Mortgage calculator
Estimate your mortgage payment
Get a rough idea of a payment first, then talk to a lender or mortgage professional about what you actually qualify for. When you know your range, I can help you look at homes in Clarence-Rockland, Ottawa, and beyond.
Your estimate
Monthly payment—
- Minimum down payment for this price
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- Mortgage before insurance
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- Insurance premium (), added to the mortgage
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- Ontario sales tax on the premium (8%), paid at closing, not added to the mortgage, estimate
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- Mortgage amount used for payments
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- Amortization used
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- About the same per month
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- Total paid, estimate
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- Total interest, estimate
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Stress test
- Qualifying rate (contract rate + 2% or 5.25%, whichever is higher)
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- Qualifying payment, monthly
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The qualifying payment is the higher payment a lender may use to check whether you qualify. It is not the payment you would make. For insured mortgages, housing costs generally must stay within 39% of gross income (GDS) and all debts within 44% (TDS). This page can't complete that test because it also needs your income, property tax, heating and other debts.
Estimate only, for illustration. It assumes the same rate for the whole amortization, with interest compounded semi-annually, as is standard for Canadian fixed-rate mortgages. It leaves out property taxes, condo fees, heating and other closing costs. It is not a pre-approval and not a guaranteed payment.
Rules used
The rules behind the numbers
These are the published Canadian rules that apply to a typical owner-occupied home purchase (1 or 2 units) in Ontario, as of November 2026. Canadian citizens, permanent residents and non-permanent residents authorized to work in Canada can generally get an insured mortgage.
- Minimum down payment: 5% of a price up to $500,000; 5% of the first $500,000 plus 10% of the rest for a price above $500,000 and below $1,500,000; 20% at $1,500,000 or more. For example, $760,000 needs at least $51,000.
- Mortgage default insurance: typically required with less than 20% down, and only available when the price is below $1,500,000, up to 95% of the price for 1 or 2 units. The estimate uses the published CMHC homeowner premium schedule (from 2.80% to 4.00% of the mortgage for 80.01% to 95% financing, or 4.50% at 90.01% to 95% when part of the down payment is borrowed). The premium is usually added to the mortgage. Sagen and Canada Guaranty are other approved insurers a lender might use.
- Ontario tax on the premium: Ontario charges 8% provincial sales tax on the premium. It cannot be added to the mortgage and is paid when you get your mortgage, usually at closing.
- Stress test: lenders check that you could afford payments at the greater of your contract rate plus 2%, or 5.25%.
- 30-year amortization: with less than 20% down, 25 years is the standard maximum. An insured 30-year amortization (CMHC Home Start) is generally for a first-time homebuyer or a newly built home, with a slightly higher premium. With 20% or more down, 30 years is commonly available.
Official sources: CMHC, Purchase, CMHC, premium information, CMHC, Home Start, Canada.ca, down payment, OSFI, minimum qualifying rate.
Before you rely on it
An estimate, not advice
- This calculator is an estimate only, for illustration.
- It is not mortgage, financial, legal or tax advice.
- Rates, terms, qualification (including the federal stress test), mortgage default insurance, the premium tax and payments must be confirmed with a lender or mortgage professional. Rules can change.
- I'm Paul Dion, Salesperson, EXIT Results Realty, Brokerage. I'm not a mortgage broker or lender, and I don't arrange financing.
- The result is not a pre-approval, a mortgage offer or a guaranteed payment.
How the math works: the annual rate is converted to a rate per payment using semi-annual compounding, the way Canadian lenders quote fixed rates, then a standard payment formula spreads the mortgage over the amortization. Bi-weekly is 26 payments a year sized to finish on the same schedule. Accelerated bi-weekly is half the monthly payment, paid 26 times a year, which adds up to about one extra monthly payment a year and pays the mortgage off sooner.
Next steps
From a number to a home
Once a lender has confirmed what you qualify for, send me your wish list and I'll start matching homes to your range. If you'd like to talk through the numbers on a specific home before you offer, I'm happy to do that too. I'm with EXIT Results Realty on Edwards Street in Rockland.