# Monthly Mortgage Payment Calculator

> Find your monthly mortgage payment, the CMHC premium, lifetime interest and payoff date. Compare pay schedules and test a higher rate before buying

A $650,000 home with $65,000 down, a rate of 4.85% and a term of 25 years costs $3,456.54 a month. The loan behind it is $603,135, which includes an $18,135 CMHC premium. Type your own figures below to get your payment.

## What goes into a mortgage payment?

Four inputs drive the result: the loan, the rate, the amortization and how often you pay. The loan is the price minus your down payment, plus an insurance premium when the deposit is under 20%. Lenders here compound fixed rates twice a year, so the monthly rate isn't the annual rate divided by twelve. The tool uses that semi-annual method, which is why a basic online formula can land a few dollars off.

The amortization is the number of years the loan would take to clear, not the length of your rate deal. Mixing the two up is a common slip when people compare quotes.

## What are the rules for insured mortgages?

| Item | Rule |
| --- | --- |
| Minimum down payment | 5% on the first $500,000, then 10% on the next slice to $1,500,000 |
| Homes of $1,500,000 or more | At least 20% down, no insurance |
| Premium, 80.01% to 85% loan-to-value | 2.80% of the loan |
| Premium, 85.01% to 90% | 3.10% of the loan |
| Premium, 90.01% to 95% | 4.00% of the loan |
| Stress test rate | The higher of your rate plus 2% and 5.25% |

## What does a bigger down payment change?

Take the default case. The price is $650,000 and the down payment is $65,000, or 10%. The base loan is $585,000, and the premium of 3.10% adds $18,135, so you borrow $603,135. Over 25 years you'd pay $433,827 in interest.

Now raise the down payment to $130,000, which is 20%. The premium disappears, the loan falls to $520,000 and the payment drops to $2,980.10. Interest over the whole loan falls to $374,029.

Go back to 10% down and switch to accelerated bi-weekly. You pay $1,728.27 every two weeks and clear the loan in 21.6 years. That saves $67,403 in interest, about 3.4 years sooner than monthly payments would.

## Why does accelerated bi-weekly pay off faster?

Because it's half of the monthly payment, taken 26 times a year instead of 24 half-payments. In the default case that's 26 cheques of $1,728.27, or $44,935.02 a year, against $41,478.48 on the monthly plan. The gap of $3,456.54 is exactly one extra monthly payment, and it all goes at the principal. You barely feel it from pay to pay, yet over two decades it shaves years off.

## Could you still pay if rates went up?

The table under the result shows your monthly payment if the rate were 0.50% or 1.00% higher. At 6.85%, the stress test rate for the default case, the payment is $4,168.75, or $712.21 more. If your budget breaks at a higher rate, it's too tight.

The [mortgage stress test calculator](https://tax-services.ca/calculators/mortgage/mortgage-stress-test) shows how lenders apply that higher rate, and the [mortgage affordability calculator](https://tax-services.ca/calculators/mortgage/mortgage-affordability) turns it into a price ceiling.

## What isn't in the payment?

Property tax, heating, strata or condo charges and your own insurance. Add those separately. A good ballpark habit: write down the mortgage payment, then add every other monthly housing bill before you decide the house is affordable.

The tax on the premium in Ontario, Quebec and Saskatchewan is paid in cash when the sale closes and stays out of the mortgage, so it gets its own line in the results. A 30-year amortization on an insured mortgage is restricted to first-time buyers and purchasers of a newly built home, and the calculator warns you when you pick more than 25 years. Your lender sets the final rate and may use rules this page doesn't model.

To see the insurance step alone, try the [CMHC insurance calculator](https://tax-services.ca/calculators/mortgage/cmhc-insurance). For the year-by-year balance, open the [amortization schedule calculator](https://tax-services.ca/calculators/mortgage/mortgage-amortization), and check the [down payment calculator](https://tax-services.ca/calculators/mortgage/down-payment) for the minimum on your price. Buyers also owe tax when the title changes hands, which the [land transfer tax calculator](https://tax-services.ca/calculators/property-transfer-tax/land-transfer-tax) prices.

## Our sources

The [Financial Consumer Agency of Canada's down payment page](https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html) supplies the down payment tiers, and [CMHC](https://www.cmhc-schl.gc.ca/)'s published table supplies the premium rates. The stress test rule follows the federal banking regulator's guidance as of January 2026. Rules change with federal budgets, so confirm them with your lender before you sign. This website has no connection with any government body or lender.

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Source: https://tax-services.ca/calculators/mortgage/mortgage-calculator
Last updated: 2026-10-07
Independent information site. Not affiliated with the CRA. No services, no guarantee of accuracy. See https://tax-services.ca/disclaimer