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Mortgage calculator
Estimate your payment with Canadian mortgage rules: semi-annual compounding, default insurance, payment frequencies and condo fees.
Monthly payment
$0
- Mortgage amount
- Mortgage default insurance (est.)
- Total interest over amortization
- Monthly cost incl. condo fees
Estimates only. Uses Canadian semi-annual compounding and an approximate default-insurance premium for down payments under 20%. In Ontario, buyers pay the provincial land transfer tax, and homes in the City of Toronto also pay the Municipal Land Transfer Tax (first-time buyers may qualify for rebates on both). Also budget for legal fees, title insurance and, on a resale condo, a status certificate review. Actual rates, premiums and payments are set by your lender; speak with a mortgage professional before making decisions.
Good to know
Canadian mortgage basics
Minimum down payment
5% of the first $500,000 and 10% of the portion up to $1.5 million. Homes priced at $1.5 million or more need at least 20% down.
Default insurance
With less than 20% down, your mortgage must be insured. The premium is added to your mortgage and depends on your down payment.
The stress test
Lenders check that you could still afford payments at a higher qualifying rate, so your approval may be lower than this calculator suggests.
This calculator gives estimates only. Talk to a licensed mortgage professional about your situation.
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