Mortgage Deferral Calculator

Enter the value of your existing property
Property Value
Enter the amount of your first mortgage
registered on the property.
1st Mortgage Amount
Enter the amount that you are required
to pay on your first mortgage.
1st Mortgage Payment
Enter the amount of your second mortgage
registered on the property (if any).
2nd Mortgage Amount
Enter the amount that you are required
to pay on your first mortgage (if any).
2nd Mortgage Payment
Total amount of mortgages that are registered
on the property.
Total Mortgages
Total amount of mortgages that are registered
on the property.
Total Monthly
Total loans registered on the property in
relation to the value of the property.
Loan-to-Value Ratio (LTV)
60 %
Total amount available as equity in the property.
Available Equity
Select the number of month that you
prefer to defer your mortgage by.
Deferral Period
Total mortgage payment amount to
be deferred.
Deferral Amount

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Mortgage Deferral Extension

What to Do When the Mortgage Deferral Program Ends?
According to a recent Labour Force Survey conducted by Statistics Canada, about 55 per cent of the three million Canadian jobs that were lost when the pandemic hit in March have been recouped. That's good news for those homeowners who have been deferring mortgage payments while temporarily unemployed. According to Global News, by the end of June approximately 760,000 Canadians, or 16 per cent of mortgage holders took advantage of the mortgage deferral options that were offered by banks beginning back in mid-March.
Those six-month mortgage deferrals that were offered by banks will begin to expire this fall, which means that Canadians who have not yet found a new job or been recalled to their existing job still face an enormous amount of financial uncertainty and stress as worries about how they will afford rent or mortgage payments mount.
Thankfully, there are options for Canadians in this situation. When mortgage deferrals offered by banks expire private lenders are stepping in with options that can help homeowners extend mortgage payment deferrals further.
More About Mortgage Deferrals
The mortgage deferral program is intended for Canadians struggling to make mortgage payments. If you can pay your mortgage payments, then you absolutely should, especially considering that, according to the CMHC, homeowners will need to repay the amount of the skipped mortgage payments, and this repayment includes the principal and the interest owed.
In other words, while you defer your mortgage you are not paying down the principal and interest will continue to accrue and be added to your principal balance. This accruement will be compounded while your payments are deferred. The result is that the balance of your mortgage will increase, and you will pay more interest over the long term. In some cases, your lender may extend or reset the amortization period of your mortgage. This means that your mortgage payments could increase moving forward, even if the interest does not increase when you renew your mortgage.
That's why it it's a good idea to consider using a mortgage deferral calculator before meeting with a lender. Doing so will help provide a quick snapshot of the financial implications that deferring your mortgage payments may have for you.
To use a mortgage payment deferral calculator, you'll need to know information like:
  • Balance of your mortgage (as of your last payment)
  • Your current interest rate
  • Your principal + interest payment
  • The payment frequency
  • The maturity date of your mortgage
  • The number of payments you think you'll need to defer
Are You Eligible for a Mortgage Deferral?
If you need help to make your mortgage payment then you must reach out to your financial institution, mortgage broker or private lender before you miss a payment. Eligibility requirements vary depending on lenders, so it is important to speak to your lender as soon as possible to learn if you're eligible.
It's important to understand the financial impact of deferring your mortgage payments, so be sure to ask your lender to explain your options and the pros and cons of each option and how it will impact you.