Mortgage Calculator
Plan your home purchase with confidence. Use our Canadian mortgage calculator to estimate your monthly payments, total interest costs, and understand how different down payments and rates affect your budget.
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Understanding Canadian Mortgages
Before making one of the biggest financial decisions of your life, here are some key concepts every Canadian homebuyer should understand.
Down Payment Rules
In Canada, minimum down payment requirements vary by purchase price:
- 5% on the first $500,000 of the purchase price
- 10% on the portion between $500,000 and $1,499,999
- 20% minimum for homes priced at $1.5 million or more
CMHC Insurance
If your down payment is less than 20%, you are required to purchase mortgage default insurance (commonly known as CMHC insurance):
- Protects the lender if you default on your mortgage
- Premium ranges from 2.8% to 4.0% of the mortgage amount
- Can be added to your mortgage or paid upfront
Mortgage Stress Test
All Canadian mortgage applicants must qualify at a higher rate to ensure they can handle potential rate increases:
- You must qualify at your contract rate + 2%, or 5.25% — whichever is higher
- Applies to both insured and uninsured mortgages
- Helps protect against financial difficulty if rates rise
Need help understanding your mortgage options?
Our team can connect you with trusted mortgage professionals and guide you through the entire home buying process — from pre-approval to closing.
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