Mortgage Calculator
Plan your home purchase with confidence. Use our Canadian mortgage calculator to estimate your monthly payments, total interest costs, and understand how different down payments and rates affect your budget.
Mortgage calculator unavailable
Finance-policy mortgage defaults are required before payment estimates can be calculated.
Disclaimer: The estimates and calculations shown above are for illustrative purposes only and should not be relied upon as financial advice. Actual mortgage rates, terms, and eligibility depend on your personal financial situation, credit history, and current market conditions. Please consult a licensed mortgage broker, financial advisor, or your bank to determine your actual affordability and costs before making any purchasing decisions.
Understanding Canadian Mortgages
Before making one of the biggest financial decisions of your life, here are some key concepts every Canadian homebuyer should understand.
Down Payment Rules
In Canada, minimum down-payment requirements vary by purchase price and configured finance policy:
- Tiered minimum down-payment rules come from finance-policy config
- Insured-mortgage eligibility limits come from finance-policy config
- The calculator applies the active configured policy
CMHC Insurance
If your down payment is less than 20%, you are required to purchase mortgage default insurance (commonly known as CMHC insurance):
- Protects the lender if you default on your mortgage
- Premium tiers are applied from configured finance policy
- Can be added to your mortgage or paid upfront
Mortgage Stress Test
All Canadian mortgage applicants must qualify at a higher rate to ensure they can handle potential rate increases:
- You must qualify at the higher of your contract rate plus the configured stress-test addition or the configured qualifying-rate floor
- Applies to both insured and uninsured mortgages
- Helps protect against financial difficulty if rates rise
Need help understanding your mortgage options?
Our team can connect you with trusted mortgage professionals and guide you through the entire home buying process — from pre-approval to closing.
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