Mortgage Calculator Canada — Calculate Your Mortgage Payment
Free Canadian mortgage calculator. Calculate monthly payments for fixed and variable rate mortgages with CMHC insurance estimates included.
The Canadian housing market has unique features that set it apart from other countries. Canadian mortgages typically have 5-year terms that need to be renewed unlike 30-year fixed mortgages in the US. The mortgage stress test requires you to qualify at a rate 2% higher than your actual rate. Down payments below 20% require CMHC mortgage insurance. Understanding these rules is essential for any Canadian home buyer.
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Key Information
| Parameter | Details |
|---|---|
| Average 5-Year Fixed Rate | 4.5% - 5.5% (2026) |
| Stress Test Rate | Qualifying rate + 2% |
| CMHC Insurance Required | Below 20% down payment |
| Maximum Amortization | 25 years (insured) 30 years (uninsured) |
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Use Calculator NowFrequently Asked Questions
How much mortgage can I afford in Canada?
Canadian lenders use two rules: your housing costs should not exceed 39% of gross income (GDS ratio) and total debt payments should not exceed 44% (TDS ratio). On a $100000 household income you could qualify for approximately $400000-$450000 mortgage depending on property taxes condo fees and existing debts. The stress test further limits borrowing.
What is CMHC insurance Canada?
CMHC mortgage insurance is mandatory for down payments below 20% in Canada. It protects the lender if you default. The premium ranges from 2.8% to 4% of the mortgage amount added to your loan. On a $500000 home with 10% down ($50000) the CMHC premium is approximately $13950 added to your $450000 mortgage making it $463950.
Can I get a mortgage with 5% down in Canada?
Yes Canadian first-time buyers can purchase with as little as 5% down payment on homes up to $500000. For homes between $500000-$1500000 you need 5% on the first $500000 and 10% on the remainder. Homes above $1500000 require 20% minimum down payment. CMHC insurance is required for all purchases with less than 20% down.
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Last updated: 24 March 2026