Mortgage Calculator for Canada
Calculate your Canadian mortgage payment including CMHC insurance for down payments under 20%.
Typical Rate
4%
Common Term
25 years
Min Down Payment
5%
Max Term
30 years
Calculate Your Mortgage Payment in CAD
Enter the home price and loan details to estimate your monthly payment. Default values are based on typical Canada market conditions.
Home Price
Down Payment
$020% of home price
CMHC Insurance will be required because down payment is less than 20%.
Loan Details
Additional Monthly Costs
Optional: Include property tax and insurance in your monthly estimate
Monthly Payment
Loan Summary
Mortgage Tips for Canada
Put down 20% or more to avoid CMHC mortgage insurance
Canadian mortgages typically have 5-year terms with 25-year amortization
First-Time Home Buyer Incentive can help with down payment
RRSP Home Buyers' Plan lets you withdraw up to $35,000 tax-free
Consider variable vs fixed rates based on your risk tolerance
Important Considerations in Canada
- CMHC insurance is required for down payments less than 20%
- Mortgage terms (1-5 years) differ from amortization period (25-30 years)
- Property taxes vary significantly by province and municipality
- Land transfer tax applies in most provinces (rebates for first-time buyers)
Frequently Asked Questions
What is the typical mortgage term in Canada?
In Canada, common mortgage terms are 25, 30 years. The most popular option is 25 years, balancing monthly affordability with total interest paid. The maximum term typically available is 30 years.
What is the minimum down payment required?
The minimum down payment in Canada is typically 5% of the home price. However, if your down payment is less than 20%, you'll typically need to pay CMHC Insurance, which adds to your monthly costs. A 20% down payment is often recommended to get the best terms.
How much would a typical monthly payment be?
For a C$675,000 home with 20% down (C$135,000) at 4% for 25 years, the principal and interest payment would be approximately C$2,850 per month. Add property taxes and insurance for your total housing payment.
How much mortgage can I afford on my salary?
A common rule is to keep your total housing payment (mortgage + taxes + insurance) under 28-30% of your gross monthly income. For example, with a C$5,000/month income, aim for housing costs under C$1,500/month. Use this calculator to see what home price fits your target monthly payment, then work backwards to determine affordability.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage has higher monthly payments but saves significantly on total interest—often 50% or more compared to a 30-year term. A 30-year mortgage offers lower monthly payments and more flexibility. The right choice depends on your income stability and other financial goals. Use the term selector above to compare payments for different loan lengths.
Does this calculator need my bank information?
No. This calculator is 100% private. There's no bank connection, no account creation, and no data collection. Everything is calculated in your browser and never sent anywhere. Your financial privacy is completely protected.
Other Country Calculators
Budgeting Tips & Guides
Category Budget Targets: How to Set Spending Limits That Actually Work
Learn how to set realistic spending targets for individual categories without losing the simplicity of daily budgeting. A practical guide to category limits that don't feel restrictive.
The Minimalist Approach to Expense Tracking
Less tracking, more clarity—how minimalist expense tracking creates better results with less effort
Daily Budget vs Monthly Budget: Why Tracking Both Changes Everything
Most people set a monthly budget and hope for the best. Learn why tracking your daily spending limit — not just monthly totals — is the key to actually staying on track and having money left at month's end.
Track Your Budget While Saving for a Home
Download BUDGT to track your daily spending and build your down payment faster.