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Mortgage Payment Calculator Canada

Updated

Enter a home price, your down payment, a rate and an amortization to see the monthly payment on a Canadian mortgage, with the CMHC insurance premium added when you put down less than 20%. Below the calculator: how the payment is worked out, and a directory of every other mortgage calculator on the site.

Total Monthly Payment: -
Monthly Mortgage Payment

5-year term summary:

25-year summary:

At the national MLS benchmark price of $651,400 (September 2026), the minimum down payment is $40,140. The CMHC premium of $24,450 brings the loan to $635,710, and at 4.05% over 25 years the payment is $3,361 a month. That rate is the Bank of Canada’s average for new insured 5-year fixed mortgages; current mortgage rates shows how lenders’ offers compare.

How the payment is calculated

This section explains the method used by the calculator above and by every province and city page in this hub.

  1. The loan. The home price minus your down payment. The minimum down payment depends on the price: The minimum down payment is 5% of the first $500,000 and 10% of the rest for homes under $1.5 million, and 20% at $1.5 million or more. The down payment calculator works it out for any price.
  2. The insurance premium. Below 20% down, the mortgage must be insured, and the premium (a percentage of the loan that rises as the down payment shrinks) is added to the loan. The calculator uses the standard 25-year premium bands; the CMHC insurance calculator shows each band and the surcharge for a 30-year amortization.
  3. The monthly rate. Canadian fixed mortgage rates are quoted compounded semi-annually, so an annual rate r becomes a monthly rate of (1 + r/2)^(1/6) − 1, slightly less than r ÷ 12. Semi-annual compounding explains why.
  4. The payment. Payment = L × i ÷ (1 − (1 + i)^−n), where L is the loan with the premium, i the monthly rate and n the number of monthly payments (300 for 25 years).

The calculator then splits the first five years into principal and interest, since five years is the most common term: at renewal the rate, and so the payment, is reset. The full year-by-year split is on the amortization calculator.

What the payment leaves out

The “Other costs” fields add property tax, home insurance and condo fees to the monthly total if you enter them; nothing is assumed for them. The full list of what owning costs each month, with typical ranges, is on monthly carrying costs for homeowners. One-time costs at purchase are on the closing cost calculator, and the provincial tax on the purchase on the land transfer tax calculator.

Province and city pages

Every province page runs this same calculator. What differs by province is the typical price, the land transfer tax and the closing costs, so each page works through an example at its own benchmark price and links its province’s tax and closing-cost pages. Whether your income qualifies is a separate question: lenders test the payment at the stress-test rate, which the stress test calculator and income needed to buy a home cover.

Ways to change the payment

  • A bigger down payment shrinks the loan, and at 20% or more there is no insurance premium.
  • A lower rate cuts the payment, and the same rate gap is worth more on a larger loan; current mortgage rates has the averages.
  • A longer amortization lowers the payment and raises the total interest; 25 vs 30 years compares them.
  • A different payment schedule: accelerated bi-weekly or weekly payments add the equivalent of one monthly payment a year; the payment frequency guide works through each option.
  • Extra payments: lump sums and higher payments come off the principal; the extra payment calculator shows the interest and years saved.

What a given loan costs at different rates is laid out amount by amount in mortgage payments by mortgage amount, and what Canadians actually pay each month is on the average mortgage payment in Canada. For choosing a rate type, see fixed vs variable mortgages; for help with the down payment, first-time home buyer programs.

All mortgage calculators

Payments and schedules

Buying

Refinancing and home equity

Investment property

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Browse All Mortgage Payment Calculator Canada Articles

Browse all 18 articles in this section.

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Sources

The figures and rules on this page come from these sources, last checked against them between September 25, 2026 and October 25, 2026. How we check facts.