Using a mortgage payment calculator is simple! First, you enter the amount you are hoping to borrow for your mortgage. Next, you add the interest rate offered to you by the lender. Thirdly add the amortization period. This is the length of time over which you agree to repay the loan. Once you have input all the information, the Canadian mortgage rates calculator will tell you how much your monthly payments will be. Watch out! The calculator cannot account for rate rises set by the lender. Note that in times of inflation banks may raise mortgage rates.