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Calculators · Home buying

Mortgage Payment Calculator

Work out your Canadian mortgage payment — done with the semi-annual compounding that Canadian fixed mortgages actually use (the quirk most calculators quietly skip), and payment figures that match what a lender quotes. It auto-calculates your minimum down payment and CMHC insurance, compares every payment frequency, runs the mortgage stress test, estimates your cash to close, and — if you add your income — checks the GDS/TDS ratios lenders use to approve you. 2026 rules — educational only, not advice.

Your numbers

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A realistic mid-2026 starting point — not a quote or a prediction. Change it to the rate you've been offered.

The full payoff timeline. 25 years is the Canadian standard.

In Canada you renew at the end of the term — we'll show what you'd still owe then.

Cash to close (optional)

Land transfer tax is the biggest closing cost — until you pick a province, the cash-to-close below is incomplete.

Legal fees, title insurance, home inspection, adjustments. $2,000–$3,000 is typical.

Affordability check (optional)

Fill this in to see your GDS/TDS ratios and whether you'd pass the lender stress test.

Leave blank and we estimate 1% of price — enter your real number for a precise result.

Home price—
−Down payment —
+CMHC insurance—
=Total mortgage—

Click Calculate to update your results.

Monthly payment
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Enter your numbers to see the payment.

Where your payments go

Balance & interest over time

Want the full picture? for the mortgage stress test, the GDS/TDS affordability check, cash-to-close with provincial land transfer tax, the payment-frequency comparison, and the home price you'd qualify for.

Compare payment frequencies

Same mortgage, same rate — only the payment schedule changes. The non-accelerated options keep your annual outlay the same as monthly (so the payment matches a lender's quote); the two accelerated options squeeze in roughly one extra monthly payment a year, which is how they shave years (and interest) off the loan.

Same payment, different payoff? Semi-monthly and accelerated bi-weekly can look nearly identical, but semi-monthly is 24 payments a year (matching a monthly schedule, so it pays off on time) while accelerated bi-weekly is 26 — about one extra monthly payment a year, so it finishes years sooner. It's the number of payments, not the size, that ends the loan early.

How your down payment changes things

Put more down and you borrow less — but you also shrink (or skip) the CMHC insurance premium. Here's the same home at a few down-payment levels, on a monthly schedule.

CMHC insurance is only available on homes under $1.5M with less than 20% down. At 20%+ down there's no premium at all.

Amortization schedule

Year by year, on your selected payment frequency — how much of the year's payments went to principal versus interest, and what you'd still owe at year-end. Early years are mostly interest; principal catches up later.

Totals are for the full amortization at your selected frequency; the final year may be a partial one if the loan is paid off mid-year.

Educational, not advice. This is an illustration from the numbers you entered and 2026 rules — not a mortgage quote or a recommendation. Real lenders may round payments, handle the CMHC premium and its provincial sales tax differently, and offer rates that differ from what you typed. Insured (under-20%-down) mortgages have eligibility rules — for example, 30-year amortization is generally limited to first-time buyers and newly built homes. Confirm anything important with a mortgage broker or lender and the CMHC.
How this is calculated (the Canadian details)
  • Semi-annual compounding. By law, Canadian fixed-rate mortgages compound interest twice a year, not monthly. So a posted 4.79% isn't divided by 12 — we convert it to an effective rate per payment: (1 + rate/2)2/n − 1, where n is payments per year. This is why a Canadian payment is a touch lower than a US-style monthly-compounded one at the same rate. (Variable-rate mortgages compound monthly — this tool models the fixed-rate convention.)
  • The payment. Standard annuity formula on the total mortgage (your loan plus any CMHC premium), amortized over the years you chose.
  • Minimum down payment. 5% on the first $500,000, 10% on the portion from $500,000 to $1.5M, and 20% on any home priced over $1.5M (those can't be insured).
  • CMHC insurance. Required when you put down less than 20% (on homes under $1.5M). The premium is a percentage of the mortgage based on your loan-to-value: 2.80% (15–20% down), 3.10% (10–15%), 4.00% (5–10%) — plus 0.20% if the amortization is over 25 years. It's added to your mortgage. Provincial sales tax on the premium (ON, QC, SK, MB) is paid upfront and isn't financed; this tool doesn't add it, since it depends where you live.
  • Payment frequencies, the way lenders quote them. Every schedule is anchored to the monthly payment. Non-accelerated semi-monthly, bi-weekly and weekly keep the same annual outlay as monthly (monthly × 12 ÷ payments per year), so the figure matches what a lender would put on paper. Accelerated bi-weekly is your monthly payment ÷ 2 paid 26 times a year, and accelerated weekly is monthly ÷ 4 paid 52 times — about one extra monthly payment per year going straight to principal, which is what ends the loan early. We amortize each schedule to its real payoff date for the interest and time saved.
  • Mortgage stress test (B-20). Federally regulated lenders must qualify you at the higher of your contract rate + 2% or 5.25% — even though you only pay your actual rate. We show the payment at that qualifying rate, because that's the number your income has to support to get approved.
  • GDS / TDS ratios. If you enter your income, we test the two ratios lenders use, at the stress-test rate. Gross Debt Service = (qualifying payment + property tax + heat + 50% of condo fees) ÷ gross monthly income, capped around 39%. Total Debt Service adds your other monthly debt payments and is capped around 44%. Leave property tax blank and we estimate it at 1% of price so the ratios aren't understated. These caps assume a strong credit score (below ~680 lenders often use 35% / 42%), ignore income-type discounts (e.g. self-employed), and are guideline limits — not a pre-approval.
  • What you could afford. We solve for the highest home price where both ratios still pass, holding your current down-payment percentage and estimating property tax at 1% of price. It assumes you've actually saved that down payment, and — like the ratios — it's an illustration, not an approval.
  • Cash to close & land transfer tax. Pick your province and we calculate land transfer tax from the 2026 brackets — including Toronto's municipal tax, and first-time-buyer rebates for Ontario (up to $4,000), Toronto (up to $4,475) and BC (full exemption up to $835k). Alberta, Saskatchewan and the territories have no true land transfer tax (just small registration fees); Nova Scotia's is municipal (Halifax shown), and Quebec's "welcome tax" can be higher in Montreal — confirm your municipality. Cash to close = down payment + land transfer tax + the legal/title/inspection costs you enter. PST on the CMHC premium (ON, QC, SK, MB) is also due upfront and isn't financed.
  • Total interest & renewal balance. Total interest is everything you pay beyond the mortgage amount over the full amortization. The renewal figure is what you'd still owe at the end of your term — you'd renew that balance at whatever rate applies then, so your future payment could change.