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Homeโ€บCanadaโ€บMortgage Calculator

Mortgage Calculator Canada 2025

Calculate your mortgage payment with Canadian semi-annual compounding, check CMHC insurance, and test affordability with GDS/TDS ratios and the stress test.

Canadian mortgages use semi-annual compounding โ€” different from US monthly compounding. CMHC insurance applies for down payments under 20% (max purchase price $1.5M since Dec 2024).
$
Purchase price of the property
$
5% min on first $500K, 10% on $500K-$1.5M, 20% over $1.5M
%
Annual mortgage rate (semi-annual compounding)
25 years max with < 20% down; 30 years with >= 20% down
5-year fixed is most common in Canada
Accelerated bi-weekly = monthly / 2, paid 26 times/year
$
Leave at 0 for estimate (1% of home value / 12)
$
Strata/condo maintenance fees if applicable
โ€”

Estimates only. Actual rates and approval depend on your lender. Not financial advice.

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How to Use This Calculator

Tab "Monthly Payment"

Enter your home price, down payment, interest rate, and amortization period. The calculator uses Canadian semi-annual compounding to calculate your monthly payment. If your down payment is less than 20%, CMHC insurance is automatically added.

Tab "Affordability"

Enter your gross household income, other monthly debts, and estimated property tax and heating. The calculator uses GDS (39%) and TDS (44%) ratios with the stress test rate to determine the maximum mortgage you qualify for.

Tab "Prepayment"

See how extra monthly payments or lump sum payments reduce your total interest and amortization period. Compare accelerated biweekly vs monthly payment frequencies.

The Formulas

Canadian semi-annual compounding:
Effective monthly rate = (1 + annual_rate / 2)^(1/6) โˆ’ 1

Monthly payment:
M = P ร— r ร— (1 + r)^n / ((1 + r)^n โˆ’ 1)
where P = principal, r = effective monthly rate, n = total months

CMHC insurance premiums:
5โ€“9.99% down: 4.00% of mortgage
10โ€“14.99% down: 3.10% of mortgage
15โ€“19.99% down: 2.80% of mortgage
20%+ down: no insurance required

Minimum down payment:
5% on first $500,000 + 10% on $500Kโ€“$1.5M
20% minimum on homes over $1,500,000

Stress test:
Qualifying rate = max(5.25%, contract rate + 2%)

Example

Jason & Lisa โ€” First Home in Calgary, $550,000

Down payment: $55,000 (10%). Interest rate: 4.89%. Amortization: 25 years.

Mortgage amount$495,000
CMHC premium (3.10%)$15,345
Total mortgage$510,345
Monthly payment$2,935
Total interest (25yr)$370,205
Stress test rate6.89% (4.89% + 2%)

Frequently Asked Questions

Canadian law (Interest Act) requires that mortgage interest be calculated no more frequently than semi-annually. This means the effective rate is slightly lower than in the US (which compounds monthly), resulting in marginally lower payments at the same quoted rate.
In December 2024, the government increased the CMHC insurance cap from $1,000,000 to $1,500,000. This means buyers can purchase homes up to $1.5M with less than 20% down payment. The change helps buyers in expensive markets like Toronto and Vancouver.
30-year amortization is available for uninsured mortgages (20%+ down payment) and for first-time buyers purchasing new builds. Standard insured mortgages have a maximum 25-year amortization. Longer amortization means lower payments but more total interest.

Related Calculators

๐Ÿ  FHSA Calculator
First Home Savings Account โ€” $40K tax-free for your down payment.
๐Ÿงฎ Income Tax Calculator
Federal + provincial tax calculation.
๐Ÿ’ต Take-Home Pay Calculator
Know your net pay for affordability checks.
๐Ÿ“ˆ RRSP Calculator
HBP: withdraw $60K from RRSP for first home.

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