PilotRate

Canada Mortgage Calculator

Adjust the values below to calculate your estimated Canadian mortgage payments.

Loan Details

CAD
CAD 100,000CAD 3,000,000
CAD
CAD 40,000CAD 650,000
%
0.5%15%
yrs
5 yrs30 yrs

Used for CMHC insurance tax (QC: 9.975% QST, SK: 6% PST)

Amortization Schedule

Over 25 years
Remaining Balance
Interest Paid
Principal Paid

Insights

A 20-year amortization would save approximately CAD 84,863 in interest, though your monthly payment would be higher.
Even a 0.5% rate reduction would save CAD 43,656 in total interest. Comparing lenders can pay off significantly.

These are educational estimates only and do not constitute financial advice.

Your Estimate

Monthly Payment

CAD 2,992

Principal + Interest

Total Interest

CAD 377,560

Total Mortgage Cost

CAD 897,560

Estimated Payoff

August 2051

Principal (58%)Interest (42%)

Stress Test Compliance

Qualifying Rate6.89%(contract 4.89% + 2%)
Qualifying Payment
CAD 3,607
Monthly Difference
+CAD 615
Est. Max Home Price
CAD 561,330

PilotRate provides educational mortgage estimates and does not constitute financial advice.

Canada Mortgage Calculator — Frequently Asked Questions

How does the Canada mortgage stress test work?
The mortgage stress test requires you to qualify at a minimum qualifying rate set by OSFI, currently the greater of 4.79% or your contract rate plus 2%. Our calculator automatically applies the stress test so you can see the maximum mortgage you qualify for before you apply with a lender.
How is CMHC insurance calculated in Canada?
CMHC insurance premiums range from 2.80% to 4.00% of the loan amount depending on your down payment size. If you put less than 20% down on a home under $1 million, CMHC insurance is mandatory. You can also select your province to calculate applicable provincial sales tax on CMHC premiums — Quebec charges 9.975% QST and Saskatchewan charges 6% PST.
What is the minimum down payment for a house in Canada?
For homes under $500,000 the minimum down payment is 5%. For homes between $500,000 and $1,000,000 it is 5% on the first $500,000 and 10% on the portion above $500,000. Homes at or above $1 million require a 20% down payment. Down payments under 20% require CMHC mortgage default insurance.
How does semi-annual compounding affect Canadian mortgage payments?
Most Canadian mortgages use semi-annual compounding, meaning interest is calculated twice per year rather than monthly. This differs from US mortgages which typically use monthly compounding. Our calculator uses the standard Canadian formula so your payment estimates match what Canadian lenders quote.
What amortization periods are available for Canadian mortgages?
For insured mortgages with less than 20% down, the maximum amortization period is 25 years. For conventional uninsured mortgages, amortization periods can extend to 30 years. Shorter amortization periods mean higher monthly payments but significantly less total interest paid over the life of the loan.