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Mortgage payment calculator

Enter your numbers below for a quick estimate of your mortgage payment. When your down payment is under 20%, we factor in the default insurance premium so the figure is realistic.

Your details

Estimates a Canadian mortgage using semi-annual compounding. For illustration only.

$
$
Minimum down payment:
%
Monthly payment
$0
per month
Mortgage (before insurance)$0
Down payment$0 (0%)
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For illustration only. This is not an approval, pre-qualification, or offer of credit. Insurance premiums shown are estimates; some provinces also charge provincial sales tax on the premium, payable at closing. Your actual rate, payment, and eligibility will vary.

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Good to know

Mortgage payment FAQs

How is a mortgage payment calculated in Canada?
Canadian fixed-rate mortgages use semi-annual compounding, so the payment is based on your principal, your rate compounded twice a year, and your amortization. This calculator applies that Canadian method and lets you choose monthly, semi-monthly, biweekly or accelerated payments.
When do I have to pay CMHC default insurance?
Default (CMHC) insurance is required when your down payment is less than 20% on a home priced up to $1.5 million. The premium, typically 2.8% to 4.0% of the mortgage depending on your down payment, is added to your mortgage. This calculator includes it automatically when your down payment is under 20%.
What is the minimum down payment in Canada?
5% on the first $500,000 of the purchase price and 10% on the portion from $500,000 to $1.5 million. Homes of $1.5 million or more require at least 20% down and can't be insured. See what you could qualify for with our pre-qualification calculator.
What payment frequency should I choose?
Accelerated biweekly payments add the equivalent of one extra monthly payment a year, which shortens your amortization and saves interest. The calculator lets you compare frequencies side by side.

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