Canadian mortgage payment and stress test calculator

See your estimated monthly payment, the payment at the stress test rate, and any mortgage insurance premium added to your loan.

Purchase price (CAD)

Down payment (CAD)

Contract interest rate (%)

Amortization (years)

Estimated monthly payment

$3,238.03

Minimum down payment: $35,000.00
Insurance premium: 3.10% ($16,740.00)
Total mortgage: $556,740.00
Payment at qualifying rate 7.00%: $3,899.49
Total interest over amortization: $414,668.28

Formula and assumptions

Canadian fixed-rate mortgages compound interest semi-annually. The monthly rate is (1 + annual rate ÷ 2)^1/6 − 1, applied in the standard payment formula. The qualifying rate is the greater of your rate plus 2 points or 5.25%. Premiums use CMHC's standard rates and are added to the loan; provincial sales tax on premiums in Ontario, Quebec and Saskatchewan is not included.

Excludes property tax, condo fees, heating and closing costs, which lenders also count when assessing affordability. Not a lender quote or approval.

Learn more and compare

The mortgage stress test explained CMHC insurance and down payments Compare mortgages

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