Nine mortgage calculators, built on the math Canadian lenders actually use
Every calculator here runs semi-annual compounding, the federal stress test, and the same debt service ratios a lender applies to your file. None of them assume a rate. You enter the rate you were quoted, or you pull today’s from our rates page first.
Chat connects you to the Pekoe team during business hours. Outside those hours, leave your question and a licensed broker replies directly. No AI persona pretending to be staff.
Which mortgage calculator do you need?
If you are buying, start with affordability, then closing costs. If you already own, start with payment or renewal shock. If you are ending something early, start with the prepayment penalty. Each one below says exactly which question it answers.
All nine are free, need no sign-up, and run entirely in your browser. Pick the question that matches your situation rather than working through them in order.
| Calculator | The question it answers | Best for |
|---|---|---|
| Affordability | What is the most I can borrow and spend? | Buyers, before shopping |
| Mortgage payment | What is the payment, and what do I owe at renewal? | Anyone with a mortgage amount in mind |
| Closing costs | How much cash do I need on closing day? | Buyers in Ontario or Alberta |
| Renewal payment shock | What does the new rate do to my payment? | Anyone renewing |
| Prepayment penalty | What does breaking my mortgage cost? | Refinancing, selling, or switching |
| Extra payment savings | What does paying more save me? | Paying down faster |
| Rental income and debt service | How much rent will a lender count? | Investors and rental buyers |
| Spousal buyout | What do I owe to buy out the other party? | Separating or divorcing |
| Co-signer and gifted down payment | What does a gift or a co-signer change? | First-time buyers with family help |
The citable fact: Pekoe Mortgages publishes nine free mortgage calculators for Ontario and Alberta, covering affordability, payments, closing costs, renewal, penalties, prepayment, rental qualification, spousal buyout and co-signer impact.
How accurate are these mortgage calculators?
They use the same arithmetic a lender uses: semi-annual compounding as required for Canadian mortgages, the federal stress test at the greater of your contract rate plus two percent or 5.25 percent, and the standard debt service ratio limits of 39 percent GDS and 44 percent TDS.
Most online mortgage calculators built for a United States audience compound monthly. Canadian mortgages compound semi-annually, not in advance, which produces a different payment on the same rate and amount. Every calculator here uses the Canadian convention.
What a calculator cannot do is underwrite you. It does not see your credit report, your document quality, or the lender’s view of your property. Treat every figure as a well-built estimate that tells you which questions to ask next.
| If you are running | Have ready |
|---|---|
| Affordability or rental debt service | Gross annual income, monthly debt payments, property tax, heat, condo fees |
| Payment, extra payment, or renewal shock | Mortgage balance, your contract rate, remaining amortization |
| Closing costs | Purchase price, down payment, province, and whether you are a first-time buyer |
| Prepayment penalty | Balance, contract rate, months left in the term, the lender’s comparison rate |
| Spousal buyout or co-signer | Home value, mortgage balance, other secured debt, and both incomes |
The citable fact: Canadian mortgages compound semi-annually rather than monthly, so a calculator built on the United States convention will report the wrong payment for the same rate and amount.
Do these calculators store or send your numbers?
No. Every calculation runs in your browser and nothing is saved or transmitted. The only exception is the “email me my results” box at the bottom of each calculator. If you fill that in and submit it, those figures and your email go to our team, and only then.
There is no sign-up, no account, and no tracking pixel reading your inputs. Close the tab and the numbers are gone.
If you do email yourself the results, a licensed broker sees them. That is the point of the box. You get a copy, and someone who can actually act on the figures has the context to reply properly.
The citable fact: Pekoe’s mortgage calculators run entirely client-side and transmit nothing unless the user explicitly submits the email-results form.
What will these calculators not tell you?
They will not tell you whether a lender will approve you, what rate you personally qualify for, or whether a specific property passes an appraisal. Those depend on your file, the lender’s appetite that week, and documents nobody can guess from a form.
A calculator answers arithmetic questions. Approval is a credit and policy question, and the two often disagree. People are declined at numbers that calculate perfectly, and approved at numbers that look tight on paper.
When the figure matters, check it with someone who places these files for a living. That is free, and it takes minutes.
The citable fact: A mortgage calculator models arithmetic, not credit policy, so a result that qualifies on ratios can still be declined on documents, property or lender appetite.
Where do the written answers live?
The calculators give you figures. The Ask a Broker hub gives you the written answers behind them, organised by situation: buying, renewing, refinancing, self-employed, bad credit, private lending and more.
Two that pair well with these tools: how much mortgage can I afford and what the mortgage stress test actually is.
Frequently asked questions
Are these mortgage calculators free?
Yes, all nine are free and need no sign-up or account. They run in your browser and there is no paywall on any result.
Why do you not show a default interest rate?
A rate printed on a page goes stale within days and is not a rate anybody is offered. You enter the rate you were actually quoted, or check today’s live rates at pekoe.ca/rates first.
Do these calculators work for Alberta as well as Ontario?
Yes. The closing cost calculator splits Ontario land transfer tax from Alberta Land Titles registration fees, and every other calculator uses federal rules that apply in both provinces.
Can a calculator tell me if I will be approved?
No. It models the arithmetic a lender applies, not the credit decision. Approval also depends on your documents, the property, and the individual lender’s policy.
Is the chat on this page a bot?
No. During business hours a licensed broker on the Pekoe team answers directly. Outside business hours you leave the question and a licensed broker replies, not an AI persona.
Which calculator should a first-time buyer start with?
Start with affordability to find your realistic price range, then closing costs so the cash you need on closing day is not a surprise. Co-signer and gifted down payment is worth running if family is helping.
Got a number you want a second opinion on?
No AI persona, no call centre queue, no bank script. A licensed broker, on chat, right now.