Wondering what your mortgage payments actually look like? This free Vancouver mortgage calculator uses true Canadian semi annual compounding, so the figure you see is the figure your lender quotes. Adjust your down payment, rate, amortization, and payment frequency, then watch how a bigger down payment or an accelerated schedule can save you thousands in interest.
Mortgage Payment Calculator
See your payment by frequency, the CMHC insurance premium if your down payment is under 20%, and the total interest over your amortization.
Estimates use Canadian semi annual compounding and are for illustration only. They are not a mortgage approval or an offer of financing. CMHC insurance applies to qualifying homes under $1,500,000 with less than 20% down. Confirm rates and qualification with your mortgage professional. Sources: CMHC premium schedule.
The payment is only part of the picture. Here is the rest of it.
How much do I need for a down payment in Canada?
The minimum is 5% on the first $500,000 of the price and 10% on the portion between $500,000 and $1.5 million. At $1.5 million and above, 20% down is the minimum. On an $800,000 home that works out to $55,000: $25,000 on the first half million, $30,000 on the next $300,000. Anything under 20% down also requires mortgage default insurance.
What is the mortgage stress test?
Lenders do not qualify you at the rate you will actually pay. They qualify you at the higher of your contract rate plus 2%, or the benchmark rate of 5.25%. So a 4.5% mortgage is tested as if it were 6.5%. That is why the amount you qualify for is lower than the payment math alone suggests, and why a pre-approval matters more than an online estimate.
What is CMHC insurance and what does it cost?
With less than 20% down, your mortgage must be insured. The premium runs from 2.8% to 4% of the loan depending on your down payment, with the highest rate applying at 5% down. It is almost always added to the mortgage rather than paid in cash, so you pay it off over the life of the loan. The calculator above includes it automatically when your down payment is under 20%.
What does my monthly payment not include?
The mortgage payment leaves out property tax, home insurance, utilities, and strata fees if you are buying a condo or townhouse. It also says nothing about your one-time closing costs: Property Transfer Tax, legal fees, and adjustments. PTT is usually the biggest of those. My Property Transfer Tax Calculator gives you that number in seconds, including the first-time buyer exemption.
Should I get pre-approved before I start looking?
Yes, and before you fall in love with anything. A broker or lender confirms what you can actually borrow and holds a rate for you, usually for 90 to 120 days. It sets your real budget, and when you find the right home it makes your offer stronger, because the seller knows your financing is not a guess.
Want a real number instead of a calculator estimate? Call or text 604 842 6274 and I will connect you with a broker I trust, no strings attached.
Figures current as of August 2026. Down payment tiers and stress test rules are federal and can change.