Mortgage calculator
What would the payments look like?
Canadian mortgage maths done properly — semi-annual compounding, minimum down-payment rules and default insurance included. Follow the line down: each row shows how the total is built.
Down paymentWhat you pay up front. Anything under 20% of the price means the mortgage must be insured.
Mortgage default insuranceA premium charged when the down payment is under 20%. It is added to the mortgage rather than paid up front.
$20,925
Total mortgageThe amount actually borrowed: the price less your down payment, plus any insurance premium.
$695,925
Are you a first-time home buyer?
AmortizationHow long the mortgage takes to pay off in full. A longer amortization lowers each payment and raises the total interest.
With less than 20% down the mortgage must be insured, and an insured mortgage is capped at 25 years — unless you are a first-time home buyer, who may take 30.
Mortgage rateThe annual interest rate your lender quotes. We do not guess one for you — enter the rate you have been offered.
Payment frequency
Annual property tax (optional)
Mortgage payment (monthly)Principal and interest only, for the frequency you chose. Property tax, condo fees and insurance are extra.
—
Enter the rate you have been quoted to see the payment. We do not fill in a rate for you — an invented one would only look authoritative.
What this assumes
- Interest compounds semi-annually, as Canadian fixed-rate mortgages do.
- Default-insurance premiums follow the published tiers: 2.80% of the loan between 80–85% loan-to-value, 3.10% between 85–90%, 4.00% between 90–95%, and none at 80% or below. Insurance is not available on homes priced at $1,500,000 or more.
- An insured mortgage — anything with less than 20% down — is capped at a 25-year amortization, with one exception: a first-time home buyer may take 30 years. With 20% or more down, 30 years is open to anyone. Those are the rules applied above.
- Property tax, condo fees, heating and closing costs are not included in the mortgage payment — they are real, and they are on top of it.
- The rate is held constant for the whole amortization. In Canada, mortgages renew at the end of each term, so the rate — and the payment — will almost certainly change along the way.
- These down-payment and insurance thresholds are the rules as published for 2025. They change over time — confirm the current rules before relying on them.
This is an estimate, not an offer. The figures come from the rules above; lenders qualify borrowers differently, and the numbers to rely on are the ones a mortgage broker or lender gives you.
Already own a home? Find out what it could be worth.