Canada Mortgage Calculator — Payment, CMHC Insurance & Stress Test
Work out your Canadian mortgage payment the way a lender actually calculates it — with
semi-annual compounding, the CMHC insurance premium added when your down
payment is under 20%, and the OSFI B-20 stress test rate you must qualify at. Enter your home
price below and see your monthly, bi-weekly or weekly payment, total interest, qualifying payment and payoff
date instantly. Free, no sign-up, and nothing you type is saved or sent anywhere.
Bank of Canada policy rate
2.50%
Raised 28 October 2026
Prime rate
4.70%
Posted by major Canadian banks
Lowest 5-year fixed
≈ 4.44%
Advertised rate, Ratehub, 31 Oct 2026
Lowest 5-year variable
≈ 3.69%
Advertised rate, Ratehub, 31 Oct 2026
Market rates change daily and advertised rates are not a quote — your lender's rate depends on your credit, property and term. The calculator below starts at 4.44% (lowest advertised 5-year fixed, October 2026); adjust it to the rate you've been offered.
Your mortgage details
$
$
10.0% of the home price
4.44%
Default 4.44% — lowest advertised 5-year fixed, October 2026. Rates change daily; this is not a quote.
Your results
Monthly payment
$3,062.86
On a total mortgage of $556,740 at 4.44%
Mortgage amount (before insurance)
$540,000
CMHC insurance premium
$16,740 (3.10%)
Total mortgage
$556,740
Monthly payment
$3,062.86
Total interest over amortization
$362,119
Total cost of mortgage
$918,859
Payoff date
November 2051
Down payment
$60,000 (10.0%)
Stress test (OSFI B-20)
Qualifying rate 6.44% (contract rate + 2%) — qualifying monthly payment $3,708.95. Your lender must confirm you could afford this higher payment.
Worked example
A $600,000 home with 10% down at today's default rate:
Down payment: $60,000 (10%) → mortgage amount $540,000
CMHC premium at the 10–14.99% tier: 3.10% × $540,000 = $16,740
Total mortgage: $540,000 + $16,740 = $556,740
At 4.44% over 25 years: $3,062.86/month (bi-weekly $1,412.24, weekly $705.82)
Stress test qualifying rate: 6.44% → qualifying payment $3,708.95/month
Total interest over 25 years: $362,118.64
How it works
Semi-annual compounding. Canadian fixed mortgage rates are quoted as nominal rates compounded semi-annually — twice a year — not monthly like in the US. Before working out your payment, this calculator converts the quoted rate into the equivalent rate for your payment frequency:
payment rate per period = (1 + annual rate ÷ 2)2 ÷ payments per year − 1 payment = total mortgage × i ÷ (1 − (1 + i)−n), where n = payments per year × amortization years.
That conversion is why the same 4.44% produces a slightly lower payment in Canada than a US calculator would show — US tools assume monthly compounding, which overstates Canadian payments.
CMHC insurance. If your down payment is under 20%, mortgage default insurance is mandatory and the premium is added on top of your loan, so you pay interest on it over the full amortization. Insured mortgages are only available on homes priced at $1,500,000 or less. The standard CMHC premium schedule (as a percentage of the mortgage amount) is:
Down payment
Loan-to-value
CMHC premium
5% – 9.99%
90.01% – 95%
4.00%
10% – 14.99%
85.01% – 90%
3.10%
15% – 19.99%
80.01% – 85%
2.80%
35% or more (LTV up to 65%)
65% or less
0.60%
With 20% or more down, no premium is required (a conventional mortgage). The minimum down payment is 5% on the first $500,000 of the price and 10% on any portion above $500,000, up to the $1.5 million insured cap.
The stress test. Under OSFI Guideline B-20, your lender must qualify you at the higher of 5.25% or your contract rate + 2 percentage points. The qualifying payment shown in the results is what your income must support — not what you'll actually pay.
Frequently asked questions
What is the mortgage stress test in Canada?
Under OSFI's B-20 rules, you must qualify for your mortgage at the higher of 5.25% or your contract rate plus 2 percentage points — even if your actual rate is lower. Lenders use that qualifying rate, shown in the results above, to check you could still afford payments if rates rise.
When do I need CMHC mortgage insurance?
Mortgage default insurance (from CMHC or a private insurer such as Sagen or Canada Guaranty) is mandatory when your down payment is under 20% of the purchase price, and the home must cost $1,500,000 or less. The premium is added to your mortgage balance and paid off over the amortization — you don't pay it upfront.
How much is the CMHC premium on a $600,000 home with 10% down?
A 10% down payment ($60,000) leaves a $540,000 mortgage. At the 10–14.99% down payment tier the premium is 3.10%, which is $16,740, so the total mortgage is $556,740. At 4.44% over 25 years, that works out to $3,062.86 per month using Canadian semi-annual compounding.
Why do Canadian mortgage payments differ from US calculators?
Canadian fixed mortgage rates compound semi-annually (twice a year) by law, while US mortgages compound monthly. This calculator converts the quoted rate using semi-annual compounding first, so the payment matches what a Canadian lender would quote — a US calculator would slightly overstate it.
What are the current Bank of Canada and prime rates?
As of November 2026, the Bank of Canada policy rate is 2.50% (raised on 28 October 2026) and the prime rate is 4.70%. The lowest advertised 5-year fixed rate was about 4.44% and the lowest 5-year variable about 3.69% (Ratehub, 31 October 2026). Rates change daily and these figures are context only, not a quote.
What is the maximum amortization for an insured mortgage in Canada?
The standard maximum amortization for an insured mortgage is 25 years. A 30-year amortization is available to first-time homebuyers and to buyers of newly built homes. Insured mortgages are capped at a $1,500,000 purchase price — above that, you need at least 20% down and a conventional mortgage.
Estimates only — not financial advice. This calculator gives estimates based on the figures you enter and the November 2026 rates and CMHC premiums shown on this page. It does not include land transfer tax, legal fees, CMHC premium taxes (PST on premiums applies in Ontario, Quebec and Saskatchewan and is payable at closing), property tax, heating costs or lender-specific fees, all of which affect affordability and the stress test. Advertised rates change daily and are not a quote. Speak with a licensed Canadian mortgage broker or your lender for an exact approval. No sign-up is required and no data you enter is saved or sent anywhere.