Canada Mortgage Calculator

How the Canadian Mortgage Calculator Works

Our mortgage calculator helps you estimate your monthly payments based on the home price, down payment, interest rate, and amortization period. The calculator accounts for CMHC insurance if your down payment is less than 20%, which is required for high-ratio mortgages in Canada.

The calculator provides a detailed breakdown showing your principal and interest payments, property taxes, and total monthly costs. You can adjust the amortization period from 5 to 30 years to see how it affects your payments and total interest paid over the life of the mortgage.

Understanding Mortgage Rates Across Canada

Mortgage rates vary across Canadian provinces based on local market conditions, lender competition, and economic factors. While the Bank of Canada's policy rate influences all mortgage rates, you may find slight variations between provinces. Ontario and British Columbia typically have the most competitive rates due to higher market competition.

Fixed-rate mortgages offer stability with consistent payments throughout your term, while variable-rate mortgages fluctuate with the prime rate. In 2026, many Canadians are choosing 5-year fixed rates for predictability, though variable rates can offer savings when rates are declining.

Down Payment Requirements

In Canada, the minimum down payment depends on your home's purchase price. For homes under $500,000, you need at least 5%. For homes between $500,000 and $1 million, you need 5% on the first $500,000 and 10% on the remaining amount. For homes over $1 million, a 20% down payment is mandatory.

A larger down payment reduces your mortgage amount, lowers your monthly payments, and helps you avoid CMHC insurance premiums. If you can put down 20% or more, you'll save thousands in insurance costs over the life of your mortgage.

Frequently Asked Questions