Canada Mortgage Calculator

Calculate your home loan payments with CMHC insurance, land transfer tax, and property tax included

How to Use How It Works

Canada Mortgage Calculator

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Basic Loan Information

Canada-Specific Fees (Optional)

Required if down payment < 20%

* CMHC mortgage-loan insurance premiums vary by down-payment and price. Check cmhc-schl.gc.ca for current rates.

Varies by province: 0.5-2.5%

* Land Transfer Tax varies by province, property value, and first-time buyer status—use your province's official calculator.

Varies: $800-2,500

* Legal fees are estimates only. Contact your lawyer for an exact quote.

IFRS 9 Compliance Options

IFRS 9 requirement: 0.1-2.0% typical

* ECL allowance is a contra-asset that reduces the loan carrying amount. Under IFRS 9, this must be recognized from day one.

Lender fees included in EIR

* Under IFRS 9, incremental transaction costs are included in the effective interest rate calculation.

IFRS 9 treatment

* Legal fees and land transfer tax are typically expensed. Only capitalize if they are incremental transaction costs.

Extra Payments (Optional)

Results

Enter your loan details and click calculate to see results

Extra Repayment Savings!
Money saved:
$0
Loan term reduced:
0 years

These savings are based on your extra repayments. If you make extra payments, you can pay off your loan faster and save on interest.

Important Information: Disclaimer: This calculator models IFRS 9/AASB 9 effective-interest method with mandatory semi-annual compounding, row-by-row rounding to cents, and recognition of expected credit losses (ECL) from day one. Transaction costs are included in the EIR calculation where incremental. Results are illustrative—check your lender’s Disclosure Statement and seek professional advice.

Canada Mortgage Calculator: Your Guide to Home Loans

Understanding Mortgages in Canada

Buying a home in Canada involves understanding mortgage terms, interest rates, and payment schedules. Our Canada Mortgage Calculator helps you estimate monthly payments, total interest, and understand how extra payments can reduce your loan term.

Key Features of Canadian Mortgages

  • Principal & Interest: Standard repayment type that reduces your loan balance over time.
  • Interest Only: Pay only interest for a set period, then switch to principal & interest.
  • CMHC Insurance: Required if your down payment is less than 20%.
  • Amortization Period: Total time to pay off your mortgage, typically 25 years.
  • Extra Payments: See how additional payments can shorten your loan term.

How to Use This Calculator

Enter your loan amount, interest rate, loan term, and repayment frequency to get an accurate estimate of your repayments. The calculator shows your amortization schedule and the impact of extra payments.

Tips for Canadian Home Buyers

  • Compare interest rates from banks, credit unions, and mortgage brokers.
  • Consider the total cost of homeownership, including property taxes and insurance.
  • Check for prepayment privileges and penalties.
  • Use extra payments to pay off your mortgage faster and save on interest.
  • Review your credit score and financial situation before applying.

Why Use Our Calculator?

  • Accurate, up-to-date formulas for Canada
  • Includes all major fees and loan types
  • Helps you compare different loan terms and rates
  • Free, no registration required

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