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Canadian Mortgage Calculator — Real Numbers, Canadian Rules
Unlike US calculators, Canadian mortgages compound semi-annually. This calculator uses the correct formula — plus auto-detects CMHC insurance when you put down less than 20%.
Educational calculators — always consult a licensed professional before making financial decisions.
Enter the purchase price of the property in Canadian dollars.
Min 5% on first $500K + 10% on portion above $500K. CMHC insurance required under 20%.
$140,000 of home price
Insured mortgages max at 25 years (30 yr available for FTHBs/new builds).
Standard Canadian amortization. Balances payment and interest cost.
Current 5-yr fixed rates are around 4.5–5.5%. Compounds semi-annually in Canada.
Monthly Payment
$3,286
Principal + interest only. Taxes, insurance & heat are extra.
Inputs Summary
Your Saved Scenarios
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What you'll need
- ·Home purchase price in CAD
- ·Your down payment amount (minimum 5%)
- ·Your quoted mortgage rate (5-yr fixed or variable)
- ·Amortization period — 20, 25, or 30 years
What you'll get
- ✓Monthly payment — Semi-annual compounding, correctly calculated
- ✓CMHC insurance — Auto-detected if down payment is under 20%
- ✓Total interest — Over the life of the loan
How it works
Enter the purchase price
Input the full purchase price of the property in Canadian dollars.
Set your down payment & rate
Enter your down payment — we auto-flag if CMHC insurance applies. Enter your quoted mortgage rate.
Choose your amortization
Select 20, 25, or 30 years. Canadian semi-annual compounding is applied automatically.
Monthly Payments — Canadian Mortgage (Semi-Annual Compounding)
| Mortgage Amount | 4.5% / 25yr | 5.0% / 25yr | 5.5% / 25yr |
|---|---|---|---|
| $400,000 | $2,172 | $2,326 | $2,483 |
| $600,000 | $3,258 | $3,489 | $3,725 |
| $800,000 | $4,344 | $4,652 | $4,966 |
| $1,000,000 | $5,430 | $5,815 | $6,208 |
Principal & interest only — Canadian semi-annual compounding. Does not include property tax, heat, or condo fees.
Authoritative resources
Term is not amortization
The amortization is how long the mortgage takes to pay off — commonly 25 years. The term is how long your current rate and contract last, usually one to five years. At the end of the term the balance comes due and you renew, at whatever rates exist then.
This is the structural difference from a US 30-year fixed, where the rate is locked for the whole amortization. A Canadian borrower re-prices every few years, which is why what happens at renewal matters as much as the rate you start on.
The stress test you have to clear
Federally regulated lenders must qualify you at the minimum qualifying rate — the greater of your contract rate plus 2% or 5.25% — under OSFI’s Guideline B-20. You are approved on that higher rate, not the rate you will actually pay.
Practically, it means the mortgage you qualify for is smaller than your real payment would suggest. Budgeting off the contract rate and then finding the approval short is one of the most common surprises for first-time buyers.
When mortgage insurance is mandatory
Put down less than 20% and mortgage loan insurance is compulsory, not optional. The premium runs from 2.8% of the loan at 15–19.99% down up to 4% at 5–9.99% down, and it is normally added to the mortgage rather than paid up front — so you pay interest on it for the life of the loan.
Two limits are worth knowing. Insurance is unavailable above $1.5M, so above that price 20% down is effectively mandatory. And in most provinces the PST on the premium must be paid in cash at closing — it cannot be rolled into the mortgage.
Since 15 December 2024, a 30-year insured amortization is available to all first-time buyers, whether resale or new build, and to any buyer of a new build. It lowers the monthly payment and raises total interest, and it carries a 0.2% premium surcharge — worth modelling both ways in the CMHC insurance calculator before choosing.
What the payment does not include
- Land transfer tax, due in cash at closing and charged twice in Toronto, where a municipal tax stacks on the provincial one. See the land transfer tax calculator.
- Property tax, set by your municipality and often collected by the lender alongside the payment.
- Condo fees, which lenders count against your qualifying ratios — commonly at 50% of the monthly fee.
- Legal fees, title insurance and the home inspection, all payable at closing from the same savings as the down payment.
Related Calculators
CMHC Insurance Calculator
Check if you need mortgage default insurance
Mortgage Affordability Calculator
Find out how much home you can afford in Canada
Canadian Amortization Calculator
See your full payment schedule
Land Transfer Tax Calculator
Calculate land transfer tax by province
Down Payment Savings Calculator
Plan your down payment with FHSA contributions
Frequently asked questions
How is a Canadian mortgage different from a US mortgage?+
Canadian mortgages compound interest semi-annually by law, not monthly like US mortgages. This means the effective monthly rate is (1 + annual_rate/2)^(1/6) − 1, which results in slightly lower monthly payments than the US formula for the same quoted annual rate.
What is CMHC mortgage insurance and when is it required?+
CMHC (Canada Mortgage and Housing Corporation) default insurance is mandatory when your down payment is less than 20% on a home under $1.5 million. The premium ranges from 2.80% to 4.00% of the mortgage amount and is added to your mortgage balance.
What is the maximum amortization period for a Canadian mortgage?+
For insured mortgages (under 20% down), the standard maximum is 25 years. Since Budget 2024, first-time home buyers and buyers of new builds can access 30-year amortization on CMHC-insured mortgages, with a 0.20% premium surcharge. Uninsured mortgages can also go up to 30 years.
What are current Canadian mortgage rates?+
As of mid-2026, 5-year fixed insured rates are approximately 4.5–5.5% depending on the lender and your credit profile. Variable rates track the Bank of Canada prime rate. Use this calculator to model different rate scenarios.
Want to try different numbers?
Back to the calculator ↑Canadian Mortgage Calculator is built and maintained by the RealCostIQ editorial team. Cost ranges and rates are checked against published industry data and contractor quotes, and revised when the underlying figures move. Read our data methodology or more about who builds this. Every calculation runs in your browser — no account, and none of your inputs are stored.
Cost ranges and rates here are checked against contractor quotes and published industry data. If a number still looks off, email Support@RealCostIQ.com and we'll review and fix it.