Mortgage Calculator

Calculate Your Mortgage

Adjust the values below to estimate your monthly payment

$
$100K $5M
$
%
5% 80%
%
0.5% 12%
years
5 yrs 30 yrs

Your Estimated Payment

$3,555

per month

Mortgage Amount $640,000
Down Payment $160,000 (20%)
Total Interest Paid $426,424
Total Cost of Mortgage $1,066,424
Principal
Interest

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Note: If your down payment is less than 20%, mortgage default insurance (CMHC) is required in Canada. This calculator includes CMHC insurance estimates when applicable. Actual rates may vary — consult a mortgage professional for exact figures.

Understanding Your Mortgage

Down Payment

In Canada, the minimum down payment is 5% for homes under $500K, 10% on the portion above $500K up to $999,999. Homes $1M+ require 20% down.

Amortization

The most common amortization period in Canada is 25 years. A shorter period means higher payments but less total interest paid over the life of the mortgage.

CMHC Insurance

Required when down payment is less than 20%. Premiums range from 2.80% to 4.00% of the mortgage amount, added to your loan balance.

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