CANADA · MORTGAGE PLANNING
Canadian Mortgage Calculator
Estimate monthly payments using a Canadian-style nominal fixed interest rate compounded semi-annually, plus a standard CMHC mortgage-insurance premium estimate. See the balance when your current rate term ends.
Estimated monthly mortgage payment
CAD estimates. Nominal fixed rate compounded semi-annually and converted to an equivalent monthly rate. Assumes this rate remains constant during the selected term; the balance at renewal is shown because Canadian mortgages commonly renew before amortization ends. Standard CMHC premium tiers only: specialized products, surcharges, sales tax on premiums, borrower eligibility, land transfer taxes and provincial closing costs are excluded. If you uncheck financing, the premium is assumed paid separately where required.
Mortgage term versus amortization
Amortization is the projected time to repay the mortgage. A mortgage term is how long your current mortgage contract applies. At renewal, rates and payments may change. A 25-year amortization with a five-year term does not guarantee the same rate for 25 years.
How the monthly rate is calculated
For a nominal annual fixed rate compounded twice per year, the equivalent monthly periodic rate is (1 + annual rate ÷ 2) raised to the power 1/6, minus 1. Enter rates as percentages, for example 4.5 rather than 0.045.
How mortgage insurance affects costs
A down payment under 20% generally requires mortgage default insurance. The estimate uses standard CMHC owner-occupied premium bands and is not an insurance quote. Product eligibility and premium adjustments vary; provincial taxes on the premium may be due up front.
Primary sources
Financial Consumer Agency of Canada: down payments · CMHC premium schedule · Mortgage terms and amortization