Canadian Mortgage Calculator
Calculate your Canadian mortgage payments, CMHC insurance, and total costs with our free Canada-specific mortgage calculator.
Category: Financial
Frequently Asked Questions
How does CMHC insurance work in Canada?
CMHC (Canada Mortgage and Housing Corporation) insurance is required when your down payment is less than 20% of the home's purchase price. The premium rates range from 2.8% to 4.0% of your mortgage amount, depending on your down payment percentage. This insurance protects lenders if you default on your mortgage.
What's the minimum down payment required in Canada?
In Canada, the minimum down payment is 5% of the purchase price for homes under $500,000. For homes between $500,000 and $999,999, it's 5% of the first $500,000 plus 10% of the remaining amount. For homes $1 million or more, the minimum down payment is 20%.
How do payment frequencies affect my Canadian mortgage?
Canadian mortgages offer several payment frequency options: monthly (12 payments/year), semi-monthly (24 payments/year), bi-weekly (26 payments/year), or weekly (52 payments/year). Accelerated bi-weekly and weekly payments can help you pay off your mortgage faster and save on interest because you're effectively making one extra monthly payment per year.