Canadian Mortgage Calculator
Calculate your monthly mortgage payment, total interest paid, and see a full amortization breakdown. Includes CMHC mortgage insurance.
How Canadian Mortgages Work
A Canadian mortgage has two key time periods: the amortization period (typically 25 years) and the term (commonly 5 years). Payments are calculated over the full amortization, but at the end of each term you renegotiate your rate. Your actual total interest cost depends heavily on rate movements over the life of your mortgage.
If your down payment is less than 20%, CMHC mortgage insurance is mandatory. The premium (2.8% to 4%) is added to your mortgage balance. While this increases your total debt, it allows purchasing with as little as 5% down — important in high-cost markets like Toronto and Vancouver.
Canadian mortgage interest is legally compounded semi-annually, not monthly. This makes Canadian mortgage math slightly different from the US standard. This calculator uses the correct Canadian semi-annual compounding formula for accurate results.
Frequently Asked Questions
5% for homes up to $500,000. 10% on the portion from $500,000 to $999,999. 20% minimum for homes $1M+, where CMHC insurance is unavailable.
A mandatory premium (2.8–4%) on mortgages with under 20% down. Added to your mortgage balance — it protects the lender, not you.
You must qualify at your rate + 2% or 5.25%, whichever is higher. Designed to ensure you can handle rate increases at renewal.
25 years is the standard and maximum for insured mortgages. Shorter terms mean higher payments but dramatically less total interest. 30-year amortization is available for conventional mortgages (20%+ down).