Canada Mortgage Calculator
Calculate your Canadian mortgage payment including CMHC insurance for low down payments — with the minimum down payment rules that apply across the country.
How to use this calculator
- Enter home price.
- Enter down payment.
- Enter annual interest rate.
- Enter amortization.
- Your results appear instantly below and update as you change the numbers.
How this calculator works
Canadian mortgages are quoted with an amortization period (usually 25 years) and a rate that's typically renegotiated every 5 years or less. The minimum down payment is 5% of the first $500,000 and 10% of the portion above that (up to $1 million); above $1 million you need 20%. With less than 20% down, you must buy mortgage default insurance (CMHC, Sagen or Canada Guaranty): premiums of 4.0% of the loan at 5–9.99% down, 3.1% at 10–14.99%, and 2.8% at 15–19.99%, added to the mortgage. Since December 15, 2024, homes up to $1.5 million are insurable and first-time buyers can choose a 30-year amortization. Worked example: a $600,000 home with 10% down ($60,000) carries a $540,000 loan plus a $16,740 CMHC premium, so the insured mortgage of $556,740 at 5% over 25 years costs about $3,255 a month.
Frequently asked questions
What is the minimum down payment in Canada in 2026?
5% of the first $500,000 of the purchase price plus 10% of the portion between $500,000 and $1,000,000. Above $1,000,000 you need 20% down. For a $600,000 home that's $35,000 minimum (5% of 500k + 10% of 100k).
How much does CMHC insurance cost?
Premiums are charged on the loan amount: 4.0% for down payments of 5–9.99%, 3.1% for 10–14.99%, and 2.8% for 15–19.99%. The premium is added to the mortgage, so it's paid off with interest over the life of the loan. Putting 20% down eliminates it entirely.
What mortgage payment can I afford in Canada?
Lenders cap your gross debt service ratio at 39% of income (32% for housing costs alone) and total debt at 44%. On a $100,000 household income, that's roughly $2,700–3,200 a month for housing — enough for a mortgage of about $500,000–550,000 at current 5-year rates.
Should I take a 30-year amortization?
A 30-year amortization lowers your payment about 8–10% versus 25 years, but you pay more interest over the life of the loan. It's now available to first-time buyers and buyers of new builds, and CMHC adds a 0.2% premium surcharge for the longer term. Compare: a $500,000 mortgage at 5% costs about $2,923/month over 25 years versus $2,684 over 30 — about $89,000 more in total interest.
Disclaimer: Results are estimates for general information only and do not constitute financial, tax, or legal advice. Figures reflect the current tax year and may change. Always confirm current limits and consult a qualified professional before making decisions. Official figures: canada.ca tax rates · CPP rates · CMHC mortgage insurance.