Canadian Mortgage Calculator
Mortgage payment with CMHC insurance and payment frequency.
Amortization
First-time buyer or new build?
Insured 30-year amortizations are only for first-time buyers and new builds.
Your result
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Enter your numbers to see the result.
This Canadian mortgage calculator works the way Canadian mortgages do: fixed-rate interest compounded semi-annually, a minimum down payment of 5% on the first $500,000 and 10% above that, and mortgage default insurance (CMHC or private) when you put down less than 20%. Choose monthly, semi-monthly, bi-weekly, weekly or accelerated payments to see the payment and how much sooner you are mortgage-free.
What is a Canadian Mortgage Calculator?
Canadian mortgages have a few rules that make them different from US or UK loans. Fixed rates are compounded semi-annually by law, so the effective monthly rate is slightly lower than the quoted rate divided by 12. You need at least 5% down on the first $500,000 and 10% on the portion above that, and 20% for homes of $1.5 million or more.
If you put down less than 20%, the mortgage must be insured against default, usually through CMHC, and the premium is added to the loan. Since December 2024, first-time buyers and buyers of new builds can take a 30-year amortization on an insured mortgage. This Canadian mortgage calculator applies all of these rules.
How does the Canadian Mortgage Calculator work?
The calculator checks the minimum down payment, works out the loan-to-value ratio and, if it is above 80%, adds the matching insurance premium (2.80%, 3.10% or 4.00%, plus 0.20% for a 30-year amortization). It converts the quoted rate into an effective rate for your payment frequency using semi-annual compounding and calculates the payment. Accelerated payments are the monthly payment split in two or four, which pays the loan off sooner.
How to use the Canadian Mortgage Calculator step by step
- Enter the purchase price and down payment.
- Enter the interest rate.
- Choose 25 or 30 years.
- Say whether you are a first-time buyer or buying a new build.
- Choose a payment frequency.
- Read the payment, premium and payoff time.
Canadian Mortgage Calculator example with real numbers
Ravi is a first-time buyer in Ontario. He is buying a $700,000 condo with $70,000 (10%) down at a 4.79% five-year fixed rate and a 25-year amortization.
| Example input | Value |
|---|---|
| Purchase price | $700,000 |
| Down payment | $70,000 |
| Interest rate (fixed) | 4.79% |
| Amortization | 25 years |
| First-time buyer or new build? | Yes |
| Payment frequency | Monthly |
| Example output | Value |
|---|---|
| Monthly payment | $3,700.43 |
| Minimum down payment | $45,000 |
| Down payment | $70,000 (10.0%) |
| Mortgage insurance premium | 3.10% = $19,530 |
| Total mortgage | $649,530 |
| Monthly payment for comparison | $3,700.43 |
| Total interest | $460,598 |
His minimum down payment would have been $45,000. The Canadian mortgage calculator adds a CMHC premium of 3.10% = $19,530, for a total mortgage of $649,530 and a monthly payment of $3,700.43.
Key features of this Canadian Mortgage Calculator
- Semi-annual compounding
- Minimum down payment check
- CMHC premium with 30-year surcharge
- Six payment frequencies
- Accelerated payoff time
Who should use the Canadian Mortgage Calculator?
Who is this Canadian Mortgage Calculator for?
- First-time buyers in Canada
- Newcomers to Canada
- Homeowners renewing
- Mortgage brokers
Practical use cases
- Checking minimum down payment
- Seeing the cost of mortgage insurance
- Comparing monthly and accelerated bi-weekly
- Testing 25 vs 30-year amortization
Key benefits
- Canada-specific: real rules.
- Complete: insurance included.
- Flexible: every frequency.
- Private: runs in your browser.
Tips for better results
- Accelerated bi-weekly payments add about one extra monthly payment a year.
- Reaching 20% down removes the insurance premium.
- First-time buyers may use the FHSA and RRSP Home Buyers’ Plan for the down payment.
- You must pass the mortgage stress test at a higher qualifying rate.
Common mistakes to avoid
- Dividing the rate by 12 instead of using semi-annual compounding.
- Forgetting provincial sales tax on the premium.
- Assuming a 30-year amortization is open to all insured buyers.
- Ignoring the stress test.
Limitations of this Canadian Mortgage Calculator
- The rate is assumed fixed for the full amortization; real terms renew every few years.
- Variable-rate mortgages compound differently.
- Land transfer tax and closing costs are not included.
Canadian Mortgage Calculator vs other ways to calculate
| Down payment | LTV | CMHC premium (25 years) |
|---|---|---|
| 5% to 9.99% | 90.01% to 95% | 4.00% |
| 10% to 14.99% | 85.01% to 90% | 3.10% |
| 15% to 19.99% | 80.01% to 85% | 2.80% |
| 20% or more | 80% or less | Not required |
For UK properties, use the UK mortgage calculator. To convert prices between currencies, try the currency converter.
Privacy and data handling
This Canadian Mortgage Calculator runs entirely in your browser. The numbers you type are not sent to Qorico or stored on any server, and nothing is saved after you close the page. The Copy and Download buttons create the result on your own device. If the page has analytics turned on, it may count that a calculation happened, but it does not record the values you entered.
Canadian Mortgage Calculator FAQs
What is the minimum down payment in Canada?
5% of the first $500,000 and 10% of the portion above, up to $1.5 million; 20% for homes of $1.5 million or more.
How much is CMHC insurance?
2.80% to 4.00% of the mortgage depending on your down payment, plus 0.20% for amortizations over 25 years.
Why do Canadian mortgages compound semi-annually?
The Interest Act requires blended mortgages to state the rate compounded semi-annually or yearly, not in advance.
Is accelerated bi-weekly better than monthly?
It pays off the mortgage faster because you make the equivalent of 13 monthly payments a year.
Who can get a 30-year amortization?
Insured buyers who are first-time buyers or buying a new build, and anyone with 20% or more down if the lender allows it.
Is the CMHC premium paid upfront?
It is usually added to the mortgage; provincial sales tax on it is paid at closing in some provinces.
Related tools
Sources and references
We checked the method and the current figures used in this Canadian Mortgage Calculator against these official and primary sources:
- CMHC: Mortgage loan insurance cost
- Department of Finance Canada: Mortgage reforms (Dec 2024)
- Bank of Canada
Written and reviewed by the Qorico Team
