Plan Ahead
Mortgage Calculators
Plan your home purchase with our suite of mortgage calculators
Mortgage Payment Calculator
Calculate your monthly mortgage payment based on purchase price, down payment, and interest rate.
How These Calculators Work
Built on current Canadian lending rules — semi-annual compounding, CMHC premium tiers, the federal stress test, and BC Property Transfer Tax with 2024 exemption thresholds.
How are Canadian mortgage payments calculated?
Canadian fixed-rate mortgages compound semi-annually, not monthly like in the US. Our payment calculator converts your quoted rate to its semi-annual effective rate, applies your amortization and payment schedule, and adds CMHC mortgage default insurance to the loan when your down payment is under 20%.
What is CMHC insurance and how much does it cost?
Mortgage default insurance is required when your down payment is less than 20% on homes under $1.5 million. Premiums are 4.0% of the loan with 5-9.99% down, 3.1% with 10-14.99% down, and 2.8% with 15-19.99% down, plus 0.20% if you choose a 30-year insured amortization. The premium is added to your mortgage rather than paid up front.
What is the mortgage stress test?
To qualify for a mortgage in Canada you must prove you could afford payments at the higher of your contract rate plus 2% or 5.25%. Our affordability calculator applies this qualifying rate automatically, along with the standard 39% GDS and 44% TDS debt-service limits.
How much is the BC Property Transfer Tax?
BC charges 1% on the first $200,000 of the purchase price, 2% up to $2 million, 3% above $2 million, and a further 2% on the residential portion above $3 million. First-time buyers pay no tax up to $500,000 (with savings up to $8,000 on homes to $835,000), and buyers of newly built homes are exempt up to $1.1 million.
What is the minimum down payment in Canada?
The minimum is 5% of the first $500,000 plus 10% of any amount between $500,000 and $1.5 million. Homes priced at $1.5 million or more require at least 20% down because mortgage default insurance is not available above that price.
Results are estimates for planning purposes and not a commitment to lend. Rules current as of 2026 — talk to us for advice on your exact situation.
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