Your exact
mortgage
payment.
Semi-annual compounding, CMHC insurance, any amortization. The same math your bank uses.
Monthly Cost Breakdown
$500K home · 5% down · 4.14%
Principal
Interest
CMHC
Monthly
$2,636
Principal
$1,583
Interest
$990
CMHC Insurance
$63
HOMEH rebate applied
Cuts mortgage by $7,500
saving you thousands in interest
5–30yr
Amortization range
3
Payment frequencies
CMHC
Insurance included
1.5%
HOMEH Cashback Rebate, 1.5% of the price
Your mortgage
Frequency
Your payment
$2,636
per month
Mortgage
$475,000
CMHC
$19,000
Total interest
$296,850
Total cost
$790,850
Min down payment: $25,000. Canadian rules: 5% on first $500K, 10% on $500K-$1.5M, 20% above $1.5M.
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Mortgage
questions.
Everything about mortgage calculations, rates, and monthly payments.
Can't find your answer?
Contact UsCanadian mortgages are compounded semi-annually, not in advance — a federal requirement that distinguishes Canadian math from US math. Your periodic payment is derived from four inputs: the financed amount (purchase price minus down payment plus any CMHC premium), the contracted interest rate converted to its semi-annual-equivalent periodic rate, the amortization period in periods (e.g. 25 years × 12 = 300 monthly), and the payment frequency. The HOMEH calculator above implements this formula precisely — the same way every Canadian lender does.
CMHC (or Sagen / Canada Guaranty) insurance is mandatory whenever the down payment is below 20% AND the home is priced under $1,500,000. The premium tiers with the down-payment ratio: 4.0% of the loan at 5.00–9.99% down, 3.1% at 10.00–14.99%, and 2.8% at 15.00–19.99%. The premium is added to the mortgage and amortized into your regular payment. Ontario PST on the premium is paid up front at closing, separately from the mortgage.
The federally regulated stress test requires every borrower to qualify at the greater of (a) the contract rate plus 2%, or (b) the Bank of Canada qualifying rate (currently 5.25%). It applies to all federally regulated lenders — every chartered bank — and to most credit unions. The test does not change your actual payment; it only proves you could still afford payments if rates rose. The independent mortgage broker we work with runs the stress-test math during pre-qualification.
Fixed rates lock the interest rate and payment for the entire term, ideal when payment certainty is the priority. Variable rates move with the lender's prime rate; they typically start lower but the payment or amortization adjusts as prime moves. Historically, variable has saved Canadian borrowers money over multi-decade horizons, but the right choice depends on rate-cycle position, term length, and your tolerance for payment movement. Our partner mortgage broker runs both scenarios on your file.
Two ratios decide approval. Gross Debt Service (GDS) — mortgage principal and interest, property tax, heating, plus 50% of condo fees — must stay at or below 39% of gross income. Total Debt Service (TDS) — GDS plus all other monthly debt obligations (car loans, credit cards, lines of credit) — must stay at or below 44%. Pre-qualification through our partner mortgage broker delivers your maximum eligible price under both ratios across 30+ lenders.
Budget 1.5% to 4% of the purchase price on top of the down payment. The line items: provincial Land Transfer Tax (Ontario rates apply), Toronto Municipal LTT (within city limits only), legal fees ($1,500–$2,500), title insurance ($250–$500), home inspection ($400–$700), appraisal where required ($300–$500), and prorated property tax adjustments. Ontario first-time buyers receive up to $4,000 in LTT rebate, and Toronto first-time buyers receive an additional $4,475 MLTT rebate.
Five levers, in order of impact: (1) increase the down payment to lower the financed amount and avoid CMHC, (2) extend the amortization to 30 years if you qualify, (3) negotiate a lower contract rate by shopping multiple lenders, (4) move to bi-weekly accelerated payments to reduce total interest over time, and (5) deploy the HOMEH Down Payment Boost (1.5% of the price) before closing to lower both the mortgage and, in some cases, the CMHC premium tier.
Yes — and it is one of the larger levers. Used as a Down Payment Boost before closing, the 1.5% increases your verified down payment, lowers the financed amount, and can reduce or eliminate the CMHC premium tier. On a $750,000 Ontario purchase with 5% down, redirecting an $11,250 Boost into the down payment can drop the CMHC premium meaningfully. Used as a Cashback Rebate after closing, it does not change the calculator inputs — it lands as cash post-closing.
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