Mortgage Payment Calculator
Calculate your mortgage payments based on Canadian mortgage rules and amortization periods.
Your monthly payment
$2,338.36
Total principal
$400,000.00
Total interest
$301,508.05
Total cost
$701,508.05
Payment Breakdown
About Canadian Mortgages
In Canada, mortgage terms typically range from 1 to 10 years, while amortization periods can extend up to 25 years for insured mortgages and 30 years for uninsured mortgages.
If your down payment is less than 20% of the purchase price, you'll need mortgage default insurance (CMHC insurance). This protects the lender if you can't make your payments.
Canadian mortgages can be fixed-rate, variable-rate, or a combination. Fixed-rate mortgages maintain the same interest rate throughout the term, while variable-rate mortgages fluctuate with the prime rate.
Most Canadian mortgages allow for prepayment privileges, which let you make additional payments to reduce your principal faster without penalties.