Canadian Mortgage Calculator
Estimate your monthly mortgage payments, CMHC insurance, and see how interest rates affect your budget.
Payment Details
Estimated Monthly Payment
$2,316
Principal Amount
$400,000
CMHC Insurance
$0
Total Mortgage Required
$400,000
Total Interest Paid
$294,830
Understanding Your Canadian Mortgage
In Canada, mortgage rules are specific. If your down payment is less than 20% of the home price, you are required by law to purchase mortgage default insurance, commonly known as CMHC insurance. Our calculator automatically factors this into your total mortgage amount if applicable.
Interest is compounded semi-annually, not monthly as in some other countries, which slightly alters the monthly payment calculations. This calculator uses the precise Canadian semi-annual compounding formula.