Canadian Mortgage Calculator

CANADIAN HOMEBUYING · PUBLIC CALCULATOR

Understand the payment. See the longer-term cost.

Estimate a fixed-rate Canadian mortgage payment, default-insurance premium and repayment costs. Change the inputs to compare scenarios. All amounts are Canadian dollars; results update automatically.

Modelled purchase: a one-unit, owner-occupied home in Canada, valued at the purchase price, with a traditional down payment such as savings or a non-repayable family gift. This is not an affordability assessment, pre-approval or lender quote.

Your purchase and mortgage

Use numbers without commas or a dollar sign.

Up to eight decimal places; rounded up to a cent.

An illustrative rate, not a current offer. Compounded semi-annually, not in advance.

Whole years, 1–30. Amortization is the repayment horizon, not the length of one fixed-rate term. Longer options depend on lender and insurance eligibility.

Semi-monthly is twice a month; biweekly is every two weeks. Accelerated biweekly pays half the monthly amount each time.

First-Time Homebuyer Savings

Optional. Leave all three amounts at zero to use the calculator normally. The down payment above remains your target. Choose savings mode only if you want the amounts below to determine how much of that target is funded.

Savings mode applies the smaller of combined available savings and your target. Funds above the target stay separate. To use more toward the purchase, increase the target above. The target cannot exceed the home price.

Combined planned withdrawals for eligible buyers. Qualifying withdrawals may include investment growth and are not subject to the $40,000 lifetime contribution limit as a withdrawal cap. They are not repaid.

Combined planned HBP withdrawals: up to $60,000 per eligible person across their RRSPs for that participation. Two eligible joint buyers may enter up to $120,000 combined; one buyer cannot use the other’s limit.

Other available traditional funds, such as cash savings or a non-repayable family gift. Do not include the FHSA/HBP amounts again, borrowed funds, closing-cost money or the same savings twice.

For joint participants, the selected year assumes both have that first-withdrawal year. This tool supports prospective 2026–2028 withdrawals only. Historical withdrawals, existing balances and different first-withdrawal years are not modelled; use each participant’s CRA records and statements for limits, balances and repayment schedules.

Only needed if an FHSA or HBP amount is entered. Zero registered amounts require no confirmation. CMHC Home Start eligibility is a separate question.

FHSA and HBP can fund the same qualifying home when both programs’ conditions are met. FHSA qualification includes its withdrawal-specific first-time-buyer test, a qualifying Canadian home, written purchase/build agreement, residency/occupancy and timing conditions, and Form RC725. Each joint buyer qualifies separately. Opening an FHSA does not establish withdrawal eligibility. Non-qualifying withdrawals may be taxable; excess-contribution rules still apply.

HBP has its own first-time-buyer test and exceptions, residency, purchase/occupancy, timing, prior-balance and Form T1036 requirements. Some RRSPs restrict withdrawals. Contributions made during the 89 days before an HBP withdrawal may not be deductible. Verify all conditions with CRA and the issuer before withdrawing.

HBP repayment: generally up to 15 years. CRA’s current overview extends the temporary deferral to first withdrawals in 2026–2028, in addition to 2022–2025: repayment starts in the fifth year after first withdrawal (2026 → 2031). Outside applicable relief the ordinary start is the second year, subject to current rules and special situations. Repayments are not deductible; a required amount not repaid may enter taxable income. Early repayments change later minimums. Check each person’s CRA statement; you cannot repay HBP into an FHSA.

CRA: FHSA qualifying withdrawals · CRA: HBP and current temporary deferral · CRA: HBP eligibility · CRA: repayment calculation

How the estimate works

  • Down payment: 5% of the first $500,000 plus 10% above that, for purchases below $1.5 million. At $1.5 million or more, at least 20% is required in this tool. Minimums are rounded up to a cent.
  • Default insurance: below 20% down, the model uses CMHC’s traditional-down-payment high-ratio rates: 2.80% for loan-to-value over 80% through 85%; 3.10% over 85% through 90%; 4.00% over 90% through 95%. Insured amortization over 25 years adds 0.20 percentage points and requires the Home Start condition. The premium is rounded to cents and added to the loan.
  • Interest: a nominal annual fixed rate compounded twice yearly. For annual rate j as a decimal and f payments per year, the periodic rate is (1 + j/2)^(2/f) − 1. Interest is not calculated as j/f.
  • Payments: first calculate the monthly annuity. Following FCAC’s frequency convention, semi-monthly is monthly ÷ 2, ordinary biweekly is monthly × 12 ÷ 26, and accelerated biweekly is monthly ÷ 2. Each selected payment is rounded to cents from the unrounded monthly amount. More frequent payments can shorten repayment; accelerated payments increase the annual amount paid.
  • Repayment totals: interest is rounded to cents each equal payment period, then the payment reduces the balance. The last payment is adjusted to clear the remaining balance, no later than the final scheduled period of the selected amortization. Lender rounding, dates and daily-interest methods can differ.

Tool limits: home prices $1,000–$10 million, remaining loans of at least $1 (or a fully funded purchase), annual rates 0%–25%, and whole-year amortizations 1–30 years. These are calculation limits, not lending criteria. No refinance, variable-rate, multi-unit, rental, borrowed-down-payment, portability credit, green-premium refund or other special insurance program is modelled. A lower appraisal, different insurer or lender decision may change the result. No stress test or income/debt qualification is performed.

Educational use only. Results are estimates, not personalized financial advice, a rate offer, mortgage approval or a guarantee. Insurance protects the lender, not the borrower. Verify eligibility, premiums, payment terms and all costs with your lender or mortgage broker.

Official sources and maintenance

Model rules checked October 28, 2026. Rules and products can change; this page does not fetch live rates or automatically update insurance rules.

The calculator’s own code computes on this page without saving or submitting the entered values. This does not describe all website hosting, analytics or third-party processing. See the Privacy Policy. Do not send confidential financial records when reporting a problem.

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