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
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 →