Canadian Mortgage Calculator

Plan a Canadian mortgage payment

Enter the purchase price, cash down payment, quoted annual fixed rate, amortization and mortgage term. Amortization is the intended repayment period; the term is how long the current mortgage agreement runs. This calculator converts a nominal rate compounded twice annually into the equivalent payment-period rate. That convention is common for Canadian fixed-rate mortgages. Check your contract before applying the result to a variable-rate product or a loan with a different interest convention.

How are down payment and insurance handled?

The minimum down payment is five percent on the first $500,000 and ten percent on the remainder for purchases below $1.5 million. At $1.5 million or more, the model requires twenty percent. When the down payment is below twenty percent, a standard CMHC premium is added to the mortgage principal. The premium depends on the loan-to-value ratio and includes the surcharge for an eligible amortization over twenty-five years. Such an insured amortization requires first-time-buyer or new-build eligibility and cannot exceed thirty years. Lender and insurer approval are still required.

What changes with payment frequency?

Regular weekly and biweekly payments divide twelve monthly payments across fifty-two or twenty-six periods. Accelerated weekly payments are one quarter of the monthly payment; accelerated biweekly payments are one half. Accelerated schedules therefore pay more over a year and generally reduce interest and repayment time. The results use equal payment periods rather than individual calendar dates, so lender rounding and payment timing may produce small differences.

Can I model extra payments?

Add an extra amount to every scheduled payment or a lump sum at each completed year. The last payment is reduced to the amount needed to clear the balance. Savings compare the same frequency and interest rate with and without these extra amounts. The model does not enforce a lender’s prepayment privileges or calculate penalties. Check those conditions before making a large payment. A yearly schedule summarizes the result, and CSV export contains each individual payment.

Which costs and assumptions should I review?

The balance and interest over your selected term are shown separately from the full repayment projection. The latter assumes the same rate after every renewal; actual renewal rates can change. Enter applicable sales tax on the insurance premium separately because it must be paid upfront. The cash figure covers down payment and this tax only. Legal fees, land-transfer taxes, property tax, maintenance, home insurance, closing adjustments and mortgage qualification are excluded. All amounts are Canadian dollars and calculations stay in your browser.