Canada — CAD mortgage math
Canada Mortgage Calculator
Model Canadian mortgage payments with CMHC and 5-year fixed terms.
Base loan
$450,000.00
CMHC premium
$13,950.00
Monthly payment
$2,846.29
Balance after term
$414,112.50
Canadian mortgage guide
How Canadian mortgages differ
Most Canadian mortgages use a contract term (often 5 years) with a longer amortization period (commonly 25 years). Payments are calculated on the amortization, but your rate is fixed only for the term before renewal.
When your down payment is below 20%, lenders require default mortgage insurance (CMHC, Sagen, or Canada Guaranty). The premium is usually added to your loan balance.
Using these calculators
Enter property price, down payment, rate, amortization, and term to see monthly payment including insurance when applicable. Use the CMHC tool to isolate the insurance premium by down payment percentage.
Stress-test rules require borrowers to qualify at the higher of their contract rate plus 2% or the benchmark rate — affordability may be lower than this calculator shows.
- Minimum down payment is 5% on the first $500k and 10% on the portion above for homes under $1M.
- Renewal at term end may change your rate and payment.
- Property taxes and heating costs factor into lender qualification.
Frequently asked questions
- ?Why is CMHC added to my loan?
- When your down payment is below 20%, lenders typically require default insurance. The premium is usually added to your mortgage balance.
- ?What does 5-year fixed mean?
- Your interest rate is fixed for 5 years, then you renew. Payments are calculated using the full amortization period (often 25 years).
- ?Why is my payment higher than the US calculator for the same price?
- Insurance premiums, Canadian rate conventions, and amortization vs term structure differ. Always use country-specific tools.
- ?What happens at renewal?
- At the end of your 5-year term, you renegotiate rate and conditions with your lender or switch lenders. Your amortization schedule continues unless you change it.