Mortgage calculator
Estimate your payments, the CMHC mortgage insurance premium and the true cost of your loan. Results are instant and use the Canadian method (interest compounded semi-annually).
Balance over time
Amortization schedule
How to read your results
CMHC premium. With a down payment of less than 20%, the mortgage must be insured. The premium (2.80% to 4.00% of the loan, depending on your down payment) is added to the amount borrowed. In Quebec, a 9% tax on this premium is payable upfront at the notary.
Minimum down payment. 5% on the first $500,000, then 10% on the portion between $500,000 and $1.5M. Above $1.5M, 20% is required.
Accelerated payments. Paying half your monthly payment every two weeks works out to one extra monthly payment per year: your mortgage is paid off faster and you pay less interest.
Term and amortization. Amortization is the total time it takes to pay off the loan. The term is the length of your contract with the lender; at the end, you renew at the going rate.
This calculation is an estimate provided for information only. It is not an offer of financing. Rates, terms and eligibility are set by your financial institution or mortgage broker.