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BMO mortgage calculator

BMO mortgage calculator online in Canada in 2022. How to figure out a mortgage loan yourself?

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TD Bank TD Bank
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Royal Bank of Canada Royal Bank of Canada
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Calculation according to the real estate value
Calculation according to the loan amount
Calculate the mortgage
Interest rates are given in accordance with the rates of the bank in Ottawa as of 02.10.2022
BMO mortgage calculator BMO mortgage calculator BMO mortgage calculator BMO mortgage calculator BMO mortgage calculator
Loan amount

Loan amount

50000 $
5000000 $
Down payment

Specify the percentage of the down payment

Your loan amount
Loan term

Specify the loan term for the calculation

Interest rate

Choose the interest rate on the loan

4 %
6 %
Type of payments

Specify the type of payment for calculating

Fill out an application for a mortgage!
Fill out an application for a mortgage!

Take advantage of our mortgage selection system with a free credit rating check!

What is the BMO mortgage calculator?

BMO, Bank of Montreal, is a large North American bank that provides services to over ten million business and private customers and is a known mortgage provider. One of BMO's well-known products is the mortgage, which allows you to become the owner of your own dream home, renovate your property or refinance with BMO if the loan terms are favorable. As a lender, BMO stands for weighted financial decisions.

BMO is committed to helping customers achieve stability to become homeowners. However, with rising prices, life challenges, and growing expenses, not everyone can make a one-time payment on a property. When it comes to loans, especially mortgages, it pays to calculate every detail and get an accurate picture of your financial situation and future debt service for investment property. A mortgage calculator converts your initial data into:

The loan calculators seem like a part of the website. Still, although they fulfill only an informative role, they are a powerful analytical tool that helps you assess your initial situation before making an important financial decision.

To use a mortgage calculator to the full extent, you need to key in the following data:

Of course, you will not know some of this information precisely because the market changes, and you may not have asked the potential lender for the details of the loan product, but that's not a problem. For this reason, many lines in loan calculators are displayed as a drop-box from which you can select your option.

Attention! All mortgage and other loan calculators are for informational purposes only and provide general information. 

You can only get accurate numbers from a mortgage specialist who will take into account all the factors that affect the cost of the loan:

Some people take calculation results too literally, thinking that they have already been approved for the amount quoted or that the lender has committed to them. To be clear, this is not the case. Such calculation results are merely used to get an overview and run through various credit scenarios before visiting the bank branch to take concrete steps.

BMO mortgage calculators

BMO offers not only simple mortgages but also lines of credit in addition to various mortgage loans. In addition, the bank has integrated several mortgage calculators on its website to help its customers with personal calculations and deciding on an option:

  1. Mortgage affordability calculator

  2. Payment calculator

  3. Pre-payment calculator

  4. Insurance calculator

The mortgage affordability calculator makes your financial situation visible from the perspective of your mortgage obligation to the bank. You just need to figure out your budget numbers, and you will see what is affordable for you under the current conditions. It's quite a long table of personal financial information, but the result is worth it.

BMO offers several loan products designed to close the gap between your dream home and the amount of money available. But, of course, such an increase would cost something, and to find out how much, BMO has provided various mortgage calculators for their potential customers. This signifies the bank's price competition because numbers can be more persuasive than advertising.

Some mortgage calculators might surprise customers because they are not directly associated with mortgage products. Nonetheless, everything related to your expenses and income matters when considering a loan option.

Below, we'd like to take a quick look at what mortgage calculators are available to BMO customers directly on the website.

The mortgage affordability calculator shows how much money you potentially have available for a mortgage loan. Some may say that this calculator asks for too much information, but serious investments usually require more detailed analysis. If you are used to planning your personal/family budget, it is quick and easy to enter information about your income, expenses, taxes, etc. If you do not, it's still possible, but it would take you a little longer to gather the numbers you need and make an approximate calculation to enter the data you want. As a result, you will see what mortgage amount, including the downpayment, you are eligible for.

If the mortgage details section raises any questions, you can contact customer service to resolve the issue. With a mortgage payment calculator, you can get preliminary figures for the amount of repayment, interest, and total cost of your mortgage, starting from the price of your house. In addition, this calculator offers the possibility of including additional payments to consider the option of early repayment of your mortgage. Besides, with this tool, you'll be able to compare the options under consideration and play with the repayment frequency, the amortization period, and the type of loan product.

