Canadian Mortgage Calculator

Calculate your exact monthly payments instantly. Features built-in CMHC insurance math and precise Canadian semi-annual compounding.

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15 Years
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Summary
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Your Monthly Payment
$2,112.76
$400,000
$233,829

Canadian Mortgage FAQ

Everything you need to know about calculating your mortgage, CMHC insurance, and Canadian compounding rules.

General Math
CMHC Insurance
Terms & Rates
How is a Canadian mortgage calculated differently?

Unlike mortgages in the US which are compounded monthly, Canadian fixed-rate mortgages are legally required to be compounded semi-annually (twice a year). This slightly lowers the effective monthly interest rate compared to an identical US rate.

How much of a down payment do I need in Canada?

The minimum down payment depends on the purchase price of the home. For homes under $500,000, the minimum is 5%. For homes between $500,000 and $999,999, it is 5% on the first $500k, and 10% on the remainder. Homes $1 million or over require a strict 20% minimum down payment.

Does my down payment affect my monthly payment?

Yes, significantly. A larger down payment reduces the total principal amount you need to borrow. Furthermore, if you put down 20% or more, you avoid paying the mandatory CMHC insurance premium, which lowers your total loan amount even further.