Planning to buy a home in Ontario? Use our free mortgage calculator to estimate your monthly payments, see how your down payment affects CMHC insurance, and compare payment frequencies. For exact numbers tailored to your situation, book a free consultation.
How to use this mortgage calculator: Enter your home price, down payment, interest rate, and amortization period. The mortgage calculator estimates your monthly payment, including principal and interest. For down payments under 20%, it also estimates your CMHC insurance premium.
For personalized mortgage advice in Ontario, consult a licensed mortgage broker. Mortgage brokers in Ontario are regulated by the Financial Services Regulatory Authority of Ontario, which protects consumers and ensures brokers meet professional standards. A licensed broker can help you understand your mortgage calculator results and find the best rates for your unique situation. Kia Pakravan is a licensed Ontario mortgage broker (FSRA licence #13380), serving clients since 2016. Whether you’re buying your first home, renewing your mortgage, or refinancing, get expert guidance tailored to your needs. Use the mortgage calculator above to estimate your monthly payments, then contact Kia for exact numbers and personalized advice. The mortgage calculator is a great starting point, but a broker provides the personalized service you deserve. Call (416) 716-9696 for a free, no-pressure consultation today. Contact us today for expert guidance and personalized service.
Mortgage Payment Calculator
Estimate your mortgage payments in Ontario. Uses the standard Canadian semi-annual compounding method.
Each bank’s currently advertised 5-year fixed rate. Actual rates vary by down payment and credit profile — and a mortgage broker can often beat advertised bank rates.
$0 / month
View year-by-year amortization schedule
| Year | Interest paid | Principal paid | Balance |
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Estimates only, for illustration. Actual payments depend on your lender’s terms, exact rate, and closing costs. CMHC premiums shown use standard owner-occupied rates (2.80%–4.00% for down payments under 20%). Bank rates shown are advertised 5-year fixed rates and change over time. This is not financial advice.
Mortgage Calculator FAQs
How are mortgage payments calculated in Canada?
Canadian lenders calculate payments using semi-annual compounding. Your payment is based on the mortgage amount, the contract rate converted to an effective periodic rate, and your amortization period — which is why the same rate can produce slightly different payments at different lenders.
What down payment do I need to buy a home in Ontario?
You need at least 5% down on the first $500,000 and 10% on any amount between $500,000 and $999,999. Homes priced at $1 million or more require a minimum 20% down payment. Putting down less than 20% means you’ll need CMHC mortgage default insurance.
What is the CMHC insurance premium?
The CMHC premium ranges from 2.80% to 4.00% of the mortgage amount, depending on your loan-to-value ratio. It gets added to your mortgage balance, so you pay it off gradually with interest over your amortization — not as a lump sum up front.
How accurate is this mortgage calculator?
It gives a close estimate using the standard Canadian calculation method, but your actual payment will depend on your lender’s exact terms, rate, and closing costs. For exact numbers based on your situation, book a free consultation.