Such a tool is helpful in the personal search phase, as it allows you to evaluate the future loan burden and your remaining free liquidity. Conveniently, the results are presented in tables and graphs. In the process, you can also check your preliminary loan balance at a particular time. Finally, you can print it out and make your weighted decision before visiting the branch.

Attention! The results of this payment calculator are preliminary, and the specific numbers will depend on the timing of your application and other factors explained by a BMO Mortgage Specialist. 

This calculator gives you general guidance on the down payment required for a mortgage product, i.e., the down payment should not be less than 5% for a property purchase under $500,000. If the property costs more, expect a 5% down payment for the first $500,000 and add 10% for the balance.

For mortgages over $1,000,000, a down payment of at least 20% is required.

Further details should be obtained from the bank's branch and will depend on the product chosen and other aspects that make this a loan tailored to your situation.

Suppose you want to pay off your mortgage early. In that case, the Mortgage Prepayment Calculator is a helpful tool that indicates how much it might cost to pay off your mortgage in full or make a lump sum payment if full repayment is too ambitious right now.

This tool provides important information that some mortgage types allow full early repayment only under certain circumstances. On a case-by-case basis, and if you are unsure whether your mortgage allows early repayment, you should contact the bank at 1-855-284-17-66.

By providing information about your mortgage type, interest rates, cashback, and interest rate discount, you will know approximately how much money you will be charged for early repayment. This way, you can ensure you have extra funds and will not be surprised.

Early repayment is a tricky issue for some products, like credit cards. Still, if you are no longer happy with your mortgage product, this is a good option if your finances are in order. You are not overpaying by taking on an excessive interest charge from year to year or just to get a lower rate than the posted rate offered by your previous bank. It is valid for loan lines of credit, student lines of credit, etc. Montreal mortgage rates are different, and that is why BMO bank is interested in offering transparency to their clients; it helps to retain customers in the future instead of making them leave BMO bank as a mortgage provider and making loan payments, repayments of a line of credit to another bank of Montreal.

The mortgage interest calculator works in 2 directions: Purchase of a home or renewal/refinancing.

The results of the calculations are based on the price of the house, the amount of the down payment, and the term of the mortgage;

Payback period. You can add multiple rates to compare which one is better for you.

Why do you need a BMO calculator?

When deciding on a mortgage and a significant personal investment such as buying a property, renovating, etc., it is not just the purchase price that matters.

One must analyze the posted interest rates, amortization periods, and interest types and decide how not to overpay and make the most of one's finances.

It's not always easy to determine which alternatives to sift out, and that's where descriptive methods like mortgage calculators are beneficial.

First, you do not just have to believe the advertisements and can test which interest rate type and mortgage loan type are the most affordable.

Second, you can use calculators to plan your expenses over time. For example, you can test different amortization periods, different costs for the property you want to buy, and the down payment, all while determining if you can afford it or if you can afford more than you expected.

The mortgage calculator does not give you all the specific numbers, but before you sign a mortgage contract, you can estimate what portion of your income will go to the lender until you can repay the loan in full.

The mortgage calculator reminds you of additional costs and specific (restrictions) on certain loan products; for example, early repayment is different for some products.

The mortgage calculator helps you prepare for a visit to a bank branch, and remember to ask the bank's mortgage specialist the right questions.

It saves you time, as some information is already available before you visit the branch, and you can discuss some more or less specific questions with your partner or family.

Besides, it is needed to compare posted and mortgage rates that fit you and determine a convenient amortization period.

How to use a BMO calculator

If you know which way to go and what the procedure is, you will always get there faster. The same is true for mortgage calculators. Knowing how to use them and what information is needed on your end will take you even less time to get your preliminary calculation results.

The mortgage affordability calculator suggests you key in several crucial pieces of data.

You can run this calculation as often as you like to review credit tools and some scenarios, or you can use the second part of this tool. You will be asked to provide the same information above and see the potential loan charge. Also, you can use this preliminary information to narrow or expand your property search if you know your approximate price limit.

