Loading...
Loading...
🇨🇦 Canada / Mortgage
Calculate Canadian mortgage payments, CMHC insurance premiums, and stress test qualifying rates. Uses Bank of Canada 3.25% overnight rate and 2024 rules.
12 calculators
Estimate total closing costs when buying a home in Canada. Includes land transfer tax, title insurance, legal fees, home inspection, and appraisal across all provinces.
Calculate your CMHC mortgage default insurance premium. See premium rates (2.8%–4%) based on loan-to-value ratio for down payments under 20% on Canadian homes.
Calculate your costs and savings as a Canadian first-time home buyer. Includes FHSA benefits, Home Buyers' Plan RRSP withdrawal, land transfer rebates, and federal incentives.
Calculate how much you can withdraw from your RRSP under the Home Buyers' Plan and the 15-year repayment schedule. See how HBP withdrawals affect your retirement savings.
Calculate the equity in your Canadian home and your available HELOC borrowing capacity. See how your equity grows as you pay down your mortgage and property values rise.
Calculate land transfer tax on a property purchase in any Canadian province. Includes Ontario, BC, and Toronto rebates for first-time buyers and provincial LTT rates.
Calculate monthly mortgage payments for any Canadian home loan. Enter purchase price, down payment, amortization, and rate to see payments and total interest under OSFI rules.
Estimate annual property tax for any Canadian city or municipality. Calculate based on assessed value and local mill rate for residential properties across all provinces.
Calculate whether refinancing your Canadian mortgage saves money. Compare interest savings against prepayment penalty, appraisal, legal, and discharge costs at current rates.
Compare renting versus buying a home in Canada. Model property appreciation, mortgage costs, rent increases, and investment returns to find which option builds more wealth.
Calculate how much equity a Canadian senior can access through a reverse mortgage. See maximum loan amount, interest accumulation, and remaining equity at different timepoints.
Calculate whether you pass the Canadian mortgage stress test. See your qualifying rate (contract rate +2% or 5.25% minimum) and the maximum mortgage you qualify for.
Canada's mortgage market is structured around a set of federal regulations designed to limit systemic housing risk. The most distinctive feature is mandatory mortgage default insurance (provided by CMHC (Canada Mortgage and Housing Corporation), Sagen, or Canada Guaranty), which is required on all mortgages where the down payment is less than 20% of the purchase price. Insurance premiums range from 2.8% (5–9.99% down) to 4% (5% down) of the total loan amount, and are typically added to the mortgage principal rather than paid upfront. The maximum insured purchase price is $1.5 million from December 2024, up from the previous $1 million cap.
The mortgage stress test, introduced by OSFI (Office of the Superintendent of Financial Institutions) and mandatory since 2018, requires borrowers to qualify at the higher of 5.25% or their contracted mortgage rate plus 2 percentage points. This ensures borrowers can manage payments if rates rise after taking out their mortgage. The stress test applies to both insured and uninsured mortgages at federally regulated lenders.
Canadian mortgages have amortisation periods of up to 25 years for insured mortgages. As of August 2024, this was extended to 30 years for insured mortgages on new construction and for first-time buyers, to improve affordability. Uninsured mortgages (20%+ down payment) can have up to 30-year amortisation at most lenders. The most popular term in Canada has historically been the 5-year fixed, though variable rate mortgages are taken by a substantial minority of buyers when expectations favour rate cuts.
The Bank of Canada cut its overnight rate from 5% to 3.25% across 2024, providing significant relief for variable-rate borrowers and improving fixed-rate pricing.
Canada does not allow mortgage interest deductibility on primary residences (unlike the US), making over-payment strategies and accelerated repayment schedules more attractive. Many Canadian mortgages offer prepayment privileges allowing 10–20% of the original mortgage balance to be paid down each year without penalty. At renewal (typically every 5 years), the entire balance must be refinanced at current market rates, creating rate renewal risk analogous to the UK's SVR revert risk.