Bank of Montreal Mortgage Payment Calculator

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Mortgage Amount:
Payment Frequency:
TermRateMonthly Payment
1-Year Fixed
2-Year Fixed
3-Year Variable
3-Year Fixed
4-Year Fixed
5-Year Fixed
5-Year Variable
6-Year Fixed
7-Year Fixed
10-Year Fixed
18-Year Fixed

The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage.

BMO Mortgage Programs

BMO Fixed-Rate Mortgages

BMO Fixed Rate Mortgages reduce the risk of future interest rate fluctuations by “locking in” a specific interest rate for the term. This can create peace of mind for homeowners, which makes it a fundamentally appealing program for home buyers. If you are arranging a new mortgage for a future or current home, your fixed interest rate can be guaranteed up to 120 days before the closing date of your home. If interest rates go up during that time, you will be guaranteed the lower rate.

BMO Variable-Rate Mortgages

BMO Variable Rate Mortgages provide you with fixed payments over the term; however, the interest rate will fluctuate with any changes in the prime interest rate. If their prime rate goes down, more of your payment will go towards paying off your principal; if their prime rate goes up, more of your payment will go towards interest costs. As a result, this can be a great financial tool for those expecting rates to fall in the upcoming year. A convertible mortgage allows you to convert to another term at any time. This feature provides security and flexibility, as it enables you to convert to a longer closed term should your variable rate mortgage no longer meet your needs.

BMO Default Insured Borrowed Down Payment Program

BMO allows first-time homebuyers to borrow their entire down payment, up to 9.99% of the purchase price of their home. First-time homebuyers can also use government programs such as the Home Buyer’s Plana, GST/HST New Housing Rebate, and the First-Time Home Buyers' Tax Credit.

BMO Mortgage Payment Options


  • Take a Break Option: Allows you to skip the equivalent of one monthly payment once per calendar year.
  • Family Care Option: Allows you to skip the equivalent of four monthly payments once per calendar year if you or your partner needs to care for a new baby or sick family member.

Skipping a BMO mortgage payment will mean that the interest on the skipped payment will be added to your mortgage principal. This will cause you to pay more in the future. You can always make a prepayment in the future to cover skipped payments without any prepayment penalties. These skip-a-payment options are not available for the BMO Smart Fixed Mortgage. Those receiving mortgage disability benefits are also not eligible.

If you have an insured mortgage, you can only use these options if you have previously made a mortgage prepayment equivalent to the amount to be skipped. Insurance premiums cannot be skipped. Self-employed borrowers cannot use the Family Care Option.

Accelerated Payments

You can increase your regular mortgage payments by up to 20% once per calendar year for closed mortgages, and up to 10% once per calendar year for the BMO Smart Fixed Mortgage. You can also make a lump-sum mortgage prepayment of up to 20% once per calendar year for closed mortgages, and up to 10% once per calendar year for the BMO Smart Fixed Mortgage. There is a minimum lump-sum prepayment amount of $100. You can also change to an accelerated weekly or bi-weekly payment schedule.

Mortgage Cash Account

Any mortgage principal prepayment that you make will go towards a Mortgage Cash Account. You can re-borrow your prepayments from this account with the amount added back to your mortgage principal. The minimum amount you can re-borrow is $2,500.

This calculator is provided for general information purposes only. WOWA does not guarantee the accuracy of the information shown and is not responsible for any consequence that arise from the use of the calculator and its results. Any financing products shown are subject to terms and conditions and may not be available in certain regions.