Canada Mortgage Calculator
Estimate your Canadian mortgage payment including CMHC mortgage default insurance when you put down less than 20%, plus property tax and home insurance.
Updated for the 2026 tax year · Rates checked 14 October 2026
| Principal & interest | $2,820.53 |
|---|---|
| Property tax | $541.67 |
| Home insurance | $150.00 |
| Total monthly payment | $3,512.19 |
| Loan amount | $520,000 |
| Down payment | $130,000 |
| Total interest over the term | $326,158 |
| Cash needed upfront | $130,000 |
- Over 25 years you would pay $326,158 in interest on a $520,000 loan.
Your result, explained
Borrowing $520,000 costs $2,820.53 a month in principal and interest, plus $691.66 for property costs like tax and insurance, so you should budget $3,512.19 a month. Over the full term you would pay $326,158 in interest, 63% on top of what you borrowed.
Ways to make it cheaper: paying even a little extra each month cuts years off the loan; a rate just 0.5% lower saves thousands over the term, so compare lenders. Remember you need $130,000 in cash upfront.
Amortisation schedule (by year)
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $11,915 | $21,931 | $508,085 |
| 2 | $12,433 | $21,413 | $495,652 |
| 3 | $12,973 | $20,873 | $482,679 |
| 4 | $13,537 | $20,309 | $469,142 |
| 5 | $14,125 | $19,721 | $455,016 |
| 6 | $14,739 | $19,107 | $440,277 |
| 7 | $15,380 | $18,466 | $424,897 |
| 8 | $16,048 | $17,798 | $408,849 |
| 9 | $16,746 | $17,100 | $392,103 |
| 10 | $17,474 | $16,373 | $374,629 |
| 11 | $18,233 | $15,613 | $356,396 |
| 12 | $19,026 | $14,821 | $337,371 |
| 13 | $19,852 | $13,994 | $317,518 |
| 14 | $20,715 | $13,131 | $296,803 |
| 15 | $21,616 | $12,231 | $275,187 |
| 16 | $22,555 | $11,291 | $252,632 |
| 17 | $23,535 | $10,311 | $229,097 |
| 18 | $24,558 | $9,288 | $204,538 |
| 19 | $25,626 | $8,221 | $178,913 |
| 20 | $26,739 | $7,107 | $152,173 |
| 21 | $27,902 | $5,945 | $124,272 |
| 22 | $29,114 | $4,732 | $95,157 |
| 23 | $30,380 | $3,467 | $64,778 |
| 24 | $31,700 | $2,146 | $33,078 |
| 25 | $33,078 | $769 | $0 |
Popular amounts
- $100,000$667
- $125,000$797
- $150,000$926
- $175,000$1,055
- $200,000$1,185
- $225,000$1,314
- $250,000$1,443
- $275,000$1,572
- $300,000$1,702
- $325,000$1,831
- $350,000$1,960
- $375,000$2,090
- $400,000$2,219
- $425,000$2,348
- $450,000$2,478
- $475,000$2,607
- $500,000$2,736
- $525,000$2,866
- $550,000$2,995
- $575,000$3,124
- $600,000$3,254
- $625,000$3,383
- $650,000$3,512
- $675,000$3,642
- $700,000$3,771
- $725,000$3,900
- $750,000$4,029
- $775,000$4,159
- $800,000$4,288
- $825,000$4,417
- $850,000$4,547
- $875,000$4,676
- $900,000$4,805
- $925,000$4,935
- $950,000$5,064
- $975,000$5,193
- $1,000,000$5,323
- $1,025,000$5,452
- $1,050,000$5,581
- $1,075,000$5,711
- $1,100,000$5,840
- $1,125,000$5,969
- $1,150,000$6,099
- $1,175,000$6,228
- $1,200,000$6,357
- $1,225,000$6,486
- $1,250,000$6,616
- $1,275,000$6,745
- $1,300,000$6,874
- $1,325,000$7,004
- $1,350,000$7,133
- $1,375,000$7,262
- $1,400,000$7,392
- $1,425,000$7,521
- $1,450,000$7,650
- $1,475,000$7,780
- $1,500,000$7,909
How your mortgage payment is calculated
A repayment mortgage has a fixed monthly payment that covers the interest due that month plus a slice of the loan. Early on, most of each payment is interest. As the balance falls, more goes to the principal, which you can see in the schedule above.
The formula is P × r ÷ (1 − (1 + r)−n), where P is the loan, r the monthly interest rate and n the number of payments.
How to lower your monthly payment
- Bigger deposit: borrowing less cuts both the payment and the total interest, and can remove mortgage insurance.
- Longer term: spreads the loan over more payments but costs more interest overall.
- Better rate: even 0.25% makes a noticeable difference over 25–30 years. Compare lenders and brokers.
CMHC insurance
With less than 20% down, your mortgage must be insured. The premium is added to your loan: 2.80% of the loan with 15–19.99% down, 3.10% with 10–14.99% and 4.00% with 5–9.99%. Insured mortgages are only available on homes under $1.5 million.
Frequently asked questions
What is the minimum down payment in Canada?
5% on the first $500,000 of the price and 10% on the portion above it, up to $1.5 million. Homes priced at $1.5 million or more need 20% down.
Are Canadian mortgage rates compounded differently?
Yes. Fixed-rate Canadian mortgages compound semi-annually by law (the Interest Act), not monthly. This calculator converts your quoted rate to its semi-annual equivalent, so the payment matches what Canadian lenders quote.
What is the stress test?
Lenders check you could afford payments at the greater of your rate plus 2% or 5.25%. See our affordability calculator.