Canadian Mortgage Calculator
Calculate mortgage payments, CMHC insurance, and total interest for Canadian home buyers.
Mortgage Details
$100,000 (20.0%)
Your Payment
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CMHC Insurance Rates (2026)
| Down Payment | Insurance Premium | Example ($500K home) |
|---|---|---|
| 5% - 9.99% | 4.00% | $19,000 on $475K mortgage |
| 10% - 14.99% | 3.10% | $13,950 on $450K mortgage |
| 15% - 19.99% | 2.80% | $11,900 on $425K mortgage |
| 20%+ | Not required | No insurance needed |
CMHC insurance is required for mortgages with less than 20% down payment. The premium can be paid upfront or added to the mortgage principal.
Understanding Canadian Mortgages
How Canadian Mortgage Interest Works
Unlike US mortgages that compound monthly, Canadian mortgages use semi-annual compounding by law. This means interest is calculated twice per year, resulting in slightly lower effective interest than the stated rate. Our calculator accounts for this Canadian-specific calculation method.
Payment Frequency Options
Monthly: 12 payments per year - the standard option.
Bi-weekly: 26 payments per year - same annual amount, spread differently.
Accelerated Bi-weekly: Take your monthly payment, divide by 2, pay every two weeks. This results in the equivalent of 13 monthly payments per year, paying off your mortgage faster.
Minimum Down Payment Rules
Canada has specific down payment requirements based on home price:
- Homes up to $500,000: minimum 5% down
- $500,000 to $1 million: 5% on first $500K, 10% on remainder
- Over $1 million: minimum 20% down (no CMHC insurance available)
Frequently Asked Questions
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