Mortgage calculator
Estimate your monthly payment from the price, down payment and rate — or switch to borrowing capacity mode to see what price your income allows. Don't forget the welcome tax, payable on top at purchase.
10 % down
Monthly payment
$2,311
Bi-weekly equivalent: $1,067
Mortgage amount
$417,555
incl. CMHC insurance: $12,555
Total interest (over term)
$275,761
Frequently asked questions
How is a mortgage payment calculated in Canada?
The payment depends on the amount borrowed, the interest rate and the amortization period (often 25 years). A Canadian quirk: interest on fixed-rate loans is compounded twice a year, not monthly. This calculator applies that convention to stay realistic.
What is the minimum down payment in Quebec?
The minimum down payment is 5% on the first $500,000, 10% on the portion between $500,000 and $1.5M, and 20% above $1.5M. Below 20% down, CMHC mortgage-default insurance is mandatory and is added to the amount borrowed.
What is CMHC insurance?
It is mortgage-default insurance required when the down payment is under 20%. The premium ranges from 2.8% to 4.0% of the loan depending on the down payment, and it is added to the amount borrowed (you repay it with the loan). This calculator includes it automatically.
How is my borrowing capacity estimated?
The "Borrowing capacity" mode applies CMHC debt-service ratios: housing costs should not exceed 39% of gross income (GDS), and total debts no more than 44% (TDS). It is an estimate: your lender will run its own assessment, including the regulatory qualifying rate ("stress test").
Is my data saved?
No. The calculation runs entirely in your browser: no information is sent to or stored on our servers.
Related guides
Sources and references
- CMHC — mortgage loan insurance and premiums
- Financial Consumer Agency of Canada — mortgage calculator
This tool gives an estimate for planning purposes: it doesn't replace a lender pre-approval, which also applies the regulatory qualifying rate (the "stress test").
Author's note: the payment is only part of the cost of a home. Add property taxes, heating, home insurance, maintenance and the welcome tax before deciding what you can really afford. The capacity mode gives you a ceiling — aim comfortably below it.