Canadian Mortgage Calculator

3 min

Estimate mortgage payments, default insurance and total housing costs in Canada.

CanadaNo account required

Estimated mortgage payment

$2,710/ month

All-in monthly housing cost is about $3,135 once property tax, insurance and fees are included.

Conventional mortgage

Your down payment is 20% of the home price.

At 20% or more, mortgage default insurance is not required.

Monthly cost (all-in)

$3,135/ month

Principal & interest$2,71086%
Property tax$30010%
Home insurance$1254%

Interest vs. principal

Total interest$333,09041%
Total principal$480,00059%

Total cost over 25 years

$940,590

Principal$480,00051%
Interest$333,09035%
Tax, insurance and fees$127,50014%

At the end of your 5-year term

$422,806

Your 4.7% rate is locked until then. This is the balance you renew at whatever rates exist in 5 years.

Principal paid during the term$57,194

Interest paid during the term$105,424

Amortization left at renewal20 years

Amortization over time

Balance remainingPrincipal paid

$480K$240K$0K

NowYear 6Year 13Year 19Year 25

Estimates are based on the information and assumptions you provide and are for educational purposes only. This is not financial, tax, legal or lending advice.

What this means

With a down payment of 20% or more, default insurance is typically not required.
Your rate is locked for a 5-year term, not the full 25-year amortization. You renew about $422,806 at whatever rates are available then.
Fixed rates in Canada are compounded semi-annually, which is what this estimate uses.

See how extra payments change this

Assumptions & methodology

Interest stays at 4.70% (compounded semi-annually) for the whole amortization.
Property tax, insurance and condo fees are paid separately from the mortgage principal and interest.
No prepayment or refinancing is included in this estimate.

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