Payments
Monthly Mortgage Payment
Canadian mortgages compound semi-annually. CMHC insurance is added automatically when you're under 20% down.
Canadian-rule semi-annual compounding. Does not include property tax, heat, or insurance. Provide a rate you've been quoted - this site never advertises rates.
Would you like help with these numbers?
Calculators use general assumptions. Athena can review your numbers and explain lender rules, qualification questions or options the estimate may not cover.
What this calculator helps you explore
What a given price, down payment, rate and amortization produce as a principal and interest payment, and how default insurance changes the amount financed.
What the estimate considers
- Price, down payment, amortization and the rate you enter
- Default insurance premium added to the mortgage under 20% down
- Canadian semi-annual compounding
What it may not capture
- Property tax, heat, condo fees and home insurance
- Prepayment privileges, penalties and portability
- Whether the rate you entered is available to you
A practical example
Moving from 25 to 30 years of amortization lowers the payment but raises total interest. Run both and compare the payment against the balance you would still owe.
Assumptions and sources
- Semi-annual compounding per Canadian rules
- Principal and interest only
- No rates are published here: the rate is your own assumption
Last reviewed: pending Athena's review