Mortgage payment

Your monthly payment in five quick questions.

Get my numbers checked.

We check them against your credit, income history and the rate you'd really get.

Book a free Gameplan Session

Red-brick house with a deep front porch, white columns and bay windows on a leafy Toronto street (stock photo)

Get my numbers checked

Ishwar looks over your numbers and calls you back.

How this is calculated

From a home price to a monthly payment, one line at a time.

Worked exampleA $700,000 home with 10% down. Here's how the calculator gets to the payment.

$700,000the price of the home
minus $70,000your down payment (10%), paid in cash
plus $19,530CMHC insurance (3.1% of the loan), since it is under 20% down
equals $649,530your mortgage: what you borrow
which gives $3,459.04a month, at 4.12% over 25 years

You'd also pay $1,562 sales tax on the insurance in cash at closing. Rate: the Bank of Canada average for new insured 5-year fixed mortgages, August 2026. An example, not a quote.

The full method and 7 official sources

How this mortgage calculator works

Canadian lenders state fixed mortgage rates compounded twice a year, not monthly, as the federal Interest Act allows. So a 6% mortgage costs a little less here than a 6% loan in the US: $100,000 over 25 years is $639.81 a month, not $644.30. This calculator uses the Canadian method.

Minimum down payment

Since December 15, 2024, the minimum is 5% of the first $500,000 and 10% of the part between $500,000 and $1.5 million. At $1.5 million or more, you need 20% down. On an $800,000 home that's $25,000 + $30,000 = $55,000.

CMHC default insurance and the PST

With less than 20% down, your mortgage must be insured. The premium is a share of the loan, from 0.60% to 4.00% depending on your down payment, plus 0.20% for a 30-year amortization. It's usually added to your mortgage. In Ontario, the 8% provincial sales tax on the premium can't be: you pay it in cash at closing.

25 or 30 years?

With under 20% down, a 30-year amortization is available to first-time buyers and to anyone buying a newly built home. It lowers the payment but adds interest over the life of the loan. Try both above and compare the total interest.

Accelerated payments

Accelerated bi-weekly means half your monthly payment every two weeks. That's 26 half-payments, or 13 monthly payments a year instead of 12, so you're mortgage-free years sooner. Regular bi-weekly payments are smaller and don't shorten the amortization.

Next: see the cash you need to close, or how much home you can qualify for.