Mortgage Calculator
Calculate your monthly payments and see a complete breakdown of your costs over time.
Live bank rates
…No rates available for this term.
Select your city — May 2026 rates
Rates based on 2026 municipal mill rates. Actual taxes vary by assessed value and local levies.
Select your city — 2026 estimates
Estimates based on avg. 2026 premiums for a detached home. Condo/townhouse rates are typically lower. Get a quote for accuracy.
Estimated Monthly Payment
$2,242
Principal
$320,000
Total Interest
$207,623
Total Cost
$527,623
Payoff Year
2051
| Year | Balance | Principal Paid | Interest Paid | Total Interest |
|---|---|---|---|---|
| 0 | $320,000 | $0 | $0 | $0 |
| 2 | $305,276 | $7,523 | $13,582 | $27,486 |
| 4 | $289,204 | $8,212 | $12,893 | $53,623 |
| 6 | $271,659 | $8,964 | $12,140 | $78,289 |
| 8 | $252,507 | $9,786 | $11,319 | $101,347 |
| 10 | $231,601 | $10,682 | $10,423 | $122,651 |
| 12 | $208,781 | $11,660 | $9,445 | $142,040 |
| 14 | $183,870 | $12,728 | $8,377 | $159,339 |
| 16 | $156,677 | $13,894 | $7,211 | $174,356 |
| 18 | $126,994 | $15,167 | $5,938 | $186,882 |
| 20 | $94,591 | $16,556 | $4,549 | $196,690 |
| 22 | $59,221 | $18,072 | $3,032 | $203,530 |
| 24 | $20,612 | $19,728 | $1,377 | $207,130 |
| 25 | $0 | $20,612 | $493 | $207,623 |
How to Use the Canadian Mortgage Calculator
This Canadian mortgage calculator gives you a complete picture of your monthly housing costs — not just the principal and interest. Enter your home price and down payment, choose your amortization period (up to 25 years for insured mortgages, 30 years for conventional), and select a live rate directly from a Canadian bank. The calculator instantly shows your estimated monthly payment using Canada's semi-annual compounding formula, which is the legal standard for all Canadian fixed-rate mortgages.
If your down payment is less than 20%, the calculator automatically adds the required CMHC mortgage insurance premium to your loan amount. As of 2026, CMHC premiums range from 0.60% (down payments of 35%+) up to 4.00% (minimum 5% down). The premium is added to your mortgage principal and amortized over the life of your loan — this calculator shows you the exact impact on your monthly payment.
Use the Live Bank Rates panel to compare current mortgage rates from RBC, TD, BMO, CIBC, Scotiabank, National Bank, Desjardins, and Laurentian Bank. Switch between 1-year, 3-year, 5-year fixed, and variable rate terms to see how each option affects your monthly payment and total interest over the amortization period. Variable rates are calculated from the live Bank of Canada prime rate (currently 4.45% as of May 2026) minus each bank's standard discount.
The amortization schedule at the bottom of the page shows a year-by-year breakdown of principal repaid, interest paid, and remaining balance — a key tool for planning early renewal, lump-sum prepayments, or understanding how much equity you'll have built at a future sale date. Most Canadian mortgage terms are 5 years, after which you renew at the then-current rate for the remainder of your amortization.