Mortgage calculator for Canada, 2026
Type the price of the home and your down payment. The page shows your payment, the insurance premium and the total interest.
That is $120,000.00.
Payment: monthly
$2,656.68
| Home price | $600,000.00 |
|---|---|
| Down payment | $120,000.00 |
| Mortgage insurance premium | $0.00 |
| Loan, with the premium | $480,000.00 |
| Number of payments | 300 |
| Total interest | $316,998.60 |
| Loan plus interest | $796,998.60 |
| Smallest down payment | $35,000.00 |
Canadian fixed-rate mortgages compound twice a year. This is an estimate for 2026. Your lender may give other numbers.
How to use the calculator
- Type the price of the home.
- Type your down payment, in percent or in dollars.
- Type the interest rate. Choose the amortization and how often you pay.
- Read your payment and the total interest.
Questions
How much is the payment on a $600,000 home with 20% down?
With $120,000 down, a rate of 4.5% and 25 years, the monthly payment is $2,656.68. The total interest is $316,999.
How much down payment do I need in Canada?
The smallest down payment is 5% of the first $500,000 and 10% of the part from $500,000 to $1,500,000. For a $500,000 home it is $25,000. For a $1,000,000 home it is $75,000. For $1,500,000 or more it is 20%.
What is mortgage default insurance?
You need it when your down payment is under 20%. The premium is a share of the loan. It is added to the loan. On a $600,000 home with $30,000 down, the premium is $22,800.00.
Why does a Canadian mortgage compound twice a year?
A fixed-rate mortgage in Canada compounds every six months, as the Interest Act describes. The calculator does the same. A calculator that compounds each month gives a different payment.
What is an accelerated payment?
An accelerated payment is the monthly payment divided by two (every two weeks) or by four (every week). You make 26 or 52 payments a year. This is the same as one extra monthly payment each year. In the example above, an accelerated payment every two weeks is $1,328.34. It pays off the loan in 21.7 years. A normal payment every two weeks is $1,224.94 and takes 25.0 years.