Mortgage Calculator for Canada
Estimate monthly mortgage payments including principal, interest, taxes, and insurance.
Region: Canada (CAD)
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Quick Tip
Set the term to your amortization (for example 25 years) and enter your municipal property tax rate for a realistic monthly cost.
About This Tool
Why use Mortgage Calculator?
Canadian mortgages separate the amortization period (the total time to repay, commonly 25 years) from the term (the length of your rate contract, often 5 years). At the end of each term you renew, possibly at a very different rate, so it is worth testing higher rates too.
If your down payment is under 20%, federally regulated lenders require mortgage default insurance from CMHC, Sagen or Canada Guaranty, and the premium is usually added to the loan. You also need to pass the federal mortgage stress test. Canadian fixed-rate mortgages are normally quoted with semi-annual compounding, while this calculator compounds monthly, so treat the result as a close estimate.
Key Benefits
Amortization-based payment
Calculates the regular payment over your chosen amortization period in Canadian dollars.
Renewal risk check
Re-run the payment at a higher rate to see how a renewal in five years could affect your budget.
Down payment scenarios
Compare 5%, 10% and 20% down to see the loan size and when default insurance would apply.
How to use Mortgage Calculator
- 1
Set the term to your amortization (for example 25 years) and enter your municipal property tax rate for a realistic monthly cost.
- 2
Enter the home price and your deposit (down payment) as a percentage.
- 3
Add the interest rate you have been quoted and the loan term in years.
- 4
Enter the yearly property tax rate and annual home insurance, or set them to 0 if they are not paid with your mortgage.
- 5
Compare the total monthly payment and total interest, then try a shorter term or bigger deposit.
Best use cases
Check what a home at a given price will really cost each month once property tax and insurance are added.
Compare a 15-year and a 30-year term to see how much total interest the shorter loan saves.
Test how a larger down payment changes the loan amount and the monthly payment.
Sanity-check a lender's quoted payment before you sign the loan estimate.
Mortgage Calculator FAQs
What is the difference between mortgage term and amortization in Canada?
Amortization is the total time it will take to pay off the mortgage, such as 25 years. The term is how long your current rate and conditions last, such as 5 years, after which you renew or switch lenders.
When do I need CMHC mortgage insurance?
Mortgage default insurance is required with federally regulated lenders when your down payment is less than 20% of the purchase price. The premium depends on your loan-to-value ratio and is usually added to the mortgage.
What is the mortgage stress test?
It is a federal rule that requires you to qualify at a rate higher than your contract rate, so you could still afford payments if rates rise at renewal.
Why might my lender's payment differ slightly from this estimate?
Canadian fixed-rate mortgages usually compound semi-annually, and payment frequency options such as accelerated biweekly also change the result. This calculator uses monthly compounding and monthly payments.
Which currency does this mortgage calculator use?
Amounts are shown in Canadian Dollars (CAD). The formulas are the same everywhere, so you can switch to another country version if you need a different currency.
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