Canada Mortgage Calculator 2026

By law, Canadian fixed-rate mortgages compound semi-annually (twice a year) rather than monthly, even though you pay monthly. This calculator uses the correct semi-annual-to-monthly conversion — a mortgage quoted at 5.5% is not simply divided by 12 to get the monthly rate, which is a common source of error in generic mortgage calculators built for the US market.

CMHC (or another approved insurer) is required whenever your down payment is under 20% of the purchase price. The premium is a percentage of the loan, tiered by loan-to-value: 0.6% at 65% LTV or less, 1.7% at 75% LTV, 2.4% at 80% LTV, 2.8% at 85% LTV, 3.1% at 90% LTV, and 4.0% at 95% LTV. Put down 20% or more and there's no premium at all.

Federally regulated lenders must qualify you at whichever is higher: your contract rate plus 2 percentage points, or a 5.25% floor rate. Lenders size your maximum mortgage to what you can afford at that higher qualifying rate, not the rate you'll actually pay — so your approved amount is always more conservative than a simple payment calculation would suggest.

Gross Debt Service (GDS) caps your housing costs — mortgage payment, property tax, heating, and condo fees — at 39% of gross income. Total Debt Service (TDS) caps all debt payments, housing plus any other loans, at 44%. Lenders use the stricter of the two, and this calculator applies both limits when estimating your affordable home price.

Yes, and the reason is simple: accelerated bi-weekly is half the monthly payment paid 26 times a year, which adds up to 13 monthly payments instead of 12. That extra payment goes straight to principal, so you are mortgage-free sooner and pay less interest. Standard bi-weekly is different — it is the monthly payment times 12, split over 26 payments, so it saves very little. Use the payment-frequency and extra-payment fields to see the interest saved and the new payoff date.

Your term (commonly five years) is the length of your rate contract; the amortization (commonly 25 years) is how long the whole loan would take to clear. At the end of the term you renew the remaining balance at whatever rates prevail. The results show the balance you would still owe when your term ends, at your current rate — the real renewal rate will differ.

In Ontario, Quebec and Saskatchewan, provincial sales tax applies to the mortgage insurance premium. Unlike the premium itself, that tax cannot be added to your mortgage — you pay it in cash on closing. The calculator shows it as a separate line for those provinces.

Property transfer tax (varies by province and can be substantial in Toronto and Vancouver), legal fees, home inspection costs, and ongoing maintenance aren't included — only the mortgage payment itself. This is a planning estimate, not a mortgage pre-approval; an actual lender assessment also considers your credit score, employment history, and specific lender policies.