Canada Mortgage Calculator
Canadian mortgage calculator: payments with semi-annual compounding, CMHC insurance, minimum down payment, accelerated bi-weekly and the stress test.
Compare payment frequencies
| Payment frequency | Payment | Paid off in | Total interest |
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What it does
This calculator follows the rules of Canadian mortgages. Fixed rates are quoted with semi-annual compounding, as the Interest Act requires, so the payment is a little lower than a US calculator would show. With less than 20% down, it adds the CMHC mortgage default insurance premium to the loan, checks the minimum down payment, shows how much you pay and owe at the end of the term, and compares every payment frequency, including accelerated bi-weekly.
How to use it
- Enter the purchase price, your down payment, the interest rate and the amortisation.
- Choose the payment frequency, the province and, for a variable rate, monthly compounding.
- Read the payment, the insurance premium, the balance at renewal and the stress-test payment.
The arithmetic runs in your browser. Nothing you type is sent anywhere and nothing is stored, so you can use these with real numbers.
Frequently asked questions
Why is the payment different from a US mortgage calculator?
In Canada, fixed mortgage rates are compounded semi-annually, not monthly. A 5% rate is therefore worth about 4.949% compounded monthly, so the payment is slightly lower. Variable-rate mortgages are often compounded monthly: choose that option to match your contract.
How much does CMHC insurance cost?
The premium depends on the loan-to-value ratio: 2.80% of the loan up to 85%, 3.10% up to 90% and 4.00% up to 95%, plus 0.20% when the amortisation is longer than 25 years. The premium is added to the mortgage. Genworth (Sagen) and Canada Guaranty charge similar rates.
What is the minimum down payment in Canada?
5% of the first $500,000 and 10% of the part of the price between $500,000 and $1.5 million. From $1.5 million the mortgage cannot be insured, so the minimum is 20%. Since December 2024, first-time buyers and buyers of new builds can take an insured mortgage over 30 years; others are limited to 25.
What is the difference between bi-weekly and accelerated bi-weekly?
A bi-weekly payment spreads the 12 monthly payments over 26 payments a year. An accelerated bi-weekly payment is half the monthly payment, paid 26 times a year, which adds up to one extra monthly payment a year and pays off a 25-year mortgage several years sooner.
π‘οΈ CMHC Insurance Calculator
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π Mortgage Calculator
CMHC — Mortgage loan insurance cost
FCAC — Saving for a down payment