Canada Mortgage Calculator

The lender takes the loan amount, the monthly interest rate and the number of monthly payments and finds the level payment that repays the loan over the amortization. The Canadian twist is how the quoted rate becomes a monthly rate. Mortgage agreements published by the Government of Canada say interest is "compounded twice per year but charged monthly", which gives a monthly rate of (1 + rate ÷ 2)^(1/6) − 1 instead of rate ÷ 12. For C$480,000 at 5% over 25 years that is C$2,792 with semi-annual compounding and C$2,806 with monthly compounding.

Choose what your lender's agreement says. The calculator starts with semi-annual compounding because that is the wording in the Government of Canada's sample fixed- and variable-rate agreements. If your mortgage documents divide the rate by 12, switch to Monthly. The difference is small: about 0.5% of the payment at a 5% rate.

It depends on the price: 5% of the first C$500,000 and 10% of the part above that, with 20% required once the price reaches C$1,500,000. For example, the minimum is C$20,000 on a C$400,000 home, C$50,000 on a C$750,000 home and C$300,000 on a C$1,500,000 home. Lenders can ask for more, for example if you are self-employed or have a weak credit history. The calculator shows the minimum for the price you enter.

Insurance, from CMHC or a private insurer, is required when your down payment is under 20%. You pay a premium based on loan-to-value. CMHC's published premiums are 2.80% of the loan when it is 80.01% to 85% of the price, 3.10% from 85.01% to 90% and 4.00% from 90.01% to 95%. On C$600,000 with 10% down, that is C$16,740, usually added to the mortgage. Insurance is not available for homes priced at C$1,500,000 or more. Ontario, Quebec and Saskatchewan charge provincial sales tax on the premium, paid separately. Check current rates with CMHC or your lender; these were checked on 23 October 2026.

Amortization is the number of years over which the whole loan is repaid, and it sets your payment. The term is how long the current rate and lender conditions last, commonly five years, after which you renew at the then-current rate. On C$480,000 at 5%, a 25-year amortization is C$2,792 a month and a 30-year amortization is C$2,562, but the longer one costs about C$84,706 more in interest.

Since 15 December 2024, insured mortgages can have a 30-year amortization for all first-time buyers and for buyers of new builds. Other insured mortgages generally use up to 25 years. For mortgages with 20% or more down, the lender decides the maximum, so ask.

No. Land transfer tax is set by province (and some cities), and legal fees, title insurance and other closing costs add to it. CMHC suggests budgeting 1.5% to 4% of the purchase price for closing costs. Add your own figures to the property tax and insurance boxes in Advanced if you want one monthly number.

No. The starting values are examples so the page opens with a realistic result. Use the rate from your lender's offer and the actual purchase price. The property tax and insurance amounts are placeholders too.