Estimate your mortgage payment the Canadian way, semi-annual compounding, CMHC insurance when your down payment is under 20%, and the interest you'll pay over the life of the loan.
Canadian fixed-rate mortgages compound interest semi-annually (twice a year), unlike US loans that compound monthly, so a Canadian payment is calculated by converting your annual rate to a per-payment rate using semi-annual compounding, then amortizing over the term. If your down payment is under 20% and the price is under $1,500,000, mortgage default insurance (CMHC) is required, and its premium is added to your mortgage; this tool adds it automatically. At exactly $1,500,000 and above, insurance is not available and 20% down is the minimum.
| Home price | Minimum down payment |
|---|---|
| $500,000 or less | 5% |
| Over $500,000 and under $1,500,000 | 5% on first $500k, 10% on the rest |
| $1,500,000 and above | 20% (no insurance available) |
| Down payment | Premium on the mortgage amount |
|---|---|
| 5% to 9.99% | 4.00% |
| 10% to 14.99% | 3.10% |
| 15% to 19.99% | 2.80% |
A 30 year amortization on an insured mortgage adds a further 0.20% surcharge, which this tool applies when you select 30 years. Some provinces charge sales tax on the premium and it cannot be added to the mortgage; that is not included here.
The down payment tiers, the insurance cap and the premium rates are set by government and by CMHC, not by us. Rules change, so the date each source was last checked is shown.
This is an educational estimate, not a mortgage approval or a quote. What you are actually offered depends on your lender, your credit and your full application. Confirm with a licensed mortgage professional.
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