Canadian Mortgage Calculator
Calculate your monthly mortgage payments and total costs
Canadian Mortgage Calculator
Enter your details to see your monthly payment, total interest, and full amortization schedule.
Minimum 5% for homes under $500k
Understanding Your Mortgage Payment
Your monthly mortgage payment consists of several components. Understanding each part helps you make better decisions about your home financing.
Components of a Mortgage Payment
- Principal: The amount you borrowed to purchase your home
- Interest: The cost of borrowing money from your lender
- Property Tax: Annual taxes paid to your municipality
- Insurance: CMHC insurance if your down payment is less than 20%
Down Payment Requirements in Canada
- Under $500,000: Minimum 5% down payment
- $500,000 to $999,999: 5% on first $500k, 10% on remainder
- $1 million or more: Minimum 20% down payment
Payment Frequency Options
Choosing the right payment frequency can save you thousands in interest:
- Monthly: 12 payments per year
- Bi-Weekly: 26 payments per year (every two weeks)
- Accelerated Bi-Weekly: Equivalent to 13 monthly payments per year
- Weekly: 52 payments per year
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