Calculate your monthly mortgage payment, total interest, CMHC insurance, stress test, and full amortization schedule.
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Your mortgage payment depends on four factors: the principal (purchase price minus down payment), the interest rate, the amortization period, and the payment frequency. In Canada, mortgages are compounded semi-annually by law — unlike the US where monthly compounding is standard.
Any down payment under 20% requires CMHC (Canada Mortgage and Housing Corporation) insurance. The premium ranges from 2.80% to 4.00% of the mortgage amount and is added to your principal — meaning you pay interest on it too. On a $600,000 home with 5% down, CMHC adds $22,800 to your mortgage.
Canadian lenders must qualify you at your contract rate plus 2% (minimum 5.25%). If your rate is 5%, you must qualify at 7%. This reduces the maximum mortgage you can get — and the payment shown in the stress test section is what you'd need to afford even if rates rise.
The amortization period (typically 25 years) is the total time to pay off the mortgage. The term (typically 5 years) is how long your rate is locked in. At the end of each term you renew at current rates — which is why the balance at renewal matters so much.
Extra payments go directly to principal, reducing the balance on which interest is calculated. Even $200/month extra on a typical Canadian mortgage saves $30,000–$60,000 in interest and cuts 3–5 years off your amortization. Most Canadian mortgages allow 10–20% annual lump sum prepayments without penalty.
Calculations assume Canadian semi-annual compounding converted to monthly equivalent. CMHC premium rates are current as of 2025. Actual payment may differ slightly due to rounding and lender-specific terms. Not financial advice.