Calculate Canadian mortgage payments including CMHC insurance, property taxes, and stress test requirements. Compare amortization periods up to 25 years.
Last updated: November 1, 2025
This calculator uses the standard amortization formula to calculate monthly mortgage payments. It takes into account the loan principal, interest rate, loan term, and country-specific costs to provide accurate payment estimates.
Follow these steps to get accurate mortgage calculations:
The calculator uses the standard amortization formula to compute your monthly payment:
The formula calculates your fixed monthly payment that covers both principal and interest over the loan term.
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where r uses semi-annual compoundingCanada uses semi-annual compounding: The annual rate is divided by 2, compounded twice per year, then converted to an equivalent monthly rate for payment calculations.
Your complete monthly payment includes several components:
The total amount you pay each month consists of multiple parts that vary by country:
The base payment that pays down your loan and covers interest charges.
Canadian mortgages may require CMHC insurance and have different amortization rules compared to other countries.
Canadian mortgages use semi-annual compounding (not monthly), require stress test qualification, and CMHC insurance for down payments less than 20%. First-time buyers can access 30-year amortization as of December 2024. Property taxes and insurance vary significantly by province.
Canadian mortgages use semi-annual compounding instead of monthly, resulting in slightly different payment calculations than US mortgages.
As of December 2024, first-time homebuyers can access 30-year amortization with less than 20% down.
Required when down payment is less than 20% - premium is capitalized into the mortgage principal.
All borrowers must qualify at a higher interest rate to ensure affordability if rates rise.
Maximum debt service ratios determine how much mortgage you can afford.
Vary significantly by province - can add $150-$500+ per month to housing costs.
Required by lenders - national average $1,200-$1,800 annually ($100-$150/month).
Term is the rate guarantee period; amortization is the total repayment period.
The calculator provides several important metrics to help you make informed decisions:
Understanding the breakdown of your monthly and total costs helps you plan your budget and compare loan options.
Key ratios and schedules that help you understand your mortgage structure and payment progression.
The percentage of the home value you're borrowing. Lower LTV typically means better rates.
A month-by-month breakdown showing how each payment is allocated.
Monthly mortgage payment is calculated using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the principal loan amount, r is the monthly interest rate, and n is the total number of payments. This covers principal and interest only.