Loan Details
Payment: $1,769.79
Optional extra payment each year
Additional Monthly Costs
Payment Breakdown
Loan Summary
Loan Balance Over Time
Annual Principal vs Interest
Understanding payment frequency
Making more frequent payments (like bi-weekly instead of monthly) can significantly reduce your total interest and shorten your loan term. For example, bi-weekly payments result in 26 payments per year (equivalent to 13 monthly payments), helping you pay off your mortgage faster. Adding annual lump sum payments accelerates this even more.
Canadian Mortgage Insurance & Requirements
Minimum Down Payment Requirements
The minimum down payment in Canada varies by purchase price:
- • 5% of the first $500,000
- • 10% for the portion above $500,000
Conventional vs. High-Ratio Mortgages
Conventional Mortgage (20%+ down payment): No mortgage insurance required. Maximum amortization of 30 years available.
High-Ratio Mortgage (Less than 20% down): Requires mortgage default insurance (CMHC, Sagen, or Canada Guaranty). Maximum amortization of 25 years.
CMHC Insurance Premium Rates (2026)
How Mortgage Insurance Works
The insurance premium is calculated as a percentage of your mortgage amount (not the home price). This premium is typically added to your mortgage principal, meaning you'll pay interest on it over the life of your loan.
Example: On a $280,000 mortgage with 15% down, the CMHC premium would be 2.80% × $280,000 = $7,840. This amount is added to your mortgage, bringing the total to $287,840.
💡 Tip: To see how CMHC insurance affects your payments, add the insurance premium to your home price in the calculator above. This will show you the true cost of borrowing with insurance included.
Key terms to know
Related calculators
Explore these complementary tools to go further:
- See the max home you qualify for under the Canadian mortgage stress test
- Compare renting and buying year by year with appreciation and opportunity cost
- Calculate your exact CMHC mortgage insurance premium
- Compare mortgage renewal offers and projected savings
- Full rental property analysis with CCA, recapture, capital gains, and holding-period return
- Calculate the cap rate (NOI / value) on a Canadian rental property with sensitivity analysis
- Calculate land transfer tax at closing for any province and city
- Plan your FHSA for a first home (up to $40,000 tax-free)
- Plan your $60,000 RRSP Home Buyers' Plan withdrawal and 15-year repayment
- Calculate monthly loan payments and total interest
- Calculate your auto loan monthly payment with provincial sales tax and amortization
Frequently Asked Questions
Last updated: July 2026
For insured mortgages (less than 20% down payment), the maximum amortization is 25 years. For uninsured mortgages (20% or more down), lenders may offer up to 30 years, though the federal government announced plans to allow 30-year amortizations for first-time buyers of new builds. Longer amortization reduces monthly payments but increases total interest paid.
Yes, if your down payment is less than 20% of the purchase price. Mortgage default insurance (from CMHC, Sagen, or Canada Guaranty) protects the lender if you default. The premium ranges from 2.8% to 4.0% of the mortgage amount, depending on the loan-to-value ratio. It can be added to your mortgage balance. The insured purchase price limit is $1,000,000.
Reviewed by Alexandre Bernier, CFP®, CIM®
Educational tool - estimates only. Not individualized financial, investment, tax, or legal advice. Using it does not create an advisor-client relationship. Rules and figures change; verify against current CRA sources and consult a qualified professional. Editorial policy →