Calculate Your Mortgage Payments Across All Canada Provinces

Use our calculator to quickly see your monthly Mortgage payments.

Canadian Mortgage Calculator
First-Time Home Buyer
? First-Time Home Buyer Benefits:
• CRA Tax Credit: $1,500 non-refundable tax credit
• Provincial Benefits: Varies by province (ON: $4,000, BC: $8,250, QC: $750)
• RRSP Withdrawal (HBP): Up to $35,000 tax-free withdrawal
• FHSA: Up to $40,000 tax-free savings for first home
MORTGAGE SUMMARY
$3,819.33
Monthly Payment
RRSP (HBP) Used
? Home Buyers' Plan (HBP):
• Withdrew $0 tax-free from RRSP
• Must be repaid within 15 years
• First repayment due 2 years after withdrawal
$0
FHSA Used
? First Home Savings Account:
• Withdrew $0 tax-free
• Annual contribution limit: $8,000
• Lifetime limit: $40,000
$0
CRA Tax Credit
? First-Time Home Buyers' Tax Credit:
• $1,500 non-refundable tax credit
• Reduces federal tax payable
• Available to first-time buyers only
$0
Provincial Benefits
? Provincial First-Time Buyer Programs:
• ON: Land transfer tax rebate up to $4,000
• BC: Property transfer tax exemption up to $8,250
• QC: $750 refundable tax credit
• PE: $2,000 provincial tax credit
$0
Total Benefits
$0
Land Transfer Tax
? Land Transfer Tax:
• Provincial tax paid when purchasing property
• Not applicable in AB/SK/MB
• Rates vary by province (ON/BC highest)
• First-time buyers may qualify for rebates
$0.00
Municipal Tax
? Municipal Property Tax:
• Annual tax based on property value
• Rate varies by municipality
• Typically paid monthly or annually
• Calculated using current rates per $100,000 of value
Actual taxes may vary based on assessment
$12,000.00
Total Interest Paid
? Total Interest Over Loan Term:
• Based on your interest rate and payment schedule
• Includes all interest paid over the life of the mortgage
• Making extra payments reduces this amount
$345,799.80
Total Mortgage Paid
? Total Mortgage Cost:
• Includes principal + interest only
• Does not include taxes or insurance
• Actual homeownership costs will be higher
$1,145,799.80
Note: This calculator provides estimates only. Alberta, Saskatchewan and Manitoba have no land transfer tax but require legal fees (~$2,000). Monthly Payment and Total Mortgage Paid do not include property taxes, insurance, or maintenance costs. For accurate financial advice tailored to your situation, please consult a qualified mortgage professional.

Amortization Schedule

Canada Mortgage Calculator - Simple 4-Step Guide

  1. Select Your Province

    • Automatically adjusts for regional taxes and programs

  2. Enter Your Numbers

    • Home Price: The property's total cost

    • Down Payment: Minimum 5% for first-time buyers (20% to avoid CMHC insurance)

  3. Set Interest Rate & Loan Term

    • Interest Rate: Check current rates at [Bank of Canada]

    • Amortization: Standard 25 years (max 30 for uninsured mortgages)

    • Payment Frequency: Monthly, bi-weekly, or accelerated

  4. Get Your Results

    • See breakdown of principal, interest, and taxes

    • Adjust any field to compare scenarios

  • A: Our mortgage calculator helps Canadian home buyers estimate their monthly payments based on the home price, down payment, interest rate, and amortization period. It accounts for all Canadian provinces and territories, including local tax rules where applicable.

  • A: Fixed rates offer payment stability (good for first-time buyers), while variable rates may save money long-term but fluctuate with Bank of Canada rates.

  • A: Results are estimates based on your inputs. For precise figures, consult a mortgage specialist as lenders may include additional fees (CMHC insurance, appraisal costs) not reflected here.

  • A: Provincial selection adjusts for:

    • Land transfer tax rates (ON, BC, etc.)

    • First-time buyer rebates

    • Provincial sales tax on mortgage insurance

    • Unique regional programs