Mortgage Calculator Canada
Canadian mortgage calculator with CMHC insurance and stress test
Loan Details
Optional — for full PITI estimate
Estimated annual property taxes
Shows how extra payments reduce your loan
Monthly PITI Payment
CA$4,041
Principal, interest, taxes & insurance
Monthly Payment Breakdown
First-month breakdown · hover segments for details
Monthly P&I
CA$3,316
Principal & interest
Total Interest
CA$454,822
Over loan lifetime
Loan Amount
CA$540,000
10.0% down
Payoff Date
May 2051
25 yrs remaining
Loan Summary
- Home Price
- CA$600,000
- Down Payment (10.0%)
- CA$60,000
- Loan Amount
- CA$540,000
- Interest Rate
- 5.50%
- LTV (PMI applies)
- 90.0%
- Monthly Tax
- CA$400
- Monthly Insurance
- CA$100
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Balance vs. Interest Over Time
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | CA$3,316 | CA$841 | CA$2,475 | CA$539,159 |
| 2 | CA$3,316 | CA$845 | CA$2,471 | CA$538,314 |
| 3 | CA$3,316 | CA$849 | CA$2,467 | CA$537,465 |
| 4 | CA$3,316 | CA$853 | CA$2,463 | CA$536,613 |
| 5 | CA$3,316 | CA$857 | CA$2,459 | CA$535,756 |
| 6 | CA$3,316 | CA$861 | CA$2,456 | CA$534,895 |
| 7 | CA$3,316 | CA$864 | CA$2,452 | CA$534,031 |
| 8 | CA$3,316 | CA$868 | CA$2,448 | CA$533,162 |
| 9 | CA$3,316 | CA$872 | CA$2,444 | CA$532,290 |
| 10 | CA$3,316 | CA$876 | CA$2,440 | CA$531,414 |
| 11 | CA$3,316 | CA$880 | CA$2,436 | CA$530,533 |
| 12 | CA$3,316 | CA$884 | CA$2,432 | CA$529,649 |
How Canadian Mortgages Work
Canadian mortgages differ significantly from US mortgages in structure:
- Term vs. Amortization: The amortization period is how long to pay off the loan (typically 25 years). The term is the period your rate is locked in (typically 5 years). At the end of each term, you renew at current rates.
- CMHC Insurance: Required if your down payment is under 20% of the purchase price.
- Stress Test: All borrowers must qualify at contract rate + 2% to ensure affordability if rates rise.
- Prepayment Privileges: Most lenders allow 10–20% annual lump-sum prepayments without penalty.
CMHC Mortgage Insurance Rates
| Down Payment | CMHC Premium | Description |
|---|---|---|
| 5% – 9.99% | 4.00% | Minimum down payment |
| 10% – 14.99% | 3.10% | Standard insured |
| 15% – 19.99% | 2.80% | Lower-ratio insured |
| 20%+ | 0% | Conventional (no CMHC) |
CMHC premium is added to your mortgage balance, not paid upfront.
Canada Mortgage Stress Test 2026
The stress test requires you to qualify at the higher of:
Option A
Your contract rate + 2%
If rate is 5.5%, qualify at 7.5%
Option B
Floor rate: 5.25%
Minimum qualifying rate
Mortgage Rates by Province
| Province | Avg. Rate | Avg. Home Price |
|---|---|---|
| British Columbia | 5.49% | CAD $985,000 |
| Ontario | 5.49% | CAD $875,000 |
| Alberta | 5.45% | CAD $492,000 |
| Quebec | 5.39% | CAD $498,000 |
| Nova Scotia | 5.55% | CAD $385,000 |
| Manitoba | 5.5% | CAD $362,000 |