Residential mortgages
Home mortgage calculator
Estimate payments on a Canadian home mortgage, including default (CMHC) insurance when your down payment is under 20%. Interest is compounded semi-annually, not in advance — the standard Canadian convention.
Down payment and mortgage insurance in Canada
The minimum down payment is 5% on the first $500,000 and 10% on the portion above that. With less than 20% down, default insurance is required and the premium (2.80%–4.00% of the loan) is added to your mortgage. Insured mortgages are limited to a 25-year amortization in most cases.
What lenders review
- Gross and total debt service ratios against your income
- The mortgage stress test qualifying rate
- Credit history and score
- Down payment source and history
- Property type, location, and appraised value
Financing a commercial property instead? Use the commercial mortgage calculator.
For affordability, payment and insurance premium tools straight from the source, see the CMHC mortgage calculators.
This calculator provides estimates for planning purposes only. Actual payments depend on lender terms, fees, rate type, payment structure, property taxes, and approval. Financing is subject to lender criteria, credit review, property evaluation, and approval. Information on this website is general in nature and does not constitute financial or legal advice.