Canada Mortgage Calculator
Calculate your Canadian mortgage payment with current rates, amortization, and total interest. CMHC-compatible for high-ratio mortgages.
Loan Details
Results
Monthly Payment (P&I)
C$3,504
Principal
C$600,000
Total Interest
C$451,214
Total Paid
C$1,051,214
How Canadian mortgages work
Canadian mortgages are unique — they are typically renewed every 5 years (the "term") even though the total amortization runs 25-30 years. You pick a rate (fixed or variable) for the term, and when it ends, you renew or switch lenders. This is unlike the US 30-year fixed-for-life mortgage.
The stress test
All federally regulated lenders must qualify you at the higher of your contract rate + 2% OR 5.25%. This ensures you can handle rate increases at renewal — a real risk in Canada where your rate can jump significantly after 5 years.
Down payment rules
Minimum 5% on the first $500,000, then 10% on the portion from $500k to $1.5M, then 20% above. Below 20% total, you must pay CMHC default insurance (2.8%-4% of loan, typically added to mortgage). 20%+ down payment avoids this and opens up 30-year amortization at most lenders.
Frequently Asked Questions
Everything you need to know, in one place.
What is the current mortgage rate in Canada in 2026?
As of 2026, 5-year fixed mortgage rates range from 4.5% to 5.5% at the Big Six banks (RBC, TD, Scotiabank, BMO, CIBC, National Bank). Variable rates follow the Bank of Canada overnight rate plus a spread. Best discretionary rates typically require a credit score above 680 and 20%+ down payment.
What is CMHC insurance and when is it required?
CMHC (or Sagen/Canada Guaranty) mortgage default insurance is mandatory if your down payment is less than 20% of the home price. Premium ranges 2.8%-4.0% of the mortgage amount, added to the principal. Saves you from being rejected but costs ~$10,000-20,000 on a typical home.
What is the stress test for Canadian mortgages?
All federally regulated lenders must qualify you at the higher of (a) your contract rate + 2%, or (b) 5.25%. This ensures you can handle rate increases. Typical effect: you qualify for ~20% less than the rate on your payment would suggest.
How long can mortgage amortization be in Canada?
Standard maximum is 25 years for insured mortgages (less than 20% down). Conventional mortgages (20%+ down) can extend to 30 years at most Big Six banks, and 35+ years at some B-lenders. First-time buyers in new builds qualified for 30-year insured mortgages from Dec 2024.
Fixed vs variable rate — which should I choose?
Historically variable wins 75% of the time over a 5-year term because you avoid the "term premium" banks charge for fixed. But fixed provides payment certainty, essential if your budget is tight. Rule of thumb: fixed if rates are rising, variable if stable or falling. Consider a convertible variable (switch to fixed anytime without penalty) as middle ground.
What is the First Home Savings Account (FHSA)?
A registered account for first-time buyers launched in 2023. Contribute up to $8,000/year (lifetime max $40,000). Contributions are tax-deductible (like RRSP), growth is tax-free (like TFSA), withdrawals for a home purchase are tax-free. It is the single best account for a first home down payment.
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