Mortgage Payment
Calculator —
built for Canada.

It estimates your payment from the mortgage amount (price minus down payment, plus CMHC premium if you're under 20% down), the interest rate, and the amortization — using Canadian semi-annual compounding, not the monthly compounding US calculators use. That's why a Canadian payment is slightly lower than a US one at the same rate.

When your down payment is less than 20% of the purchase price, federal rules require mortgage default insurance. CMHC charges a premium of 2.80%–4.00% of the mortgage amount (depending on your loan-to-value ratio), which is typically added to your mortgage and amortized over your term. Our calculator folds this in automatically.

Since 2018, all federally regulated lenders must qualify borrowers at the greater of your contract rate plus 2%, or the Bank of Canada's published qualifying rate (currently 5.25%). This confirms you could still afford your payments if rates rose. Our calculator shows your qualifying payment at the stress-test rate alongside your actual payment.

It's a starting point. Your real rate depends on your credit, down payment / loan-to-value, whether the mortgage is insured, and the property. We shop your file across 100+ lenders on one application — no bureau pull to start — so the number you model becomes a real, competitive rate.

Canadian mortgage interest is compounded semi-annually by law, while US calculators use monthly compounding. At the same nominal rate, Canadian semi-annual compounding produces a slightly lower effective rate, so your payment is a few dollars lower than a US calculator would show. Every calculator on this site uses correct Canadian semi-annual compounding.

Yes — every calculator is free, with no sign-up. On standard residential deals our brokerage service is also free to you: the lender pays our commission on funding, always disclosed in writing.