Canada Mortgage Calculator
Calculate your Canadian mortgage payment — includes CMHC mortgage default insurance for down payments under 20% and the stress test.
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How to use this calculator
- 1
Canadian mortgages compound semi-annually (not monthly like US mortgages) — the calculator accounts for this.
- 2
CMHC mortgage default insurance is required for down payments under 20% — it adds 2.8%–4% to your mortgage balance.
- 3
The B-20 stress test requires qualifying at your rate + 2% (minimum 5.25%) — this limits how much you can borrow.
- 4
Accelerated bi-weekly payments make 26 half-monthly payments = 13 monthly payments/year, saving significant interest.
Frequently asked questions
What is CMHC mortgage insurance?
CMHC (Canada Mortgage and Housing Corporation) insures high-ratio mortgages (down payment under 20%). The premium is 2.8%–4% of the mortgage amount, added to your mortgage balance. A 5% down payment on a $500,000 home adds 4% × $475,000 = $19,000 to your mortgage. CMHC insurance is required for homes under $1.5M with less than 20% down.
What is the mortgage stress test in Canada?
The B-20 stress test (OSFI guideline) requires lenders to qualify borrowers at the higher of: their actual contract rate + 2%, or 5.25% (the floor rate). If your mortgage rate is 5.5%, you must qualify at 7.5%. This reduces your maximum mortgage by roughly 15–20% compared to qualifying at your actual rate. It applies to all federally regulated lenders.
Can I get a 30-year mortgage in Canada?
Yes — as of August 1, 2024, CMHC-insured mortgages can have a 30-year amortization for first-time buyers purchasing new construction. For existing homes and non-first-time buyers with high-ratio mortgages, the maximum remains 25 years. Conventional mortgages (20%+ down) can have 30-year amortizations at any federally regulated lender.
How is a Canadian mortgage different from a US mortgage?
Key differences: Canadian mortgages compound semi-annually (not monthly), making effective rates slightly lower than stated. Most Canadian mortgages have 5-year terms (not 30-year fixed like the US). At the end of each term, you renew at current market rates — there's no "locking in" for 25-30 years. CMHC insurance (unlike US PMI) is added to the mortgage principal, not a monthly add-on.
Canada Mortgage Calculator 2024 — CMHC insurance, stress test
How to use the canada mortgage
Use this canada mortgage to your canadian mortgage payment — includes cmhc mortgage default insurance for down payments under 20% and the stress test. Enter your values above and get your result in seconds. The tool is free, works on all devices, and keeps your data private — nothing is stored or shared.
How the canada mortgage works
The canada mortgage calculator uses standard formulas used in financial planning, budgeting, and investment decisions. Enter your inputs, and the tool calculates the result instantly in your browser. No server-side processing means your data stays on your device. Results update in real time as you change inputs.
Minimum down payment rules in Canada
Canada has tiered minimum down payment rules: Homes under $500,000: minimum 5% down. $500,000–$999,999: 5% on first $500K + 10% on the remainder. $1,000,000–$1,499,999: 20% minimum (no CMHC insured). $1,500,000+: 20% minimum (not eligible for CMHC). Note: the $1M threshold for CMHC was raised to $1.5M in late 2024.
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Results are estimates for informational purposes only and do not constitute professional financial, medical, legal, or technical advice. Read full disclaimer →