Canadian Mortgage Calculator
Calculate payments with OSFI stress test, land transfer tax, and complete amortization schedule.
Mortgage Details
📚 Recommended Resources
As an Amazon Associate, FiggyBank earns from qualifying purchases.
About the Canadian Mortgage Calculator
Planning to buy a home in Canada? Our free mortgage calculator helps you estimate your monthly mortgage payments, understand CMHC insurance requirements, calculate land transfer taxes, and pass the OSFI stress test. Whether you're a first-time home buyer or refinancing, this tool provides accurate calculations for all Canadian provinces and territories.
How Canadian Mortgages Work
Unlike the United States, Canadian mortgages use semi-annual compounding, not monthly compounding. This means interest is calculated twice per year, which affects your effective interest rate and payment amounts. Our calculator accounts for this Canadian-specific detail to give you accurate payment estimates.
Canadian law requires CMHC mortgage default insurance if your down payment is less than 20% of the home's purchase price. This insurance protects the lender (not you) and adds to your monthly payment. Use our calculator to see exactly how much CMHC insurance will cost based on your down payment percentage.
Understanding the OSFI Stress Test
Since 2018, all Canadian homebuyers must qualify for a mortgage at a higher interest rate than they actually pay. This is called the OSFI stress test. You must qualify at either your contract rate plus 2%, or 5.25%, whichever is higher. Our calculator shows whether you'll pass the stress test based on your income and debts.
Land Transfer Tax by Province
Most Canadian provinces charge a land transfer tax (also called property transfer tax) when you buy a home. The rates vary significantly by province — Ontario and British Columbia have the highest rates, while Alberta has no land transfer tax at all. First-time home buyers may qualify for rebates in Ontario, BC, and PEI. Our calculator shows your exact land transfer tax and any rebates you qualify for.
Payment Frequency Options
Choose from monthly, bi-weekly, weekly, or semi-monthly payment frequencies. Bi-weekly and weekly payments result in an extra payment per year (26 bi-weekly payments = 13 monthly payments), which can save you thousands in interest and pay off your mortgage years earlier. Use the comparison chart to see the impact of different payment frequencies.
Amortization Schedule
See exactly how much of each payment goes toward principal vs interest over the life of your mortgage. The amortization schedule shows your balance declining over time, total interest paid, and the breakdown of every payment. Export to PDF or CSV to share with your mortgage broker or financial advisor.