Rent vs buy
Cash spent on a mortgage plus housing costs versus rent, and a rough equity figure after a chosen number of years.
Open a calculatorMortgage
The loan is the price minus the down payment. Equal instalments keep the monthly amount constant. Declining instalments repay a fixed slice of capital, so the first month is the highest. The rate does not change in the model. This is not a bank offer and not an APR.
Purchase price from the deal — the down payment is subtracted to get the amount borrowed.
Purchase price from the deal — the down payment is subtracted to get the amount borrowed.Down payment as a percent of price — a larger down payment cuts principal and LTV.
Down payment as a percent of price — a larger down payment cuts principal and LTV.%
Nominal annual interest rate — not APR/RRSO; the model keeps it flat for the whole term.
Nominal annual interest rate — not APR/RRSO; the model keeps it flat for the whole term.%
Repayment term in years (1–50) — a longer term usually lowers the instalment but raises total interest.
Repayment term in years (1–50) — a longer term usually lowers the instalment but raises total interest.Equal instalments keep the monthly amount fixed; with declining instalments the first month is highest.
Equal instalments keep the monthly amount fixed; with declining instalments the first month is highest.First monthly payment
2,700.83
Last monthly payment
2,700.83
Amount borrowed
400,000
Loan to value
80.0%
Total interest
410,248.59
Total repaid
810,248.59
First monthly payment: 2,700.83
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Frequently asked questions
What is the difference between equal and declining instalments?
Equal (annuity) instalments stay the same each month: more interest at first, more principal later. Declining instalments repay a fixed slice of principal, so the first payment is highest and the last is lowest. Total interest is often lower with declining payments.
How does the down payment change the instalment and LTV?
The loan amount is the home price minus the down payment. A larger down payment cuts principal, the monthly instalment and LTV (loan to value). Banks often price lower LTV more cheaply; this calculator does not pick a margin or low-deposit insurance.
Is the rate I type the APR / RRSO?
No. You enter a nominal annual interest rate. APR/RRSO folds in fees, insurance and other credit costs. The model keeps the rate flat for the whole term — it is not a bank offer or an information sheet.
How does the home price become the amount borrowed?
Subtract the down payment (a percent of price). At 500,000 with 20% down you borrow 400,000. Instalments, total interest and LTV are all based on that principal.
Will the instalment change if WIBOR or WIRON rises?
In real life, yes, if your rate is variable. Here the rate stays constant so you can compare deposit, term and instalment type. For a bank conversation, add a buffer for a higher rate.
An educational estimate. Not medical, tax or credit advice.