Canada Mortgage Calculator
Calculate your monthly mortgage payment, total interest cost, and CMHC insurance for any Canadian property purchase.
| Home price | CA$650,000 |
| Down payment | CA$130,000 (20.0%) |
| Base mortgage | CA$520,000 |
| CMHC premium | – |
| Total mortgage | CA$520,000 |
| Interest rate | 5.25% |
| Amortization | 25 years |
| Monthly payment | CA$3,099 |
| Total paid | CA$929,632 |
| Total interest | CA$409,632 |
Frequently Asked Questions
What is CMHC mortgage insurance?
If your down payment is less than 20% of the home price, Canadian law requires mortgage default insurance from CMHC (or Sagen/Canada Guaranty). The premium ranges from 2.8% to 4% of the mortgage amount and is added to your mortgage principal.
What is the maximum amortization in Canada?
For insured mortgages (less than 20% down), the maximum amortization is 25 years. For uninsured mortgages (20%+ down), lenders typically allow up to 30 years, though some offer longer terms.
How are Canadian mortgages different from American?
Canadian mortgages are typically 'term' mortgages — you get a rate locked in for 1–5 years, then must renew. The amortization (full payoff period) is separate and usually 25 years. Interest compounds semi-annually, not monthly.
Should I choose a fixed or variable rate?
Fixed rates offer payment stability and protection against rate increases. Variable rates typically start lower but fluctuate with the Bank of Canada prime rate. Historically, variable rates have cost less over time, but fixed rates reduce risk.