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Canadian Mortgage Calculator

See your mortgage payment for any payment frequency, including CMHC mortgage insurance, the minimum down payment and your full amortization schedule.

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10.0% of the price · minimum $40,000

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More options· 25-year amortization, taxes, insurance, condo fees
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Per year, % of price

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Per year

$

Per month

Monthly payment

$3,439.51

$603,135 mortgage · paid off in 25 years

Monthly cost of owning
$4,023
Total interest
$428,719
Monthly cost of owning
  • Mortgage payment$3,440
  • Property tax$433
  • Home insurance$150

Includes $18,135 of mortgage default insurance (3.10%), required with less than 20% down.

What this means

Over a 25-year amortization you’d pay $428,719 in interest, if the rate stayed the same.

It won’t for that long: you renew at the end of each term, usually every few years, at whatever rates are then. Allow for your payment going up at renewal.

Next step

Principal and interest paid each year
$41,275$20,637$0
13691215182124
PrincipalInterest
Assumptions in this estimate
  • Assumes a fixed-rate mortgage, compounded semi-annually as is standard in Canada. Variable-rate mortgages usually compound monthly.
  • Insured mortgages over 25 years are only available to first-time buyers or for newly built homes.
  • Provincial sales tax on the insurance premium (Ontario, Quebec, Saskatchewan) is paid at closing and is not included.
  • Quebec’s tax on the insurance premium rises from 9% to 9.975% for premiums paid from January 1, 2027.
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How your mortgage payment is calculated

Your payment pays off the mortgage, plus any CMHC insurance premium, over the amortization period. Fixed-rate interest compounds twice a year, as required in Canada. Choose a payment frequency to see how much each payment is and how quickly you pay off the loan:

  • Monthly, semi-monthly, bi-weekly and weekly payments spread the same yearly amount over more payments.
  • Accelerated bi-weekly and accelerated weekly payments pay a little more each year, so you become mortgage-free sooner.

Mortgage insurance and your down payment

With less than 20% down, your mortgage must be insured. The premium is added to your loan, so you pay interest on it too. Saving for a larger down payment lowers both your premium and your monthly payment.

The cost of owning

The chart also includes property tax, home insurance and condo fees so you can see your full monthly cost of owning, not just the mortgage.

Last updated

Frequently asked questions

What is the minimum down payment in Canada?

For homes up to $500,000 the minimum is 5% of the price. Between $500,000 and $1.5 million it is 5% of the first $500,000 plus 10% of the rest. At $1.5 million or more you need at least 20% down.

How much is CMHC mortgage insurance?

If you put down less than 20%, mortgage default insurance is required. The premium depends on your down payment, from 2.80% of the loan with 15% to 19.99% down up to 4.00% with 5% to 9.99% down. It is added to your mortgage. Ontario, Quebec and Saskatchewan also charge provincial sales tax on the premium, payable at closing.

Can I get a 30-year amortization?

Insured mortgages (less than 20% down) can be amortized over 30 years if you are a first-time buyer or buying a newly built home; the insurance premium is 0.20% higher. With 20% or more down, lenders commonly offer up to 30 years.

What is an accelerated bi-weekly payment?

It is half of your 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, which pays the mortgage off years sooner and saves interest.

Why do Canadian mortgage calculations use semi-annual compounding?

Under the Interest Act, Canadian fixed-rate mortgages state their interest rate compounded semi-annually, not monthly. That makes the effective rate slightly lower than the same rate compounded monthly, and this calculator uses it.