Canadian Mortgage Calculator - Calculate CAD Payments
Free Canadian mortgage calculator with 2025 rates and CMHC insurance. Calculate payments in CAD, land transfer tax, and total Canadian home loan costs.
Canadian Mortgage Calculator
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What is a Canadian Mortgage Calculator?
A Canadian mortgage calculator is a specialized financial tool designed for the Canadian real estate market that calculates your mortgage payments in Canadian dollars (CAD), including CMHC insurance premiums, provincial land transfer taxes, and various payment frequency options unique to Canada.
This calculator helps Canadian homebuyers with:
- CMHC insurance calculation - Automatic calculation of mandatory insurance when down payment is less than 20%
- Payment frequency options - Monthly, bi-weekly, or weekly payment schedules common in Canada
- Land transfer tax estimates - Provincial LTT calculations with first-time buyer rebates
- Canadian down payment rules - Validates minimum 5% (first $500k) and 10% (above $500k) requirements
- CAD currency formatting - All amounts displayed in Canadian dollars
Planning to buy your first home in Canada? Use our mortgage calculator to compare different loan scenarios and understand your complete monthly housing costs including principal, interest, taxes, and insurance.
For a comprehensive view of what you can afford, check our house affordability calculator which considers your income, debts, and down payment to determine your maximum home purchase price in the Canadian market.
Want to see how your mortgage balance decreases over time? Our mortgage amortization calculator provides a detailed payment schedule showing exactly how much principal and interest you pay each period throughout your amortization.
How Canadian Mortgages Work
Canadian mortgages have unique characteristics that differ from other countries:
CMHC Insurance
Mandatory when down payment is less than 20%. Rates: 2.80%-4.00% based on LTV ratio. Added to mortgage principal.
Payment Frequency
Choose monthly, bi-weekly, or weekly payments. Accelerated options reduce amortization significantly.
Land Transfer Tax
Provincial tax on property transfers. Rates vary by province. First-time buyers may get rebates.
Down Payment Rules
Minimum 5% (first $500k), 10% (above $500k). Properties over $1M require 20% down.
Key Canadian Mortgage Concepts
Loan-to-Value (LTV) Ratio
Percentage of property value you're borrowing. LTV = (Property Price - Down Payment) / Property Price. Higher LTV means higher CMHC insurance rates.
CMHC Insurance Rates (2025)
65-80% LTV: 2.80% | 80-85% LTV: 3.10% | 85-90% LTV: 3.35% | 90-95% LTV: 4.00% of mortgage amount.
Accelerated Payments
Accelerated bi-weekly = monthly payment / 2 every 2 weeks (26 payments = 13 months). Can reduce 25-year amortization by 4+ years.
How to Use This Calculator
Enter Property Price
Input the home purchase price in Canadian dollars (e.g., CAD $500,000)
Enter Down Payment
Enter your down payment amount (minimum 5% first $500k, 10% above)
Enter Interest Rate
Input your mortgage interest rate from your lender (e.g., 5.5%)
Select Amortization
Choose your amortization period in years (typically 25 years in Canada)
Choose Payment Frequency
Select monthly, bi-weekly, or weekly payment schedule
Select Province & FTB Status
Choose your province for land transfer tax and check first-time buyer if applicable
Benefits of Using Canadian Mortgage Calculator
- • Accurate CMHC Insurance: Automatically calculates mandatory insurance premiums based on 2025 rates and your LTV ratio.
- • Provincial Land Transfer Tax: Estimates LTT for your province with first-time buyer rebate calculations.
- • Payment Frequency Options: Compare monthly, bi-weekly, and weekly payment schedules to maximize savings.
- • Canadian Down Payment Rules: Validates minimum down payment requirements specific to Canadian regulations.
- • Total Cost Transparency: See complete borrowing costs including all Canadian-specific fees and insurance.
Canadian Mortgage Requirements
Minimum Down Payment
5% on first $500,000 | 10% on amount above $500,000 | 20% for properties over $1 million
Debt Service Ratios
GDS (Gross Debt Service) max 39% | TDS (Total Debt Service) max 44% of gross income
Mortgage Stress Test
Must qualify at higher of: contract rate + 2% or 5.25% minimum qualifying rate (2025)
Maximum Amortization
25 years with CMHC insurance (less than 20% down) | 30 years with 20%+ down payment
Frequently Asked Questions (FAQ)
Q: What is CMHC insurance?
A: CMHC insurance is mandatory mortgage default insurance required when your down payment is less than 20%. Rates in 2025 range from 2.80% to 4.00% based on your LTV ratio.
Q: What down payment do I need in Canada?
A: Minimum 5% on the first $500,000 and 10% on any amount above $500,000. Properties over $1 million require 20% down.
Q: What are accelerated bi-weekly payments?
A: Accelerated bi-weekly payments divide your monthly payment by 2 and pay every two weeks, resulting in 26 payments (13 months) per year, reducing amortization.
Q: How is land transfer tax calculated?
A: Land transfer tax varies by province using tiered marginal rates on the purchase price. First-time buyers may qualify for rebates.