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3 minEstimate mortgage payments, default insurance and total housing costs in Canada.
$2,710/ month
All-in monthly housing cost is about $3,135 once property tax, insurance and fees are included.
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.
Amortization over time
Keep going
$3,135 a month is the plan. Watching the real one is the harder part.
This assumes the payment lands every month and nothing else moves. Fino tracks what actually leaves your account against that assumption, so you notice early when the two diverge.
- Property tax, insurance and condo fees tracked beside the mortgage payment
- The payment measured against your real cash flow, not an estimate
- A reminder before renewal, while $422,806 is still outstanding
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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.
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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Common questions
What people ask most about the Canadian Mortgage Calculator.
Why do Canadian mortgages compound semi-annually?
The Interest Act requires that fixed-rate mortgage interest be calculated no more frequently than semi-annually, not in advance. That is why a Canadian mortgage at a stated 5% costs slightly less over a year than an American one at 5%, which compounds monthly. Variable-rate mortgages in Canada generally compound monthly instead.
When do I need mortgage default insurance?
Default insurance — through CMHC, Sagen or Canada Guaranty — is mandatory when your down payment is under 20% of the purchase price. The premium is a percentage of the loan amount that rises as the down payment falls, and it is normally added to the mortgage principal rather than paid up front. It protects the lender, not you.
What is the difference between the term and the amortization?
The amortization is how long the mortgage takes to pay off in full, commonly 25 years. The term is the length of the current contract, commonly 5 years, after which you renew at whatever rates prevail. Every projection past the end of your term assumes a rate you have not yet been offered.
What costs does this calculator leave out?
Closing costs are the main omission — land transfer tax, legal fees, title insurance, the home inspection and any adjustments, which together commonly run 1.5% to 4% of the purchase price. Ongoing maintenance and any special assessments on a condo are also excluded.