Estimate monthly mortgage principal and interest, then add property tax, insurance and HOA or service charges to see a broader monthly housing budget.
Payment = P × i / (1 − (1+i)^−n). P is principal, i the monthly equivalent rate and n the number of monthly payments. At zero interest, payment = P/n.
For a 200,000 mortgage at a 3% nominal annual rate compounded monthly over 25 years, principal and interest are about 948.42 per month. Add 2,400 annual property tax and 1,200 annual insurance to estimate 1,248.42 per month before other charges.
The amortization schedule covers the loan only. Additional housing costs are treated as constant inputs, not forecasts. Select semi-annual compounding only when it matches your mortgage contract; not every Canadian or other mortgage uses identical terms. This is not an affordability approval.
For a nominal annual rate compounded monthly, the monthly rate is annual rate / 12. For nominal semi-annual compounding, it is (1 + annual rate / 2)^(1/6) − 1. For an effective annual rate, it is (1 + annual rate)^(1/12) − 1. Enter rates as percentages in the form and select the convention in your agreement.
Check whether the quoted amount includes insurance, taxes, fees or a different payment frequency. Also check the annual-rate compounding convention and whether the rate is fixed. Lender rounding and payment dates can create smaller differences.
Not automatically. APR can include fees and follow a specific disclosure convention. Use the contractual interest rate and its compounding basis for a repayment schedule; assess fees separately.
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English edition: 16 September 2026.