Canadian Mortgage Calculator

Calculate Canadian mortgage payments with CMHC insurance, land transfer tax, and provincial costs

The Canadian Mortgage Calculator helps you estimate mortgage payments for properties across Canada. It includes CMHC mortgage default insurance, provincial land transfer taxes, legal fees, and other Canadian-specific costs. Whether you're buying in Toronto, Vancouver, Montreal, or anywhere else in Canada, get accurate calculations for your home purchase.

Mortgage Calculation

Property Details

20.0% of property price

Mortgage Details

Additional Costs

Mortgage Summary

Monthly Payment
$2,397
Principal & Interest
Mortgage Amount
$400,000
LTV Ratio
80.0%

Land Transfer Tax

$2,475
ON
Breakdown:
Ontario Provincial LTT$6,475
First-time Buyer Rebate$-4,000

Total Upfront Costs

Down Payment:$100,000
Land Transfer Tax:$2,475
Legal & Other Fees:$2,550
Total Upfront:$105,025

Monthly Housing Costs

Mortgage Payment:$2,397
Property Tax:$500
Home Insurance:$100
Total Monthly:$2,997

Payment Frequency Benefits

Interest Saved vs Monthly:$0
Time Saved:0.0 years

Mortgage Summary

Total Interest:$319,097
Total Payments:$719,097
Total Cost of Home:$824,122

Recommendations

Consider accelerated bi-weekly payments to save thousands in interest and pay off your mortgage faster

Get pre-approved for your mortgage before house hunting

Budget for ongoing costs like property tax, insurance, and maintenance

How to Use

1. Enter your property price and down payment amount

2. Select your province/territory and city (if applicable)

3. Choose your buyer type for accurate tax calculations

4. Input mortgage details including rate and amortization

5. Select your preferred payment frequency

6. Add additional costs like legal fees and insurance

7. Review your payments and total costs

CMHC Insurance Rates

Mortgage Default Insurance Premiums:

• 5-9.99% down: 4.00% of mortgage amount

• 10-14.99% down: 3.10% of mortgage amount

• 15-19.99% down: 2.80% of mortgage amount

• 20%+ down: No insurance required

Insurance can be paid upfront or added to the mortgage amount.

Land Transfer Tax by Province

Ontario

• Up to $55,000: 0.5%

• $55,001-$250,000: 1.0%

• $250,001-$400,000: 1.5%

• Over $400,000: 2.0%

• Toronto adds municipal LTT (same rates)

• First-time buyer rebate up to $4,000

British Columbia

• Up to $200,000: 1%

• $200,001-$2,000,000: 2%

• Over $2,000,000: 3%

• First-time buyer exemption up to $500,000

Other Provinces

Most other provinces have minimal or no land transfer tax.

Payment Frequency Benefits

Accelerated Bi-weekly

Pay half your monthly payment every two weeks. Results in 26 payments per year (equivalent to 13 monthly payments).

Accelerated Weekly

Pay one-quarter of your monthly payment every week. Results in 52 payments per year.

Benefits

Accelerated payments can save thousands in interest and reduce amortization by 4-6 years.

Foreign Buyer Tax

Current Rates

• British Columbia: 20% (most areas)

• Ontario: 25% (Greater Golden Horseshoe)

• Prince Edward Island: 10%

• Nova Scotia: 5%

Applies to non-Canadian citizens and non-permanent residents in designated areas.

Example Calculation

Toronto First-time Buyer:

• Property price: $800,000

• Down payment (10%): $80,000

• Mortgage: $720,000

• CMHC insurance: $22,320

• Interest rate: 5.25%

• Monthly payment: $4,347

• Land transfer tax: $13,950

• Total upfront: $118,620

Frequently Asked Questions

What's the minimum down payment in Canada?

5% for homes under $500,000, 5% on first $500,000 + 10% on remainder for homes $500,000-$999,999, 20% for homes $1M+.

What's the maximum amortization period?

25 years for insured mortgages (less than 20% down), up to 30 years for uninsured mortgages.

Can I avoid CMHC insurance?

Yes, by putting down 20% or more. This eliminates the need for mortgage default insurance.