Looking to buy a home in Canada? Our free mortgage payment calculator makes it easy to estimate your monthly payments, stress-test your affordability, and see the impact of CMHC insurance, property taxes, and fees. Whether you’re a first-time buyer or renewing your mortgage, this tool helps you compare scenarios and plan with confidence before getting pre-approved.
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- Mortgage Payment Calculator
Mortgage Payment Calculator
Mortgage Payment Calculator Canada
Estimate your mortgage payment fast with our mortgage payment calculator, built for Canadian homebuyers. Enter price, down payment, rate, and amortization, then see principal plus interest alongside taxes, insurance, and condo fees. Perfect for planning and comparing mortgage offers.
Free Canadian Mortgage Payment Calculator
Your mortgage details
Percent and amount sync automatically.
Insured mortgages commonly max at 25 years.
Adds a one‑time premium to your mortgage amount when applicable. Estimates only. Confirm with your lender or insurer.
Shows interest and principal paid over the selected term.
Mortgage Payment Breakdown
Estimated payment
Per period
$0
Per month equivalent
$0
Mortgage amount
$0
$0 Principal plus interest
$0 Property tax
$0 Insurance
$0 Condo HOA
Per month totals include taxes, insurance, and fees you entered.
Mortgage Summary & Term Projection
Summary
Down payment
$0
Default insurance premium
$0
Total interest over amortization
$0
Interest in selected term
$0
Principal in selected term
$0
Estimated pay off date
N/A
Amortization Schedule (Canada)
Show amortization schedule
Showing the first 12 periods by default. Expand to 60 or full schedule.
| Period | Payment | Interest | Principal | Balance |
|---|
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Get pre‑qualified in minutes and see rates you can actually get.
How to Use the Mortgage Payment Calculator
Step‑by‑step
- Enter the home price and your planned down payment percent or amount. Both fields sync.
- Choose your interest rate and amortization period. Add taxes, insurance, and condo fees for a complete monthly picture.
- Select payment frequency. Accelerated bi‑weekly simulates one extra monthly payment each year and can reduce total interest.
- Pick a mortgage term to see interest and principal paid before renewal.
- Review the amortization table to see how each payment splits between interest and principal.
This tool is for education and planning. Always confirm details with your lender, especially insurance premiums, fees, and eligibility rules.
Mortgage Payment Basics in Canada
What drives your payment
Your payment is driven by principal, interest rate, amortization period, and payment frequency. Property taxes, insurance, and condo fees add to your true monthly housing cost. If your down payment is under 20 percent on most owner‑occupied homes, your lender may require default insurance (e.g., CMHC). This calculator estimates that premium and adds it to your mortgage balance when selected.
Payment frequency options
- Monthly — 12 payments per year
- Bi‑weekly — 26 equal payments per year
- Accelerated bi‑weekly — half a monthly payment made 26 times ≈ 13 monthly payments
- Weekly — 52 payments per year
Ways to lower your payment
- Increase down payment or extend amortization if eligible
- Compare fixed vs variable rates and different terms
- Reduce other housing costs where possible
See what you could qualify for today
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Mortgage Payment FAQs (Canada)
How do I calculate a mortgage payment
Use loan amount, annual interest rate, amortization period, and payment frequency. The payment equals principal times the periodic interest rate divided by one minus one plus the rate to the negative number of periods. This calculator handles it automatically.
What is the difference between amortization and term
Amortization is how long it takes to repay the mortgage in full. The term is how long your current rate and conditions last before renewal or refinancing.
What is accelerated bi‑weekly
Each bi‑weekly payment equals half of the monthly payment, resulting in 26 payments yearly ≈ 13 monthly payments, reducing interest and shortening amortization.
Are property taxes and insurance included
They are not part of principal and interest but are real monthly costs. Enter them to see your all‑in monthly estimate.
When is default mortgage insurance required
If the down payment is below 20 percent on most owner‑occupied homes, lenders often require default insurance. The premium is usually added to the mortgage amount. Confirm with your lender or insurer.
How accurate is this calculator
It provides realistic estimates based on your inputs, but lender offers may differ due to underwriting, fees, and insurance premiums. Use it for planning and compare multiple lenders.
How much down payment do I need
Rules vary by price and occupancy. Many buyers target 20 percent to avoid default insurance, but insured options exist with lower down payments subject to qualification.
Can I make prepayments
Many mortgages allow lump sums or increased payment amounts each year without penalty. Prepayments reduce total interest and shorten amortization. Review your lender’s privileges and any fees.
What affects the rate I receive
Credit profile, debt ratios, property type, occupancy, loan size, and term all impact your eligible rate. Lender promos also change frequently.
What closing costs should I budget for
Legal fees, title insurance, land transfer tax where applicable, appraisal, and inspections. These are separate from the mortgage payment.
