Calculate Your Mortgage Payments Across All Canada Provinces
Use our calculator to quickly see an estimate of your monthly Mortgage payments.
• 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
• Withdrew $0 tax-free from RRSP
• Must be repaid within 15 years
• First repayment due 2 years after withdrawal
• Withdrew $0 tax-free
• Annual contribution limit: $8,000
• Lifetime limit: $40,000
• $1,500 non-refundable tax credit
• Reduces federal tax payable
• Available to first-time buyers only
• 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
• 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
• 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
• Based on your interest rate and payment schedule
• Includes all interest paid over the life of the mortgage
• Making extra payments reduces this amount
• Includes principal + interest only
• Does not include taxes or insurance
• Actual homeownership costs will be higher
Amortization Schedule
*The information provided by this calculator is for general informational purposes only and is not financial, legal, or tax advice. Rates, taxes, incentives, and closing costs vary by province and municipality and may change at any time. For accurate figures specific to your property and financial situation, consult a licensed mortgage professional and a lawyer/notary (and an accountant for tax guidance).
Canada Mortgage Calculator - Simple 4-Step Guide
Select Your Province
Automatically adjusts for regional taxes and programs
Enter Your Numbers
Home Price: The property's total cost
Down Payment: Minimum 5% for first-time buyers (20% to avoid CMHC insurance)
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
Get Your Results
See breakdown of principal, interest, and taxes
Adjust any field to compare scenarios
-
A mortgage is a large loan used to buy property, where the home itself acts as collateral, meaning the lender can take it (foreclose) if you fail to make payments. You repay the loan over a set period (like 15 or 30 years) with regular principal and interest payments, usually monthly, after making a down payment. Key features include interest rates (fixed or variable), loan term, and fees, all detailed in a legal contract with the lender.
How it works
Borrowing:
You borrow money from a lender (bank, credit union) to cover most of the home's purchase price.
Collateral:
Your property secures the loan, giving the lender legal rights to it if you default.
Payments:
You make regular payments (principal + interest) over the agreed-upon term (e.g., 25 years).
Down Payment:
An upfront sum (e.g., 5-20% of the price) you pay at closing.
Key terms
Interest Rate: The cost of borrowing, can be fixed (stays the same) or adjustable (changes).
Term: The length of the loan (e.g., 15, 25, 30 years).
Amortization: The schedule of payments that pays off the loan over time.
Foreclosure: The legal process where the lender takes the property for non-payment.
-
A $500,000 mortgage payment varies significantly but generally falls between $2,600 and $4,900 monthly, depending heavily on the interest rate (e.g., 3% vs. 7%) and amortization (e.g., 15 vs. 30 years), with lower rates and longer terms reducing payments, but always remember to factor in property taxes, insurance, and fees for the total monthly housing cost.
Example Scenarios (Principal & Interest Only):
Lower Rates (Around 3.5% - 4.0%):
30-Year Amortization: Around $2,200 - $2,400/month.
25-Year Amortization: Around $2,500 - $2,600/month.
Higher Rates (Around 7.0%):
30-Year Amortization: Around $3,300+/month.
15-Year Amortization: Around $4,500+/month.
Key Factors Influencing Your Payment:
Interest Rate:
This is the biggest factor; a small change in rate dramatically alters payments.
Amortization Period:
30 years spreads payments out, making them smaller, while 15 years pays it off faster but costs more monthly.
Down Payment:
A larger down payment reduces your loan amount, lowering payments.
Your actual P.I.T.I. (Principal, Interest, Taxes, Insurance) payment will be higher than just P&I.
-
To buy a home in Canada, the minimum down payment varies depending on the cost of the home.
Homes that are:
$500,000 or less require a 5% down payment
Between $500,000 to $999,999 require a 5% payment on the first $500,000 and 10% on the portion that’s over $500,000
Over $1 million require at least a 20% down payment: the down payment depends on a number of factors, including the price of the property, where the home is located, the property type, and your credit score
-
Biweekly payments accelerate your mortgage payoff by paying 1/2 of your normal monthly payment every two weeks. By the end of each year, you will have paid the equivalent of 13 monthly payments instead of 12. This simple technique can shave years off your mortgage and save you thousands of dollars in interest.
-
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.