C$ Canadian Dollar

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

Currency:
$

Down Payment

$0
0% 50%

20% of home price

$

Loan Details

Additional Monthly Costs

Optional: Include property tax and insurance in your monthly estimate

$

Monthly Payment

$0
per month
Principal & Interest $0
Property Tax $0
Home Insurance $0
Total Monthly $0

Loan Summary

Loan Amount $0
Total of Payments $0
Total Interest Paid $0

Mortgage Tips for Canada

1

Put down 20% or more to avoid CMHC mortgage insurance

2

Canadian mortgages typically have 5-year terms with 25-year amortization

3

First-Time Home Buyer Incentive can help with down payment

4

RRSP Home Buyers' Plan lets you withdraw up to $35,000 tax-free

5

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.

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

$ United States £ United Kingdom A$ Australia ₹ India

Budgeting Tips & Guides

Simple Budget Tracking Without Spreadsheets or Stress

Simple Budget Tracking Without Spreadsheets or Stress

Discover budget tracking methods that don't require spreadsheets, complex apps, or hours of your time

7 min readBudgeting Basics
Single Mom Budget Guide: How to Make Every Dollar Count in 2026

Single Mom Budget Guide: How to Make Every Dollar Count in 2026

The complete single mom budget guide for 2026. Realistic budgeting strategies, money-saving tips, and financial advice that works with your actual life—not some idealized version.

15 min readFamily Finance
The 50/30/20 Rule: The Simplest Budget That Works

The 50/30/20 Rule: The Simplest Budget That Works

The 50/30/20 budget rule divides your after-tax income into three simple categories: needs, wants, and savings. Learn how this flexible framework can work for any income level.

8 min readFinance Skills

Track Your Budget While Saving for a Home

Download BUDGT to track your daily spending and build your down payment faster.

Download for iOS