Canadian
Mortgage
Calculator
Calculate your monthly payment, stress test rate, CMHC insurance premium, and full amortization schedule — built specifically for Canada.
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CMHC stress test
Since June 2021, all insured mortgages must qualify at the higher of: 5.25% or your contract rate + 2%. This is the rate banks use to check if you can afford potential rate increases.
GDS = gross debt service ratio (housing costs ÷ income). TDS = total debt service ratio (all debt ÷ income). Estimated property tax and heating costs are included.
Amortization schedule
Year-by-year breakdown of your payments, showing how much goes to principal vs. interest over time.
| Year | Principal paid | Interest paid | Balance remaining | Equity |
|---|
Frequently asked questions
What is the CMHC stress test in Canada?
The CMHC stress test requires all mortgage applicants to qualify at the higher of their contract rate + 2%, or 5.25% — whichever is greater. This ensures you can still afford your mortgage if interest rates rise. As of 2025, this applies to all insured mortgages (down payment under 20%) and most uninsured mortgages at federally regulated lenders.
How much down payment do I need in Canada?
Minimum down payments in Canada: 5% for homes up to $500,000; 5% on the first $500K + 10% on the portion between $500K–$999,999; and 20% for homes $1M or more. Putting less than 20% down requires CMHC mortgage default insurance.
What is CMHC mortgage insurance and how much does it cost?
CMHC (Canada Mortgage and Housing Corporation) mortgage default insurance protects the lender if you default. It's required when your down payment is less than 20%. The premium ranges from 0.60% to 4.00% of the mortgage amount, depending on your down payment percentage. It's added to your mortgage and paid over the amortization period.
What is the maximum amortization period in Canada?
For insured mortgages (down payment under 20%), the maximum amortization is 25 years. For uninsured mortgages (20%+ down payment), lenders can offer up to 30 years. Longer amortization means lower monthly payments but significantly more total interest paid.
What is land transfer tax and do all provinces charge it?
Land transfer tax (LTT) is a provincial tax paid when you purchase property. Ontario, BC, Quebec, Manitoba, and PEI all charge it. Alberta, Saskatchewan, and the territories do not charge provincial LTT (though some municipalities may have their own). Ontario and BC offer rebates for first-time home buyers.
What is bi-weekly vs monthly mortgage payment?
With monthly payments you make 12 payments per year. With bi-weekly (every two weeks), you make 26 payments — which equals 13 monthly payments per year. This extra payment goes entirely to principal, reducing your amortization by typically 3–4 years and saving thousands in interest.
How is a Canadian mortgage calculated differently from the US?
In Canada, mortgage interest is compounded semi-annually (twice per year), not monthly like in the US. This calculator uses the correct Canadian compounding formula. The effective monthly rate is calculated as: (1 + annual rate / 2)^(1/6) − 1.