Mortgage Calculator

This calculator converts the entered nominal annual rate to a monthly equivalent using semi-annual compounding, then applies a standard principal-and-interest payment formula. It is a planning estimate using the rate you enter, whether that rate is fixed or variable. Lender rounding, payment dates and product terms can create small differences.

The payment calculation itself is the same either way; it simply uses the rate you enter. What differs is how long that number stays accurate. A fixed-rate mortgage keeps the same rate and payment for your full term. A variable-rate mortgage moves with your lender's prime rate: some variable mortgages adjust the payment amount as rates change, while others keep the payment fixed but shift how much goes toward principal versus interest, which can lead to a "trigger point" if rates rise enough. Confirm which type applies to your situation with your lender or mortgage professional.

For most new insured and uninsured mortgages at federally regulated lenders, the qualifying rate is generally the higher of the contract rate plus 2 percentage points or 5.25%. The displayed payment at that rate is illustrative only; it does not test your income, expenses, debts or approval.

For a standard home purchase, mortgage default insurance is typically required when the down payment is below 20% and the purchase price is below $1.5 million. The lender arranges the insurer, which may be CMHC, Sagen or Canada Guaranty.

For the standard insured scenarios shown here, the planning rates are 4.00% at 5% to 9.99% down, 3.10% at 10% to 14.99% down, and 2.80% at 15% to 19.99% down. An insured amortization beyond 25 years adds 0.20 percentage points. Product details can differ.

With less than 20% down, the maximum amortization is 30 years when at least one borrower is a qualifying first-time buyer or the property is a qualifying new build; otherwise it is 25 years. A first-time buyer may purchase a resale home, and a previous homeowner may qualify by purchasing a qualifying new build. With 20% or more down, the lender sets the available maximum amortization.

For a standard one- or two-unit purchase, the minimum is 5% of the first $500,000 plus 10% of the portion above $500,000 and below $1.5 million. A purchase at $1.5 million or more normally requires at least 20% down. Lenders may require more.

No. The monthly result covers estimated mortgage principal and interest only. It does not include property tax, heating, condo fees, insurance, other debts or lender-specific amounts used in qualification.

No. It is a planning estimate, not a mortgage approval, affordability decision or financial recommendation. Rates, premiums and qualifying rules can change, and your lender or licensed mortgage professional confirms the actual mortgage terms.

This calculator uses a common Canadian semi-annual compounding convention for this payment estimate. Many calculators use different compounding, rounding or payment assumptions, so results may not match exactly.

A larger down payment usually reduces the amount financed and may reduce or remove the insurance premium. The better choice still depends on closing funds, emergency savings, the mortgage product and other financial priorities.

Yes. Comparing scenarios helps show how the down payment changes the insurance premium, mortgage amount and monthly principal-and-interest payment. It does not identify which option is suitable for you.

It illustrates annual principal, interest and remaining balance as though the entered rate and payment continued for the full amortization. In practice, most mortgages renew by term, so future rates and payments can change.