Canada
Canada mortgage calculator
Your monthly payment with Canadian semi-annual compounding, live Bank of Canada rates, and provincial tax & insurance estimates.
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Canada's mortgage market has its own rules — stress tests, land transfer taxes, CMHC insurance. The Mortgage Ledger helps you understand what those mean for your actual monthly payment, before you talk to a lender.
Rates sourced from the Bank of Canada. Estimates only — not a loan offer.
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A Canadian mortgage payment covers principal and interest, and because Canada compounds interest semi-annually rather than monthly, the effective cost differs slightly from a US-style loan at the same posted rate. Under 20% down you'll also carry CMHC insurance, with property tax and home insurance on top. This calculator builds the full monthly figure for your province.
How this calculator works
Principal and interest use Canada's semi-annual compounding convention: the posted rate is converted to an equivalent monthly rate before the payment is worked out, so the number sits slightly below the same rate compounded monthly.
With less than 20% down, CMHC (or Sagen / Canada Guaranty) default insurance is mandatory and is normally added to the loan. Property tax and home insurance are added to the monthly payment separately, using your province's figures.
Insured mortgages amortize over up to 25 years and conventional ones up to 30 — a longer amortization lowers the monthly payment but raises the total interest paid.
A worked example
A $600,000 Ontario home, 20% down over 25 years at a 6.5% example rate (semi-annual compounding):
- Loan amount (20% down)
- $480,000
- Principal & interest @ 6.5%
- $3,215/mo
- Property tax (0.9%)
- $450/mo
- Home insurance (Ontario avg)
- $115/mo
- Full monthly payment
- $3,780/mo
At 20% down there's no CMHC premium. Under 20% down, CMHC insurance is added to the loan.
Who it's for
- You want a realistic Canadian monthly payment for your province.
- You need to see how CMHC insurance and provincial property tax stack up.
- You're comparing conventional (20% down) against an insured mortgage.
Frequently asked questions
How is a Canadian mortgage payment calculated?
Principal and interest are worked out with semi-annual compounding, then property tax and home insurance are added on top. Under 20% down, CMHC insurance is included in the loan.
Do I need CMHC insurance?
Yes, if your down payment is under 20%. Mortgage default insurance from CMHC, Sagen, or Canada Guaranty is mandatory on high-ratio mortgages and is usually added to the balance.
Why is Canadian mortgage interest compounded semi-annually?
It's the long-standing legal convention under the Interest Act. In practice it makes the effective cost slightly lower than the same rate compounded monthly.
What amortization can I choose in Canada?
Up to 25 years for an insured (under-20%-down) mortgage and up to 30 years for a conventional one. A longer amortization means a smaller payment but more total interest.