Canada Mortgage Calculator

This page covers Canada rules. Outside Canada or comparing markets? Use the master mortgage calculator — all markets in one dropdown, same math, same privacy.

How to use

1. Enter the Canadian purchase price and your down payment.
2. Add the rate your lender or broker quoted and the amortization period.
3. Read the monthly payment, which applies semi-annual compounding by law.
4. Check total interest and total paid across the full amortization.
5. Test a 20 percent down payment to see the insurance-free scenario.

General information only — not medical, financial or legal advice. Figures cross-checked against public official sources (IRS / HMRC / NHS / WHO guidance); content last reviewed September 2026. For decisions that matter, confirm with a licensed professional in your country.

About this tool

Canadian mortgages compound interest semi-annually even when you pay monthly, a legal quirk this calculator applies correctly instead of using the naive monthly division. Enter the price, down payment, quoted rate and amortization period; the tool derives the true monthly rate, then reports the payment, loan amount, total interest and total paid in plain CAD-style numbers. The defaults finance 520,000 dollars on a 650,000 dollar purchase at 4.85 percent over 25 years, which produces a payment of about 2,980 per month and interest near 374,000. A 20 percent down payment avoids default insurance; anything less adds CMHC-style premiums on top of the amount financed. Payments are principal and interest estimates using semi-annual compounding from your inputs; CMHC premiums, taxes and insurance are excluded. Verify with official sources. Not financial advice.Down payments under 20 percent require default insurance with premium tiers that step up as the down payment shrinks, roughly 2.8 to 4.0 percent of the loan for typical high-ratio purchases (approximate; confirm current CMHC schedules). Federal rules also stress-test borrowers at a rate above their contract rate (approximate; criteria have been adjusted over time). Terms of five years are typical even on 25-year amortizations. All figures are estimates.

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