Mortgage Calculator Canada

Calculate your monthly mortgage payments instantly. Includes CMHC insurance, property tax, and home insurance. Accurate and 100% free.

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How to Use This Calculator

1. Enter Home Price

Start by entering the purchase price of the property you're interested in.

2. Set Down Payment

Enter your down payment amount. The calculator will automatically show you the down payment percentage. If it's less than 20%, CMHC insurance will be calculated automatically.

3. Specify Interest Rate

Enter your mortgage interest rate. Current average rates in Canada range from 4.5% to 6.5%, but this varies by lender and mortgage type.

4. Choose Amortization Period

Select how many years you want to spread payments over. Common options are 20, 25, and 30 years. Longer amortization means lower monthly payments but more total interest paid.

5. Add Additional Costs (Optional)

Include property taxes, home insurance, and HOA fees to see your total monthly housing costs.

Frequently Asked Questions

What is CMHC insurance?

CMHC (Canada Mortgage and Housing Corporation) insurance protects lenders if you default on your mortgage. It's required when your down payment is less than 20% of the home price. The cost varies based on your down payment percentage.

What's the difference between amortization and mortgage term?

Amortization is the total time to pay off the mortgage (e.g., 25 years). Mortgage term is the length of your current contract (e.g., 5 years). When your term ends, you renew at a new interest rate but continue paying until the amortization period is complete.

Is this calculator accurate?

This calculator uses standard mortgage formulas and is accurate for estimation purposes. However, your actual mortgage payment may vary slightly due to rounding, payment frequency, and other factors. Always confirm details with your lender.

Can I afford this mortgage?

Banks typically approve mortgages if your total monthly housing costs (including property tax and insurance) are less than 32% of your gross monthly income. Try our Affordability Calculator to see how much home you can afford based on your income.