Mortgage payment
Canadian mortgages compound semi-annually, not monthly, and an insured loan carries a premium that is added to the balance. Both are modelled here, along with the payment a lender would actually qualify you at.
- Payments and total interest
- CMHC premium by down payment
- Equity build curve
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Mortgage default insurance
| Down payment15% of price | $112,500 |
|---|---|
| Premium rateBy loan-to-value band | 2.8% |
| Premium added to the loan | $17,850 |
| Provincial tax on the premiumON, QC and SK tax the premium; it cannot be financed. | Payable at closing |
| Total borrowed | $655,350 |
Balance and interest over time
- Balance owing
- Interest paid to date
Your first year
- Interest$26,934
- Principal$15,247
| Year 5$572,381 still owing | $82,969 |
|---|---|
| Year 10$470,297 still owing | $185,053 |
| Year 15$344,692 still owing | $310,658 |
| Year 20$190,149 still owing | $465,201 |
| Year 25$0 still owing | $655,350 |
What a lender will qualify you at
| Contract rate | 4.19% |
|---|---|
| Qualifying rateThe greater of your rate + 2% and 5.25% | 6.19% |
| Payment at the qualifying rate | $4,267 |
| Difference to plan for | $752 |
Canadian fixed-rate mortgages compound semi-annually, so the periodic rate is (1 + r/2)^(2/n) − 1 rather than r/n. Using monthly compounding overstates the payment by a few dollars on a typical loan.
Default insurance is required below 20% down and is unavailable above a $1,500,000 purchase price. The premium is calculated on the loan-to-value band and added to the principal, so you pay interest on it for the life of the mortgage.
Accelerated bi-weekly payments are half the monthly payment taken 26 times a year — the equivalent of one extra monthly payment annually, which is what shortens the amortization.
These results are illustrative estimates based on published 2026 rates and typical lender rules. They are not financial, tax, or legal advice, and they are not a mortgage or credit approval. See the methodology and disclaimer.
Back-solve the price that clears GDS and TDS at the stress-test rate.
Stack FHSA, the Home Buyers’ Plan and cash savings into a dated timeline.
Weigh the penalty and fees against the payment you would save.
The 65% revolving and 80% combined loan-to-value ceilings, applied to your home.