How is a mortgage payment calculated in Canada?

Your monthly payment covers principal and interest on the mortgage. Canadian fixed-rate mortgages compound semi-annually, not monthly, so the calculator converts your rate the way lenders do, then spreads the mortgage over your amortization. If you put down less than 20%, the CMHC insurance premium is added to the mortgage first.

What is the minimum down payment in Canada?

5% of the first $500,000, plus 10% of the part between $500,000 and $1.5M. Homes priced at $1.5M or more need 20% down. A $600,000 home needs at least $35,000.

Do I need CMHC mortgage insurance?

Yes, if you put down less than 20%. The premium is 2.8% to 4.0% of the mortgage, depending on your down payment, and it is added to your mortgage instead of being paid upfront. Insured mortgages usually get lower rates, which is why Pine’s rates under 20% down are lower.

Can I get a 30-year amortization?

First-time buyers can get a 30-year amortization on an insured mortgage, and so can buyers putting 20% or more down. Repeat buyers with less than 20% down are limited to 25 years, and the calculator applies that limit automatically.

How much cash do I need to close on a home?

Your down payment plus land transfer tax, both due on closing day. In Toronto you pay the Ontario and the Toronto land transfer tax. First-time buyers get up to $4,000 back from Ontario and up to $4,475 back from Toronto. Budget extra for legal fees, a home inspection and moving.

How does Zown lower the cash I need to buy?

When you buy with Zown, you get 1% of the purchase price back from our commission, up to $25,000, paid on closing. On a $600,000 home that is $6,000 toward your closing costs.

Where do these mortgage rates come from?

They are the latest rates from Pine, Zown’s lending partner. Rates under 20% down are for insured mortgages. Rates at 20% or more down apply to homes under $1M. Your actual rate depends on your credit and Pine’s approval.

Can I use this calculator for a mortgage renewal?

Yes. Choose Renewing at the top, enter your balance, the years left and your current rate, and you will see your new payment at Pine’s 5-year fixed rate.

Mortgage Payment Calculator Canada (2026 Rates)

What brings you here?

Home price

$200K$1.5M+

Down payment

Under 20% down, mortgage insurance is added to your loan, and you get Pine’s lower insured rates.

Where are you buying?

First-time home buyer?

First-time buyers get land transfer tax rebates and can stretch to a 30-year amortization.

Pick a rate

Latest rates from

As of Oct 29, 2026

5-year fixedMost popular · fixed payment4.44%3-year fixedShorter term4.39%5-year adjustablePrime − 1.00%3.70%

Estimated monthly payment

$2,788/mo

Mortgage amount$556,740

Includes CMHC insurance$16,740

5-year fixed4.44%

Amortization30 years

Cash you need to close

Down payment plus land transfer tax, due on closing day.

Without Zown

$68,475

With Zown

$62,475

Down payment$60,000

Land transfer tax (ON + Toronto)$16,950

First-time buyer rebate−$8,475

Zown cashback (1%)−$6,000

NEXT STEP

Can you actually afford $2,788/mo?

This assumes you’ll get approved for $556,740. Check what you can really afford and how much Zown saves you. Two minutes, no credit check.

Check what I can afford Talk to a Zown advisor

Latest rateswith

As of Oct 29, 2026

Term	<20% down	20%+ down
5-year fixed	4.44%	4.64%
3-year fixed	4.39%	4.64%
5-year adjustablePrime − 1.00% / − 0.80%	3.70%	3.90%

Rates provided by Pine, Zown’s lending partner, as of October 29, 2026, and subject to change without notice. 20%+ down rates apply to purchase prices under $1M. Rates are for qualified borrowers, subject to credit approval and Pine’s lending criteria; your rate may differ. Payments are principal and interest, using semi-annual compounding. Zown cashback is 1% of the purchase price, up to $25,000, paid on closing. This calculator is an estimate, not a mortgage approval or commitment to lend.

Learn More

Mortgage payment questions, answered

How Canadian mortgage payments, down payments, CMHC insurance and closing costs work.

Still have questions?

Our team can help you understand your options and walk you through the numbers.

See if you qualify

What brings you here?

Home price

$200K$1.5M+

Down payment

Under 20% down, mortgage insurance is added to your loan, and you get Pine’s lower insured rates.

Where are you buying?

First-time home buyer?

First-time buyers get land transfer tax rebates and can stretch to a 30-year amortization.

Pick a rate

Latest rates from

As of Oct 29, 2026

5-year fixedMost popular · fixed payment4.44%3-year fixedShorter term4.39%5-year adjustablePrime − 1.00%3.70%

Estimated monthly payment

$2,788/mo

Mortgage amount$556,740

Includes CMHC insurance$16,740

5-year fixed4.44%

Amortization30 years

Cash you need to close

Down payment plus land transfer tax, due on closing day.

Without Zown

$68,475

With Zown

$62,475

Down payment$60,000

Land transfer tax (ON + Toronto)$16,950

First-time buyer rebate−$8,475

Zown cashback (1%)−$6,000

NEXT STEP

Can you actually afford $2,788/mo?

This assumes you’ll get approved for $556,740. Check what you can really afford and how much Zown saves you. Two minutes, no credit check.

Check what I can afford Talk to a Zown advisor

Latest rateswith

As of Oct 29, 2026

Term	<20% down	20%+ down
5-year fixed	4.44%	4.64%
3-year fixed	4.39%	4.64%
5-year adjustablePrime − 1.00% / − 0.80%	3.70%	3.90%

Learn More

Mortgage payment questions, answered

How Canadian mortgage payments, down payments, CMHC insurance and closing costs work.

Still have questions?

Our team can help you understand your options and walk you through the numbers.

See if you qualify

Mortgage payment calculator

Mortgage payment questions, answered

Still have questions?

Mortgage payment calculator

Mortgage payment questions, answered

Still have questions?