Tools
Estimate Your Monthly Payment With Our Mortgage Calculator
Payment by price, down payment, rate, amortization, and frequency — with CMHC insurance applied automatically where it's required.
Monthly payment
$3,401
- Principal borrowed
- $600,000
- Total interest over amortization
- $420,407
- CMHC insurance premium
- Not required
- Down payment
- $150,000 (20.0%)
Not included
Property tax, condo maintenance fees and home insurance are paid separately and are not part of this payment. Budget for them alongside it.
CMHC premium schedule as of 2026-08-18. Estimate only — not financial advice. Actual payments, insurance premiums and approval depend on your lender.
Under the hood
How this is calculated
The same rules your lender uses — insurance first, then the payment that clears the loan on schedule.
Insurance, decided first
Under 20% down, CMHC default insurance is required. The premium follows the published schedule and is added to the loan, not paid in cash.
Canadian compounding
Fixed-rate mortgages in Canada compound semi-annually by law, so the rate you enter is converted to a true per-payment rate before anything is calculated.
Amortization sets the pace
The payment is the amount that clears the loan exactly at the end of the amortization. Longer means smaller payments and more total interest.
Frequency changes the math
Accelerated options pay half a monthly amount every two weeks — the equivalent of one extra payment a year, straight to principal.
Keep going
From numbers to keys
- Land transfer tax calculatorOntario's tax, Toronto's municipal tax, and both first-time buyer rebates.
- How does buying your first home in Ontario work?The process from pre-approval to keys, what it costs, and where first-time buyer rebates apply.
- How do mortgages and financing work when buying?Pre-approval, down payments, CMHC insurance, and how rates shape what you can afford.
- What are the closing costs when buying a home?Land transfer tax, legal fees, adjustments, and the cash you need beyond the down payment.
A second pair of eyes
Want these numbers checked by a person?
Leave your details and we will walk the numbers with you — what they mean for your offer, and what the calculator cannot see.
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Good to know
Mortgages, answered
How much is CMHC mortgage insurance?
If your down payment is under 20%, default insurance is required and the premium is a percentage of the loan that shrinks as your down payment grows. It's usually added to the mortgage rather than paid in cash. The calculator applies the current premium schedule automatically.
What amortization can I choose?
Most buyers choose 25 years; insured mortgages are generally capped there, while 30 years is available in certain cases such as some first-time buyers and new builds. A longer amortization lowers the payment but increases total interest — the calculator shows both.
Why do accelerated bi-weekly payments pay the mortgage off faster?
Accelerated bi-weekly means paying half a monthly payment every two weeks — 26 half-payments a year, the equivalent of 13 monthly payments instead of 12. That one extra payment a year goes straight to principal.
Is this an approval or a rate quote?
No — it's an estimate for planning. Your actual payment, insurance premium, and approval depend on your lender. Talk to us and we'll connect you with a broker who can hold a real rate for you.
Numbers into keys
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