Estimate your monthly payment
Every figure is editable and recalculates as you type. The tax and insurance numbers start as area estimates — replace them with the real figures for any home you're serious about.
How long until the mortgage is fully paid off.
How long this rate is locked in. At the end of the term you renew the remaining balance at whatever rates are available then.
A general planning figure. Premiums vary by insurer, coverage, deductible, roof and wiring age, claims history, and water or wildfire exposure. This is your own property insurance, not mortgage default insurance.
Ask what the fees cover and whether heat, water, or parking are included. Review the status certificate or the strata's depreciation report and minutes before you commit.
One-off charges on top of regular fees or taxes — a corporation's major repair levy, or a municipal local improvement charge for sewers, sidewalks, or water lines billed on the tax roll.
Usually endorsements rather than base coverage, and not always offered. Overland flood is excluded from most standard policies, and earthquake coverage matters most in British Columbia and the St. Lawrence valley. Confirm availability early — it can affect whether a property is financeable.
- Principal & interest $0
- Property tax $0
- Condo / strata fees $0
- Home insurance $0
- Flood / earthquake $0
- Special assessments $0
See the year-by-year payoff
| Year | Interest | Principal | Balance |
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Frequently asked questions
- What's the difference between the term and the amortization?
- The amortization is how long until the mortgage is gone entirely — commonly 25 years. The term is how long your current rate and contract are locked in, usually one to five years. When the term ends you renew whatever balance is left at whatever rates exist then, which is why this tool shows your balance at renewal as well as your payment. Almost nobody in Canada keeps one rate for the whole amortization, so treat the long-run interest figure as a what-if rather than a forecast.
- Why does this payment differ from a US-style calculator?
- Canadian fixed-rate mortgages are compounded semi-annually rather than monthly, which is a legacy of the Interest Act. The effective monthly rate works out slightly below the annual rate divided by twelve, so a calculator built on American assumptions will quote you a payment that's a little too high. This one uses the Canadian convention. Variable-rate mortgages are generally compounded monthly instead, so a variable quote from your lender may differ slightly from what you see here.
- How much do I actually need for a down payment?
- The federal minimum is five percent of the first $500,000 of the price, ten percent on any portion between $500,000 and $1.5 million, and twenty percent once the price reaches $1.5 million. Below twenty percent you need mortgage default insurance, which is not available at all above the $1.5 million mark. That creates a sharp step: a home just under the cap can work with far less cash than one priced slightly above it.
- Is mortgage default insurance a monthly cost?
- No, and this is where American comparisons mislead people. CMHC, Sagen, and Canada Guaranty charge a one-time premium calculated as a percentage of the mortgage, and it's normally added to the principal rather than billed monthly. It never falls off the way US private mortgage insurance does once you build equity — you carry it and pay interest on it for the full amortization. Several provinces also charge sales tax on the premium itself, and that portion has to be paid in cash at closing because it can't be financed.
- What is the stress test and does it apply to me?
- Federally regulated lenders must qualify you at the higher of your contract rate plus two percent or a fixed floor rate, so you have to demonstrate you could carry a payment larger than the one you'll actually make. It applies to new mortgages and refinances. Since November 2024 it no longer applies to a straight switch to a new lender at renewal where the amount and amortization stay the same. Provincial credit unions and private lenders sit outside the federal rules and set their own standards.
- What isn't included here?
- Closing costs. Land transfer or property transfer tax is usually the largest of them and varies by province, with an extra municipal layer in Toronto and rebates available to first-time buyers in several provinces. Legal fees, title insurance, the home inspection, moving, and any sales tax on a default insurance premium all sit outside this calculator too. Utilities and heating aren't included either, though lenders do count heating when they assess your ratios.
This is an estimate, not a mortgage approval. This tool is not an offer of credit, a pre-approval, a commitment to lend, or a determination of what you qualify for. It does not review credit, income, assets, or debts, and it applies the same calculation to every person who uses it. The interest rate shown is an adjustable placeholder for illustration, not a quoted or available rate, and it excludes lender fees. The property tax and insurance figures are area estimates, not the amounts assessed on any particular home. The real estate brokerage publishing this tool is a brokerage, not a lender, mortgage broker or agent, insurer, or tax advisor.
Your actual payment depends on your lender, product, and the specific property. Property tax rates and assessment practices are set municipally and provincially and change from year to year. Condo and strata fees, special assessments, and insurance depend on the building and the property. Payments are modelled on the Canadian semi-annual compounding convention for fixed-rate mortgages; variable products generally compound monthly. Figures beyond the end of your term assume the same rate carries through every renewal, which is a simplifying assumption, not a prediction. Confirm every number with a licensed mortgage professional, an insurance broker, and a lawyer or notary before relying on it.