amortization
Term covers the current contract. Amortization sets the payment size over a longer horizon. A shorter amortization usually raises the payment and lowers long-term interest.
Payment frequency
Monthly, bi-weekly, weekly, and accelerated schedules change how often you pay and how quickly the balance may decline.
Important labels
- Principal paid in term
- The portion of your scheduled payments that reduces the mortgage balance during the selected term.
- Interest paid in term
- The estimated borrowing cost during the selected mortgage term under the rate and schedule you entered.
- Balance at end of term
- The estimated principal remaining when the selected term ends — typically what you renew or refinance next.
- Total interest over amortization
- A planning estimate of interest if the same assumptions continued until the mortgage was fully repaid. It is not a quote.
Beyond the estimate
What else should you consider?
A payment estimate answers one question. In Vancouver and across BC, ownership costs, qualification, and lender rules still sit outside this calculator.
Not included in this payment
- Municipal property taxes (which vary across Metro Vancouver and BC)
- Home insurance
- Strata or condo fees
- Utilities and maintenance
- Legal fees or lender-specific charges
May require confirmation
- How much you qualify to borrow, including stress testing
- Lender payment conventions and product rules
- Open vs. closed mortgage features and prepayment options
Frequently asked questions
Is this a BC or Vancouver mortgage calculator?
Yes. It is built for Canadian mortgages and written for buyers and homeowners in Vancouver and British Columbia. The payment math uses common Canadian compounding conventions; local ownership costs such as property tax, insurance, and strata fees are not included in the principal-and-interest estimate.
How accurate is this mortgage calculator?
It provides a general planning estimate using the numbers you enter and common Canadian compounding conventions. Lender formulas, product rules, and fees can differ across BC lenders, so treat the result as a starting point rather than a commitment.
What is the difference between term and amortization?
Amortization is the full schedule used to size your payment, often 25 years. The term is the shorter contract period for your current rate and conditions, often three or five years. At the end of the term, a balance usually remains.
Does the payment include property taxes?
No. On this payment calculator, the estimate is based on principal and interest from your mortgage inputs. Property taxes in Vancouver and other BC municipalities, insurance, and other ownership costs are separate unless you model them on the buying calculator.
What does balance at the end of term mean?
It is the estimated mortgage balance remaining after the selected term, assuming the payment schedule and rate you entered. That remaining balance is typically what you renew or refinance next.
How do accelerated payments work?
Accelerated bi-weekly or weekly schedules take a portion of a monthly payment more often, which can result in the equivalent of roughly one extra monthly payment per year. That may reduce interest and shorten the time to pay down the balance.
Should I test a fixed or variable rate?
Use the calculator to compare scenarios under both rate types. A fixed rate keeps the contracted rate for the term; a variable rate can move with the lender’s prime rate. The better fit depends on your budget and risk comfort — not on the calculator alone.
How does the Canadian mortgage stress test affect my estimate?
Lenders in BC typically qualify borrowers using a stress-test rate that is higher than the contract rate shown in this calculator. That means the maximum loan amount you can be approved for may be lower than a payment estimate alone suggests.
Want a payment that fits the rest of your budget?
A calculator shows the number. Jim helps Vancouver and BC homeowners compare the mortgage structures, lender options, and trade-offs behind it.
Explore another mortgage scenario
Choose another calculator to explore a different mortgage decision.