Canadian Mortgage Calculator
Plan your Canadian home purchase with accurate mortgage calculations tailored to current Canadian interest rates and lending practices.
Calculate Your Mortgage
Canadian Mortgage Calculator
Fill in the details below to calculate your estimated mortgage payments.
Current Canadian Mortgage Rates
Bank of CanadaClick a rate to apply it to your calculation
Updated: May 1, 2026
Official rates from Bank of Canada as of May 1, 2026. Actual rates may vary by lender and creditworthiness. Variable rates shown are prime rate - actual variable rates typically prime minus 0.5-1.5%.
Canadian mortgage rules:
- Minimum 5% down payment for homes under $500,000
- 5% on first $500,000 + 10% on portion above $500,000 for homes between $500,001 and $1,499,999
- Minimum 20% down payment for homes $1,500,000 or more
Important disclaimers:
- Calculations are estimates only and exclude property taxes, insurance, utilities, and maintenance costs
- CMHC insurance premiums (for down payments under 20%) are included in payment calculations above
- Actual mortgage rates vary by lender, credit score, and market conditions
- This tool is for informational purposes only - consult a mortgage professional for personalized advice
- All rates and calculations comply with Ontario real estate regulations
Understanding Canadian Mortgages
Mortgage Types in Canada
- Fixed-rate mortgages: Interest rate remains the same throughout the term, providing payment stability.
- Variable-rate mortgages: Interest rate fluctuates with the lender's prime rate, potentially saving money when rates drop.
- Open mortgages: Allow prepayment of any amount without penalties but typically have higher rates.
- Closed mortgages: Offer lower rates but restrict prepayment amounts.
- Hybrid mortgages: Combine fixed and variable rates, offering a balance of stability and potential savings.
Key Canadian Mortgage Terms
- Mortgage term: The length of time your mortgage agreement and interest rate remain in effect (typically 1-5 years).
- Amortization period: The total time it will take to pay off your mortgage (up to 30 years for first-time buyers and new builds, or 25 years for others with less than 20% down payment, and 30 years with 20%+ down).
- Mortgage stress test: Ensures you can afford payments if interest rates increase, requiring qualification at a higher rate than what you'll actually pay.
Mortgage Insurance in Canada
In Canada, mortgage default insurance (CMHC insurance) is required when you make a down payment of less than 20% of the purchase price. This insurance protects the lender if you default on your mortgage.
- Premium cost: Ranges from 2.8% to 4.0% of your mortgage amount, depending on your down payment percentage.
- Payment options: Can be paid upfront or added to your mortgage amount (but will increase your total interest paid).
- Not required: If your down payment is 20% or more, or for properties valued at $1.5 million or more.