Canadian mortgage calculator

See what your mortgage payments will be, how much CMHC insurance costs if you put down less than 20%, and the rate you need to qualify at under the stress test.

How Canadian mortgage payments are calculated

By law, fixed-rate mortgages in Canada are compounded semi-annually, not monthly, so a 4.29% fixed rate costs slightly less than the same rate compounded monthly. Variable-rate mortgages are usually compounded monthly. This calculator handles both.

Minimum down payment

Purchase price	Minimum down payment
Up to $500,000	5%
$500,000 to $1,499,999	5% of the first $500,000 and 10% of the rest
$1.5 million or more	20%

CMHC mortgage insurance premiums

If your down payment is less than 20%, your mortgage must be insured. The premium is a percentage of the amount you borrow and is usually added to the mortgage.

Down payment	Premium
5% to 9.99%	4.00%
10% to 14.99%	3.10%
15% to 19.99%	2.80%
20% or more	Not required

Since December 15, 2024, first-time buyers and buyers of newly built homes can choose a 30-year amortization on an insured mortgage, which adds 0.20% to the premium. In Ontario, Quebec and Saskatchewan, provincial sales tax is also charged on the premium and must be paid when the purchase closes.

The mortgage stress test

To get a mortgage from a federally regulated lender, you must show you could afford the payments at the higher of 5.25% or your contract rate plus 2%.

Frequently asked questions

What is accelerated bi-weekly?

An accelerated bi-weekly payment is half of the monthly payment, paid every two weeks. Because there are 26 bi-weekly periods in a year, you make the equivalent of one extra monthly payment each year and pay off your mortgage years sooner.

What is the difference between the term and the amortization?

The amortization is the total time it takes to pay off the mortgage, usually 25 years. The term is how long your current rate and conditions last, usually five years, after which you renew.

This calculator gives an estimate for guidance only. Your lender's figures may differ slightly because of rounding and payment dates.