Canadian mortgage calculator
Estimate your payment with Canadian semi-annual compounding, CMHC mortgage insurance, Ontario PST and minimum down payment rules.
monthly payment
$3,851.76
- Down payment
- $75,000.00
- CMHC premium (3.10%, added to loan)
- $20,925.00
- Total mortgage
- $695,925.00
- Ontario PST on premium (8%, due on closing)
- $1,674.00
- Total interest over amortization
- $459,602.00
- Paid off in
- 25.0 years
Amortization summary
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $30,712.65 | $15,508.43 | $680,416.57 |
| 2 | $30,006.92 | $16,214.16 | $664,202.41 |
| 3 | $29,269.07 | $16,952.01 | $647,250.40 |
| 4 | $28,497.65 | $17,723.43 | $629,526.97 |
| 5 | $27,691.12 | $18,529.96 | $610,997.01 |
| 10 | $23,073.39 | $23,147.69 | $504,904.68 |
| 15 | $17,304.91 | $28,916.17 | $372,373.77 |
| 20 | $10,098.90 | $36,122.18 | $206,815.70 |
| 25 | $1,097.13 | $45,123.95 | $0.00 |
Assumes the same rate for the whole amortization. Real mortgages renew at the end of each term, usually every 1–5 years, at the rate available then.
Estimates only, not financial, legal or tax advice. Rates as of 2026-10-20. Confirm figures with your lender and real estate lawyer. Sources: CMHC premiums, FCAC down payment rules.
Frequently asked questions
How are Canadian mortgage payments calculated?
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Canadian fixed-rate mortgages compound semi-annually by law, not monthly. The periodic rate is (1 + annual rate ÷ 2) raised to 2 ÷ payments per year, minus 1. This calculator uses that formula, so results can differ slightly from US-style calculators.
What is the minimum down payment in Canada?
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The minimum is 5% of the first $500,000 of the price plus 10% of the portion between $500,000 and $1,500,000. Homes priced at $1,500,000 or more need at least 20% down, because insured mortgages are only available below that price.
How much is CMHC mortgage insurance?
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With less than 20% down, the premium is a percentage of the loan: 2.80% for 80.01–85% loan-to-value, 3.10% for 85.01–90% and 4.00% for 90.01–95%. Add 0.20% for a 30-year amortization. The premium is added to your mortgage.
Do I pay PST on mortgage insurance in Ontario?
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Yes. Ontario charges 8% PST on the mortgage insurance premium. Unlike the premium itself, the PST cannot be added to the mortgage, so it is paid on closing, usually through your real estate lawyer.
What is accelerated bi-weekly?
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Accelerated bi-weekly payments are half of the monthly payment, made every two weeks. Because there are 26 payments a year, you pay the equivalent of one extra monthly payment annually, which shortens your amortization and reduces total interest.
Want a second set of eyes on the numbers?
Talk to The Jennifer Jones Team, LPT Realty, Brokerage. No pressure.