🏡 Canadian Mortgage Calculator
Your Mortgage Summary
Pie chart showing principal, interest, and CMHC premium amounts
Amortization Breakdown Over Time
Line chart showing annual principal and interest paid over the mortgage term.
🏡 Canadian Mortgage Calculator: FAQ and Terms & Conditions
Frequently Asked Questions (FAQ)
1. What does this Canadian Mortgage Calculator do?
This Canadian Mortgage Calculator helps you estimate your potential mortgage payments. It includes key factors like CMHC mortgage insurance and provincial sales tax on the premium. You can also view detailed amortization charts and tables for a comprehensive financial breakdown of your mortgage.
2. How accurate are the mortgage estimates?
This tool provides **estimates only** and should not be considered a mortgage pre-approval or a guarantee of lending. This calculator does not apply a stress test; it calculates payments based on the interest rate you enter. Actual lenders will apply a federal stress test, which is the higher of your contract rate + 2% or the Bank of Canada's benchmark qualifying rate (currently 5.25% as of July 2025). Your final mortgage qualification will depend on a comprehensive assessment of your financial situation by a licensed lender. Always consult a licensed mortgage broker or financial institution for accurate pre-approval and personalized advice.
3. What is CMHC mortgage insurance and how is it calculated?
CMHC (Canada Mortgage and Housing Corporation) mortgage loan insurance is mandatory in Canada if your down payment is less than 20% of the home's purchase price. It protects the lender in case you default on your mortgage. The premium rates are generally:
- 4.00% of the mortgage amount for down payments between 5% and 9.99% (Loan-to-Value > 90% up to 95%)
- 3.10% of the mortgage amount for down payments between 10% and 14.99% (Loan-to-Value > 85% up to 90%)
- 2.70% of the mortgage amount for down payments between 15% and 19.99% (Loan-to-Value > 80% up to 85%)
4. What payment frequency options are available in the calculator?
This Canadian Mortgage Calculator allows you to choose between Monthly, Bi-Weekly, Weekly, Accelerated Bi-Weekly, and Accelerated Weekly payment frequencies. Your selection affects your individual payment amount and how often you make payments.
5. Can I save or print my mortgage results?
Yes, after calculating your results, you can click the 'Download Summary as JPEG' button to save a snapshot of your mortgage summary, including key financial figures and charts, directly to your device as an image file. This allows for easy sharing or record-keeping.
6. What are the next steps after using this Mortgage Calculator?
After using this Canadian Mortgage Calculator, your next crucial steps should include:
- Consulting a Licensed Mortgage Professional: They can provide a definitive pre-approval, verify your exact qualification based on your full financial profile, and help you secure the best mortgage rates and terms.
- Verifying Local Property Taxes: Property tax rates can vary significantly by municipality. Contact the specific municipal office for the area you are interested in for precise annual property tax figures.
- Exploring Government Programs: Investigate federal programs like the Home Buyers' Plan (HBP), the First-Time Home Buyer Incentive (FTHBI), and any provincial land transfer tax rebates or other incentives you might be eligible for.
Helpful Notes for Mortgage Calculations
- Accuracy is Key: Input accurate financial details to receive the most reliable estimates from the calculator.
- Down Payment Minimums: In Canada, minimum down payments are typically: 5% for homes up to $500,000; 5% on the first $500,000 and 10% on the portion above $500,000 for homes between $500,001 and $999,999; and 20% for homes priced at $1,000,000 or more.
- Federal Mortgage Stress Test: This calculator does not apply the federal mortgage stress test. Actual lender qualifications will apply the higher of your contract rate + 2%, or the Bank of Canada's benchmark qualifying rate (currently 5.25% as of July 2025). Your actual affordability determined by a lender may be lower than estimated here.
- Professional Advice: Always confirm these estimates with a licensed mortgage professional or financial institution before making any financial commitments.
Terms & Conditions of Use
- Estimates Only: This Canadian Mortgage Calculator tool provides financial estimates for informational purposes only and is not a guarantee of mortgage approval, a pre-approval, or an offer of credit. Results exclude specific lender fees and other potential costs.
- No Liability: The creators and providers of this calculator are not liable for any financial decisions or outcomes based on the estimates provided. It is essential to consult with a licensed mortgage professional, financial advisor, or legal expert for personalized advice.
- Data Privacy: This calculator operates entirely client-side; no personal data or inputs are stored, transmitted, or collected by the website's servers. All calculations are performed locally in your browser. Any JPEG downloads are saved directly to your device.
- Assumptions: The calculator uses estimated 2025 Canadian mortgage rules and general CMHC insurance guidelines. Actual rates, rules, and costs may vary. Always verify specific figures with lenders, municipalities, and relevant government bodies.
- Usage: This tool is intended for personal, non-commercial use only. Unauthorized modification, distribution, or commercial use is prohibited.
- Third-Party Credit: This calculator utilizes html2canvas (under MIT license) for the JPEG download functionality.
- Changes to Rules: Canadian mortgage rules, interest rates, and government programs are subject to change without notice. Always confirm the latest information with mortgage professionals and official sources.
Contact: For personalized mortgage advice and support, please consult a licensed mortgage professional or financial institution.