Canadian Mortgage Calculator
Estimate your monthly payment with CMHC/SCHL insurance and property tax.
Default: 0.5% annually of the property value
Your estimate
- Your down payment
- $110,000.00 (20.00%)
- Minimum required down payment
- $30,000.00
- Mortgage before insurance
- $440,000.00
- CMHC/SCHL insurance premium
- $0.00
- Total mortgage after insurance
- $440,000.00
- Estimated payment (Monthly)
- $2,506.72
- Total interest over amortization
- $312,015.04
- Down payment is valid
- Down payment is valid
Principal & Interest$2,506.72
Estimated Property Tax$229.17
Home Insurance$45.00
Heating$120.00
Total Estimated Monthly Cost$2,900.88
Minimum Down Payment
Canadian rules require 5% on the first $500,000 and 10% on the portion above. Homes of $1.5M+ require 20%.
CMHC/SCHL Insurance
Your down payment is 20% or more, so default mortgage insurance is not required.
Amortization Rule
You have 20%+ down, so amortizations up to 30 years are allowed.
Monthly Payment Breakdown
Total Estimated Monthly Cost: $2,900.88
This calculator is for estimation only and does not constitute financial advice. Rates, insurance premiums and lending rules may vary.