The mortgage payment calculator is another BMO mortgage loan calculator. At the very beginning is the most crucial question for any business: your purpose or why you need the money. This calculator offers several options:

Once you select the appropriate option in the first step, you will be directed to the section where you will need to enter specific data:

Mortgage term (you choose from a drop-down list that includes 16 different types, ranging from 6-month fixed terms to 18-year fixed terms, for instance, five-year variable, five-year fixed. The options include not only different terms but also different types of mortgages, such as fixed open and fixed closed, like BMO smart fixed mortgage, BMO fixed, fixed-rate mortgage, etc.);

  1. You have to enter the interest rate manually;

  2. The amortization period is to be selected from a list of 6 items, starting with five years and ending with 30 years;

  3. payment frequency - again, there is a drop-down box where the calculator offers monthly, semi-monthly, bi-weekly, weekly, accelerated bi-weekly, and accelerated weekly amortization schedules;

  4. The last item, before you get your mortgage summary, is optional: if you answer yes to the question of whether you want to repay your mortgage faster, another line will appear where you have to choose an additional frequency payment method from the list: annual, in addition to a regular payment, one-time, semi-annual, quarterly).

Then you need to choose which year you want to make this change and the amount you wish to pay.

As a result of this simple calculator, you will get general information about:

The result of the expected reduction in your mortgage term is an approximation, and exact figures must be obtained from the bank so that your financial decision is based on a solid foundation of true calculations. Then, when you are ready to explore more details and the best mortgage rates which could be offered to you all it takes, just book an appointment in the BMO branch that belongs to one of the big banks in Canada.
Depending on your preference, you can view your report on the screen, print it out, and analyze and compare it with other options offered.

Independently on mortgage rates, you can save on mortgage payments by making monthly payments bigger or by changing to a fixed rate mortgage if there is a tendency of prime rate growth compared to your rates under a variable rate mortgage.

A mortgage prepayment calculator is a prepayment charges calculator that is helpful whether you have long or short amortization period, year fixed, or high ratio mortgages. In addition, BMO bank made a toggle navigation menu for its loan calculators, which allows home buyers to navigate smoothly through the steps of entering data.

If you want to pay your mortgage in full, you must state:

If you are making a partial early repayment, you will be asked to provide the following information:

As a result, you will see how much it could cost you to pay off your mortgage early. These are approximations only, as some mortgage products typically do not offer an early repayment option, except under certain circumstances.

Suppose you have a variable rate mortgage and see that the prime rate is trending up, and you may be paying too much. In that case, you may want to explore different options, including paying off your mortgage early if it's affordable. You could save much more than the prepayment penalty charged by the bank.

BMO is a reputable lender that offers competitive interest rates and loan terms. Therefore, borrowers must meet the requirements of a good credit score, proven income, and financial discipline to service the loan well. Borrowers must also pass a stress test to see if they can withstand a potential increase in the interest rate. If the borrower meets the bank's criteria, there are no problems with approval and funding.

What is the BMO prime interest rate?

As time passes and market conditions and economic situations change, BMO has the right to use its tool to regulate rates and ensure a balance between affordability for customers and stability and profitability for itself as a financial institution.

BMO's current prime rates can be found in the Interest Rates, Prime & Base Rates section at BMO.

The Bank keeps its customers informed of:

  • Canada prime rate;

  • The CAD reference rate for deposits;

  • The USD reference rate for deposits;

  • US prime rate.

If you have any questions about what the prime rate means to you as a borrower or any other questions about this topic, please contact customer support and get this information from your manager.

How much BMO Bank allows you to borrow?

It depends on several factors. Obviously on the credit product, but not only. Your credit score also affects the possible loan amount, and in the case of a mortgage product, your down payment, and most importantly - your ability to service the loan.

The loan amount is also related to the real estate purchase amount because mortgage loan funds have to be used according to the loan purpose.

Is it hard to get approved for a BMO mortgage?

BMO is a reputable lender that offers competitive interest rates and loan terms. Therefore, borrowers must meet the requirements of a good credit score, proven income, and financial discipline to service the loan well. Borrowers must also pass a stress test to see if they can withstand a potential increase in the interest rate. If the borrower meets the bank's criteria, there are no problems with approval and funding.