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Mortgage calculator · Across Canada
Work out a payment the way Canadian lenders do, with semi-annual compounding, the CMHC premium when you put less than 20% down, and the rate you’ll be qualified at. Then see what your income supports.
Loading the Bank of Canada rate…
Provincial sales tax on the premium (in Ontario and Quebec, among others) is paid at closing and isn’t included above.
Interest assumes the rate stays the same for the whole amortization. Property tax, insurance and condominium fees aren’t included.
Uses the rate and amortization on the left, qualified at the stress-test rate.
Limits used: housing costs (payment, property tax, heating and half of any condo fee) up to 39% of gross income, and all debts up to 44%, as CMHC sets for insured mortgages. Lenders’ own limits for uninsured mortgages can differ.
Results are estimates from the numbers you enter, not a pre-approval or a rate offer.
How the numbers work
Most online calculators compound monthly, the U.S. way. Canadian fixed-rate mortgages compound twice a year, and this one does too. Every rule below comes from the source linked with it.
5% of the first $500,000, then 10% of the portion up to $1.5 million. At $1.5 million or more, 20%, and mortgage insurance isn’t available.
Sources: FCAC, minimum down payment · Finance Canada, $1.5 million cap (Dec 15, 2024)
Under 20% down: 2.80% (80.01% to 85% loan-to-value), 3.10% (to 90%) and 4.00% (to 95%) of the mortgage. Add 0.20% for an amortization over 25 years.
Source: CMHC premium schedule
Qualify at the greater of your contract rate plus 2 percentage points, or 5.25%. Affordability uses 39% of gross income for housing costs and 44% for all debts.
Sources: OSFI minimum qualifying rate · CMHC GDS and TDS
On insured mortgages, for first-time homebuyers and buyers of newly built homes, since December 15, 2024. With 20% or more down, it depends on the lender.
Source: Finance Canada
The Bank of Canada’s weekly posted 5-year conventional mortgage rate for chartered banks (series V80691335), currently loading. Posted rates run above most offered rates.
Source: Bank of Canada posted rates
Accelerated bi-weekly is half the monthly payment, every two weeks, so you make the equivalent of one extra monthly payment a year. Accelerated weekly is a quarter of it, every week.
Want the numbers run on your actual file, with lenders across Canada? Call Charlebois: 613-422-SOLD.
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Questions
The Bank of Canada’s posted 5-year conventional mortgage rate for chartered banks, loaded live from the Bank’s Valet data service and shown with the week it applies to. Posted rates are usually higher than the rates lenders actually offer, so replace it with the rate you’ve been quoted.
Canadian fixed-rate mortgages compound interest semi-annually, not monthly, and the Interest Act requires the rate to be stated that way. Many online calculators compound monthly, which overstates the payment slightly. This calculator uses semi-annual compounding for every payment frequency.
5% of the first $500,000 of the price, plus 10% of the portion from $500,000 to $1.5 million. At $1.5 million or more, the minimum is 20%. Lenders can ask for more, for example if you’re self-employed.
With less than 20% down, the premium is a one-time percentage of the mortgage: 2.80% at 15% to 19.99% down, 3.10% at 10% to 14.99% and 4.00% at 5% to 9.99%, plus 0.20% for an amortization over 25 years. It’s usually added to the mortgage. Ontario and Quebec, among other provinces, charge provincial sales tax on the premium, which is paid at closing and can’t be added to the loan.
Lenders check that you could afford the payment at a higher qualifying rate: the greater of your contract rate plus 2 percentage points, or 5.25%. The calculator shows that rate and the monthly payment at it. Affordability uses CMHC’s limits of 39% of gross income for housing costs and 44% for all debts.
With less than 20% down, a 30-year amortization is available on an insured mortgage if at least one borrower is a first-time homebuyer or the home is newly built. With 20% or more down, many lenders offer up to 30 years on their own terms.
No. It’s an estimate from the numbers you enter. A pre-approval depends on your income documents, credit and the lender’s review, and final approval also depends on the property. Our mortgage team can run your actual file with lenders across Canada.