References
Everything explained in one place: short guides with a live calculator attached, a plain-language glossary, and the methodology behind every number this site produces.
Guides
Each one answers a single question and embeds the calculator, preset to the scenario being explained — so you can change the numbers to yours while you read.
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What PMI is, what it costs, and how to get rid of it
Why lenders charge it below 20% down, what your credit score does to the price, and the two dates it can come off.
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15-year vs 30-year: the real trade-off
The monthly increase against the lifetime interest saved, priced on a live scenario you can change.
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Minimum down payment in Canada, by price
The 5% / 10% / 20% tiers, what they mean at $500k, $800k and $1.5M, and how the CMHC premium changes your loan.
Methodology
- How we calculate every number — the formulas, the two places the US and Canada genuinely differ, where the data comes from, and what we do not model yet.
- The rate feed — the current published averages this site uses, with their observation dates and sources.
Glossary
13 terms in plain language, for both markets. Read the full glossary.
- Accelerated bi-weekly
- Amortization
- Closing costs
- CMHC insurance
- Down payment
- Escrow
- HOA fee
- Loan-to-value (LTV)
- PMI
- Principal
- Refinance
- Stress test
- Term
Common questions
How often are the mortgage rates updated?
US rates are drawn from the Freddie Mac Primary Mortgage Market Survey, published every Thursday since 1971. Canadian rates come from the Bank of Canada's weekly conventional mortgage rate averages. Both are refreshed on the same weekly cycle and stamped with an observation date so you always know how current the figure is.
Why does the calculator include property tax and insurance by default?
Principal and interest is only part of what you actually pay each month. Property tax, homeowners insurance, HOA fees and PMI are all recurring costs that belong in any honest payment estimate. Leaving them out — as most calculators do — gives you a number that looks affordable and surprises you at closing. The CFPB Loan Estimate form requires lenders to show all of these costs together for exactly this reason.
What is PMI and when does it go away?
Private mortgage insurance (PMI) is a premium lenders charge when your down payment is below 20% of the purchase price. It protects the lender — not you — against default. Under the federal Homeowners Protection Act, lenders must automatically cancel PMI when your loan balance reaches 78% of the original purchase price. You can request cancellation at 80%. The calculator tracks both dates in the amortization schedule.
How does Canada's mortgage math differ from the US?
Two key differences. First, Canadian mortgages compound semi-annually under the federal Interest Act, not monthly — producing slightly lower payments for the same stated rate. Second, Canada requires CMHC default insurance on any purchase with less than 20% down, adding a premium rolled into the loan balance.
What is the Canadian mortgage stress test?
The stress test — defined in OSFI Guideline B-20 — requires federally regulated lenders to qualify borrowers at the higher of their contract rate + 2%, or 5.25%. This means you must show you can afford a higher payment than the one you will actually make. The Canadian calculator shows both the real payment and the stress-test qualifying payment side by side.
Is the data stored anywhere?
No. All calculations run in your browser. Any scenario you save goes into your browser's local storage — nothing is sent to a server or tied to an account. Clearing browser data removes saved scenarios. This approach is consistent with the CFPB's guidance on financial tool data handling.
Ready to run your own numbers?
Start with the calculator that matches your situation, then explore the tools for deeper analysis.