Whether you're buying your first home or refinancing an existing mortgage, our calculator helps you estimate payments, compare scenarios, and plan your finances.
Buying your first home? Enter the purchase price and your down payment. We'll calculate CMHC insurance (if applicable) and show your mortgage breakdown.
Down Payment: $0 (0.0%)
Minimum 5% Required: In Canada, you need at least a 5% down payment for properties under $500,000.
Monthly Payment
Detailed breakdown of every payment over the full 25 year period.
In Canada, you need at least 5% down for homes under $500K. For homes between $500K-$1M, it's 5% on the first $500K and 10% on the rest. Over $1M requires 20% down.
With less than 20% down, you'll pay CMHC or similar insurance (2.8% to 4% of the mortgage). The premium is usually added to your mortgage amount.
Disclaimer: This calculator provides estimates for educational purposes only. Actual mortgage terms, rates, and insurance premiums may vary. Always consult with a licensed mortgage professional for personalized advice.
For homes under $500K
$500K - $1M homes
Required for $1M+ homes
CMHC Insurance
With less than 20% down, you'll pay mortgage default insurance: 4.00% (5-9.99% down), 3.10% (10-14.99% down), 2.80% (15-19.99% down).
Amortization is the total time to pay off the mortgage. The term is your current contract length, after which you renew at current market rates.
Principal is the amount you borrowed. Interest is the fee for borrowing. Early payments are mostly interest; later payments shift toward principal.
Even closed mortgages often let you pay an extra 10-20% per year without penalty. Extra payments go directly to principal and can cut years off your mortgage.