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Mortgage Calculator Canada (with CMHC)
Work out Canadian mortgage payments the correct way (compounded half-yearly), including CMHC insurance, minimum down payment and accelerated bi-weekly payments.
1. Your home and mortgage
Payment frequency
Your mortgage payment
$3,099.45 / month
on a mortgage of $560,000
💡 Good to know
- To qualify, lenders test you at the higher of your rate + 2% or 5.25% (the stress test).
- Accelerated bi-weekly payments add about one extra monthly payment a year and cut years off your mortgage.
- Your rate is usually fixed for a 5-year term, then renewed at the rate of the day.
- First-time buyers can use the FHSA and the RRSP Home Buyers' Plan towards the down payment.
Estimate for a fixed rate over the whole amortization. Taxes, fees and rate changes aren't included. Not financial advice. 🔒 Everything stays on your device.
✅ Rules last checked:
📚 Official sources: CMHC mortgage loan insurance · Financial Consumer Agency of Canada
We build every tool from the official rules and re-check them when they change. Always confirm with the official source before you rely on a result.
🛠️ Spotted a mistake or an out-of-date rule? Tell us
Questions people ask
Why are Canadian mortgage payments calculated differently?+
By law, fixed-rate mortgage rates in Canada are quoted compounded half-yearly, not monthly. That makes the real monthly rate slightly lower than the posted rate ÷ 12. This calculator uses the Canadian method.
What is the minimum down payment in Canada?+
5% of the first $500,000 and 10% of the part between $500,000 and $1.5 million. Homes of $1.5 million or more need 20%.
How much is CMHC insurance?+
With less than 20% down, a premium of 2.80% to 4.00% of the loan is added to your mortgage, depending on your down payment (plus 0.20% for a 30-year amortization).
What is accelerated bi-weekly?+
You pay half of your monthly payment every two weeks. With 26 payments a year, that's one extra monthly payment yearly, so the mortgage is paid off years sooner.