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Mortgage calculator

Free tool · Canadian mortgage rules

Mortgage payment & affordability calculator

Work out your payment, see every dollar of interest and principal by year or by payment, and find out how much home you qualify for under the federal stress test.

Advanced adds the full amortization schedule and the affordability test.

Your mortgage

Purchase price

Down payment

Interest rate (% per year)

Amortization (years)

Payment frequency

Term (years)

Set down payment:

Monthly payment$0

Mortgage amount–

Mortgage insurance–

Total interest–

Paid off in–

Amortization schedule

How much can I afford?

Uses the interest rate and amortization above, tested at the federal stress-test rate.

Gross household income (per year)

Other debt payments (per month)

Car loans, student loans, lines of credit, 3% of credit-card balances.

Down payment available

Property tax (per year)

Heating (per month)

Condo fees (per month)

Lenders count half of condo fees.

Maximum purchase price$0

Maximum mortgage–

Monthly payment at your rate–

Stress-test rate used–

GDS ratio–

TDS ratio–

Disclaimer

Calculations are based on the information provided and are for illustrative and general information only. The interest rate used is the same for the entire amortization period. All payment amounts shown are net of applicable taxes. Results should not be considered specific financial advice. Actual results, loan payment amounts and repayment schedules may vary.

Reference

The Canadian rules this calculator uses

Minimum down payment

Purchase price	Minimum down payment
Up to $500,000	5%
$500,000 to $1,499,999	5% of the first $500,000 + 10% of the rest
$1,500,000 and up	20% (cannot be insured)

Stress test

Qualifying rate = the higher of your contract rate + 2% or 5.25%. Housing costs (mortgage at the qualifying rate, property tax, heat, half of condo fees) ≤ 39% of gross income; all debts ≤ 44%.

Mortgage default insurance premium

Down payment	Premium (% of mortgage)
5% to 9.99%	4.00%
10% to 14.99%	3.10%
15% to 19.99%	2.80%
20% or more	Not required
30-year amortization (insured)	+ 0.20%

The premium is added to your mortgage. Ontario charges 8% PST on the premium, payable in cash on closing. Insured amortizations are capped at 25 years, or 30 years for first-time buyers and newly built homes.

Rules as published by CMHC, the Department of Finance and OSFI, verified September 2026. Lender policies vary. Estimates only.

Questions

Mortgage FAQ

Why is my Canadian mortgage payment different from a US calculator?

Canadian fixed-rate mortgages compound interest semi-annually, not monthly. The rate per payment is (1 + rate ÷ 2)^(2 ÷ payments per year) − 1. US calculators compound monthly, which gives a slightly higher payment for the same quoted rate.

What is the minimum down payment in Canada?

5% of the first $500,000 of the price and 10% of the portion between $500,000 and $1,499,999. Homes priced at $1.5 million or more need at least 20% down and cannot be insured. With less than 20% down you must buy mortgage default insurance (CMHC, Sagen or Canada Guaranty).

What is the mortgage stress test?

Lenders must qualify you at the higher of your contract rate plus 2% or 5.25%. At that rate, your housing costs (mortgage, property tax, heat and half of condo fees) generally cannot exceed 39% of gross income (GDS), and all debts together cannot exceed 44% (TDS).

What do accelerated bi-weekly payments do?

Accelerated bi-weekly means paying half your monthly payment every two weeks — 26 payments, or the equivalent of 13 monthly payments a year. The extra payment goes straight to principal, which typically shortens a 25-year amortization by about three years and saves tens of thousands in interest.

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