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
Current Canadian average rates
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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