Mortgage Calculator Canada
See your true monthly cost — principal and interest on a typical 25-year amortization, plus property tax and home insurance — all in Canadian dollars.
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Formula
Mtotal monthly paymentPloan amountrmonthly ratennumber of monthsTaxannual property taxInsuranceannual home insuranceNote for Canada: In Canada, fixed mortgage rates are quoted as nominal rates compounded semi-annually — not monthly — so the exact payment from your lender may differ by a few dollars from this standard-formula estimate.
Estimates only — not financial advice.
Frequently Asked Questions
What does a Canadian mortgage payment include?
Principal and interest on your mortgage, plus property tax and home insurance — the same four parts (PITI) lenders and brokers quote here.
Why is the default amortization 25 years?
Twenty-five years is the standard Canadian amortization — the maximum allowed when your down payment is under 20%, and the most common choice overall.
Do I need mortgage default insurance in Canada?
If your down payment is under 20%, lenders require mortgage default insurance (such as CMHC-insured coverage). It protects the lender, not you, and the premium is usually added to your mortgage balance.
How is a Canadian mortgage rate different from a US one?
Canadian fixed rates are quoted as nominal rates compounded semi-annually, while US rates compound monthly. The math is slightly different, so a '5.25%' quote isn't identical on both sides of the border.