Calculate payments, affordability, and prepayment savings
20.0% of home price
Monthly payment
$2,905.29
Your selected frequency (Monthly): $2,905.29
Bi-weekly: $1,340.17 · Weekly: $669.93
Principal vs interest (life of loan)
| Down | Down payment | CMHC | Monthly |
|---|---|---|---|
| 5% | $32,500 | $24,700 | $3,588.03 |
| 10% | $65,000 | $18,135 | $3,369.77 |
| 20% | $130,000 | — | $2,905.29 |
| 25% | $162,500 | — | $2,723.71 |
Illustrative premium rates on the loan amount used in this calculator (confirm with CMHC / lender).
| Down payment | Premium rate |
|---|---|
| 5–9.99% | 4.00% |
| 10–14.99% | 3.10% |
| 15–19.99% | 2.80% |
| 20%+ | No insurance required |
Payment estimates are illustrative only. Actual payments depend on lender terms, compounding method, fees, and other factors. Consult a mortgage broker or lender for personalized advice.
There is no single national rate — posted and discounted rates vary by lender, term, and borrower. This calculator lets you plug in your quoted rate; always confirm the rate and compounding method with your lender.
You can buy with as little as 5% down on the portion under $500,000 (and blended rules above that) for insured mortgages, subject to eligibility. Down payments below 20% typically require mortgage default insurance (e.g. CMHC) with an added premium.
CMHC (Canada Mortgage and Housing Corporation) insurance protects the lender if you default. It is generally required when your down payment is less than 20% of the purchase price. The premium is usually added to your loan amount.
Federal guidelines require lenders to qualify borrowers at the greater of your contract rate plus 2%, or a minimum qualifying rate (often around 5.25%, subject to regulatory updates). This calculator’s affordability tab uses that type of rule for illustration.
More frequent payments can reduce interest slightly over time because principal is paid down sooner. Accelerated bi-weekly (half the monthly payment, 26 times per year) is different from regular bi-weekly — compare options with your lender.
Insured mortgages typically have a maximum amortization of 25 years. Uninsured mortgages (generally with 20% or more down) may allow up to 30 years, depending on the lender and product.