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.
Estimate only — not a mortgage approval, quote, or financial advice. Actual payments depend on your lender, rate type, qualification, and current CMHC rules. Confirm with a licensed mortgage professional.
How this calculator works
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 $1,000,000 or less, mortgage default insurance (CMHC) is required, and its premium is added to your mortgage; this tool adds it automatically.
Minimum down payment in Canada
Home price
Minimum down payment
$500,000 or less
5%
$500,000 – $1,000,000
5% on first $500k, 10% on the rest
Over $1,000,000
20% (no insurance available)
A payment you can afford is only half the question. The other half is whether the home itself will cost you after you move in — that's what Casaroo reads for free.
Common questions
Does this include property tax and insurance?
No — this shows the mortgage principal-and-interest payment only. Budget separately for property tax, home insurance, condo fees, and utilities. Our affordability calculator factors taxes and heat into what you can borrow.
What is accelerated bi-weekly?
It takes your monthly payment, halves it, and charges it every two weeks — 26 payments a year, which equals one extra monthly payment annually. That shortens your amortization and lowers total interest.
Is the rate fixed or variable?
This assumes your rate holds for the full amortization, which is useful for comparison. In reality you renew every term (often 5 years) at the rate available then.
The payment is one number. The house is another.
Before you commit, Casaroo scores any listing's bones and appearance — and flags the repairs that could blow your budget after closing.