Estimate your mortgage payment in seconds: enter the property price, your down payment, the interest rate and the amortization period. The calculator applies Canadian rules, including the CMHC insurance premium when the down payment is under 20%.
How this calculator works
The payment. The calculator converts your annual rate into a periodic rate under the Canadian fixed-mortgage rule (semi-annual compounding), then computes the payment needed to repay principal and interest over the chosen amortization period.
The CMHC premium. In Canada, if your down payment is under 20% of the purchase price, your mortgage must be insured (CMHC, Sagen or Canada Guaranty). The premium depends on the down payment: about 4.00% of the loan for 5–9.99% down, 3.10% for 10–14.99%, and 2.80% for 15–19.99%. The premium is added to the mortgage amount — which is what this calculator does. In Quebec, a 9% tax also applies on the premium and is paid in cash at the notary.
The minimum down payment. The law requires at least 5% on the first $500,000 of the price, and 10% on the portion between $500,000 and $1.5 million. Above $1.5 million, mortgage insurance is not available: the minimum down payment is 20%.
To go further, see our guides Financement et hypothèque and Acheter une propriété (in French).
This tool provides an estimate for information purposes only and does not constitute financial advice, a loan offer or a pre-qualification. Actual results vary depending on your lender, your credit file, the mortgage stress test and applicable fees. EnImmobilier.ca is neither a lender nor a mortgage broker. Consult your financial institution or a licensed mortgage broker before making any decision.