Mortgage payment calculator
Estimate your regular payment with Canadian semi-annual compounding, including default insurance when you put less than 20% down.
Estimated payment
–
- Mortgage amount
- Total interest
- Default insurance premium
- Minimum down payment
- Total of all payments
Balance over time
Year-by-year amortization schedule
| Year | Principal paid | Interest paid | Balance |
|---|
How this estimate works
Interest is compounded semi-annually, as is standard for Canadian fixed-rate mortgages, and the rate is assumed to stay the same for the whole amortization. Default insurance uses the standard CMHC premium rates (4.00%, 3.10% or 2.80% of the loan by down payment, plus 0.20% for a 30-year amortization) and is added to the mortgage. Alberta charges no sales tax on the premium. Homes priced at $1.5 million or more need at least 20% down. A 30-year amortization on an insured mortgage is generally limited to first-time buyers and new builds.
Estimates are for illustration only. They are not a mortgage offer, approval, appraisal or tax advice. Confirm the numbers with your lender, lawyer or accountant.
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