Calculate Your Monthly Payment
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Select a program to apply FHA/VA/USDA rules.
$
20.0% of home price
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%
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Used to estimate potential Year‑2 escrow shock if taxes reset after purchase.
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$
$
Extra payments reduce balance faster and can end PMI sooner.
Total Monthly Payment
$0
Principal & Interest • Tax • Insurance • PMI • HOA
Principal & Interest
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Property Tax
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Insurance
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PMI
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HOA
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Loan Amount
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Principal & Interest
Property Tax
Home Insurance
PMI
Total Interest Paid
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Total Principal + Interest
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Disclaimer: Results shown are estimates for educational purposes only and do not constitute financial, tax, legal, or investment advice. Actual payments vary based on lender, credit score, loan type, and local assessments. Consult a licensed mortgage professional for your specific situation.
Canada Mortgage Costs at a Glance
Property Tax
~1.00%
Varies by province
Median Home
$750,000
National Average
Avg Insurance
$1,800
Annual
Stress Test
+2.00%
Or 5.25% min
Mortgage Costs by City in Canada
Toronto
~$6,250/mo
Home Price
$1,100,000
Tax (~0.63%)
~$577/mo
Est. P&I (5.25% / 20% down)
~$5,250/mo
Vancouver
~$6,500/mo
Home Price
$1,200,000
Tax (~0.35%)
~$350/mo
Est. P&I (5.25% / 20% down)
~$5,750/mo
Calgary
~$3,400/mo
Home Price
$600,000
Tax (~0.65%)
~$325/mo
Est. P&I (5.25% / 20% down)
~$2,850/mo
Canada First-Time Homebuyer Programs
Understanding Canadian Mortgages
Canada's mortgage market has unique rules compared to the US or UK. The most significant differences are the mandatory stress test, CMHC insurance requirements for down payments under 20%, and the typical 5-year fixed rate term amortized over 25 years. Property tax rates vary significantly by province, with Vancouver and Toronto having some of the lowest effective rates, while the Prairies and Maritimes have higher rates.
Canada Mortgage FAQ
The minimum down payment is 5% for homes up to $500,000. For homes between $500,000 and $999,999, it is 5% on the first $500,000 and 10% on the remainder. Homes priced at $1 million or more require a minimum 20% down payment.
The Bank of Canada overnight rate directly influences variable-rate mortgages and HELOCs, and indirectly affects fixed rates through bond yield movements. When the BoC raises its policy rate, variable-rate payments increase.
Yes, but only for uninsured mortgages (20%+ down payment). As of August 2024, the federal government extended 30-year amortizations to insured mortgages for first-time buyers purchasing new construction homes.
No. CMHC insurance is a one-time premium, not refundable if you sell, refinance, or pay off early. It protects the lender, not you as the borrower.