Mortgage Payment Calculator (Canada)
Estimate your payment from the home price and down payment, including the minimum down payment check and mortgage default insurance.
What this calculator includes
It works out the mortgage amount after your down payment, checks it against Canada’s minimum down payment rules, adds mortgage default insurance when you put down less than 20%, and calculates the payment with Canadian compounding. It also shows the interest in the first five years and over the full amortization.
Minimum down payment in Canada
| Purchase price | Minimum down payment |
|---|---|
| $500,000 or less | 5% of the price |
| $500,000 to $1.5 million | 5% of the first $500,000 + 10% of the rest |
| $1.5 million or more | 20% of the price |
Source: Financial Consumer Agency of Canada.
Mortgage default insurance
With less than 20% down, the mortgage must be insured and the premium is usually added to the loan. The calculator uses CMHC’s published premiums for a standard down payment:
| Loan-to-value | Premium |
|---|---|
| 80.01% to 85% | 2.80% |
| 85.01% to 90% | 3.10% |
| 90.01% to 95% | 4.00% |
Source: CMHC. In Quebec, Ontario and Saskatchewan, provincial sales tax applies to the premium and must be paid upfront; it is not included here. Since December 15, 2024, insured mortgages are available on homes priced below $1.5 million, and 30-year amortizations are open to first-time buyers and buyers of new builds (Department of Finance). Insurers may add a surcharge for a 30-year insured amortization; ask your lender.
Choosing a payment frequency
Monthly, semi-monthly, bi-weekly and weekly payments repay the mortgage over about the same amortization. Accelerated bi-weekly or weekly payments are the monthly payment split in two or four, so you pay the equivalent of one extra monthly payment each year and finish several years sooner.
Frequently asked questions
Does the payment include property tax?
No. Many lenders can collect property tax with the payment; add it separately if yours does.
Why is my bank’s number slightly different?
Lenders round rates and payments in slightly different ways. Differences of a few dollars are normal. For an existing mortgage coming up for renewal, use the mortgage renewal calculator.
Reviewed October 2026 · How we build our calculators · Report an issue