Example$1,080,000 home · 20% down · 5.49% rate · 25-year amortization · Ontario
Canadian lenders (OSFI B-20) must qualify you at a higher rate than your contract rate, to ensure you can still afford payments if rates rise.
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The Canadian mortgage calculator shows monthly payments, amortization schedule, and total interest cost for any home price, down payment, and rate - with the OSFI stress test built in. It supports all provinces for land-transfer tax and layers CMHC default insurance automatically when your down payment is below 20%.
Payments use the standard Canadian mortgage formula with semi-annual compounding for fixed-rate mortgages (monthly for variable). The stress test qualifies you at the greater of your contract rate + 2% or the 5.25% benchmark floor. CMHC premiums range from 2.80% at 15–19.99% down to 4.00% at 5–9.99% down, added to principal. First-time buyer rebates are reflected in the province-specific land-transfer tax calculations.
A 25-year amortization is the maximum for insured mortgages; 30-year insured is available for first-time buyers on new builds since 2024. Bank of Canada prime is at 4.95% (April 2026) - verify current rates before locking in.
Federal rules require lenders to qualify borrowers at a higher rate than your contract rate (or a minimum floor), to ensure payments remain affordable if rates rise. The calculator can illustrate stress-tested payments for planning.
The tool compares the long-term cost of owning (including mortgage, taxes, insurance, and opportunity cost of a down payment) with renting, using assumptions you enter. Results depend heavily on those inputs.
When applicable, mortgage default insurance premiums can be modeled so you see their effect on payments and total cost. Actual lender rules may differ.
Long-form explainers that pair with this calculator.