A Canadian mortgage isn’t quite like one in other countries. Fixed rates compound twice a year, terms usually run five years, and you renegotiate the balance at each renewal. Insurance rules and stress tests also limit how much you can borrow, and you’ll hit those limits before you ever talk to a seller, so it’s smart to know where you stand.
Begin with the mortgage payment calculator to see the regular payment for a given price, rate and amortization.
What should I check before I buy?
- Mortgage Payment Calculator
Work out your mortgage payment, CMHC insurance premium, total interest and payoff time for a Canadian mortgage.
- Mortgage Amortization Schedule Calculator
See your mortgage payment, total interest and a year-by-year amortization table.
- Mortgage Prepayment Calculator
Estimate the interest and time you save by prepaying your mortgage.
- Down Payment Calculator
Find the minimum down payment for any Canadian home price and how your savings compare.
- Mortgage Affordability Calculator
Estimate the most home you can afford from your income, debts and down payment.
- Mortgage Refinance Calculator
Compare your mortgage with a refinance after penalty and fees.
- CMHC Mortgage Insurance Calculator
Estimate the CMHC premium, the sales tax due at closing and your total loan.
- HELOC Calculator
Find how much a home equity line of credit could give you and what it costs.
- Mortgage Renewal Calculator
See your new mortgage payment at renewal and how it changes.
- Mortgage Penalty Calculator
Estimate the penalty to break a fixed or variable mortgage.
- Mortgage Stress Test Calculator
Find the qualifying rate, payment and income under the mortgage stress test.
- Fixed vs Variable Mortgage Calculator
Compare the interest cost of fixed and variable mortgages under three rate paths.
- Mortgage Pre-Approval Calculator
Estimate the mortgage a lender may pre-approve from income, debts and down payment.
- Commercial Mortgage Calculator
Estimate a commercial mortgage payment, debt service coverage and the largest loan the income supports.
Lenders want a minimum down payment. The down payment calculator shows the amount for your price, and if you put down less than 20%, the mortgage insurance calculator adds the premium. Wondering what you can afford? To find a budget, use the affordability calculator, then try the stress test and pre-approval tools.
What if I already have a mortgage?
Extra payments cut interest, as the prepayment calculator and the amortization schedule show. When your term ends, compare offers with the renewal calculator. Breaking a term early can hurt, and you’ll want to know by how much before you call the lender, so estimate the penalty first, or test a refinance.
There are other ways to borrow. Try the fixed vs variable comparison, the HELOC calculator or the commercial mortgage calculator.
Results follow 2026 federal lending rules. Your lender’s own offer is the figure that counts.
Which rate should I enter?
Rates move often, so type in the offer you’re holding. Lenders may round payments or use their own day-count rules, which means your last payment can differ a little from the schedule, and that’s normal.
Frequently asked questions
Why do Canadian mortgages compound twice a year?
The Interest Act requires fixed-rate mortgages to state a rate compounded at least half-yearly. The tools use that by default.
How long can the amortization be?
Usually 25 years for insured mortgages. Some situations allow 30 years, and so do uninsured loans.
What's the mortgage stress test?
You have to qualify at a higher rate than the one you'll pay, which caps how much you can borrow.
Is a shorter amortization better?
It raises the payment but cuts total interest sharply. The amortization tool shows both sides.
Information only. This page is general information, not tax, legal or accounting advice. Tax-Services.ca is an independent publisher: we don't prepare or file tax returns or offer tax services, and we have no connection with the CRA, Revenu Québec, any government or any company named on this page. Check the figures that matter with an official source or a qualified professional.