Canada Mortgage Calculator
5-year conventional (posted):6.19%· Oct 2026
Your loan
Pre-filled with the latest official average: 6.19% (Oct 2026, Bank of Canada).
- Principal & interest$3,646
- Property tax$467
- Insurance$175
Upfront costs
- Down payment$140,000
- Transfer tax%$10,500
- Legal fees%$2,100
- Cash needed at purchase$152,600
What if interest rates change?
Your payment today is just the start. See how it could move if rates go up or down during your loan.
Range: 5.88% to 6.50% · The rate resets once a year after month 60.
Likely range of your monthly payment
- Most likely
- 80% of outcomes
- Middle 50% of outcomes
- If today's rate holds
In 8 out of 10 simulated futures, you pay between $525,080 and $543,534 in total interest (today's rate: $533,921).
| Scenario | Avg. monthly | Highest monthly | Total interest | vs. today |
|---|---|---|---|---|
| Rate stays at 6.19% | $3,646 | $3,646 | $533,921 | — |
| Drops to 5.88% at first reset | $3,576 | $3,646 | $512,869 | ▼ −$21,052 |
| Rises to 6.50% at first reset | $3,717 | $3,735 | $555,210 | ▲ +$21,288 |
| Climbs steadily to 6.50% | $3,671 | $3,695 | $541,289 | ▲ +$7,368 |
| Falls steadily to 5.88% | $3,622 | $3,646 | $526,600 | ▼ −$7,322 |
| Spikes to 6.50% for 3 years | $3,664 | $3,735 | $539,231 | ▲ +$5,309 |
Based on 600 simulated rate paths that drift randomly within your range and tend back toward today's rate. This is an illustration, not a forecast.
Loan balance over time
- Remaining balance
- Interest paid (cumulative)
- Principal paid (cumulative)
Interest rates in Canada
Monthly averages. Sources: Bank of Canada
Buying a home in Canada: rules and costs
- Fixed-rate mortgages in Canada compound semi-annually by law, which this calculator applies automatically.
- Minimum down payment: 5% of the first $500,000, 10% of the portion up to $1.5 million, and 20% above that.
- With less than 20% down, mortgage default insurance (CMHC or private) is required and added to the loan: 4.00% of the loan with 5–9.99% down, 3.10% with 10–14.99%, 2.80% with 15–19.99%.
- Insured mortgages are limited to 25-year amortization, or 30 years for first-time buyers and new builds.
- Borrowers must qualify at the higher of their contract rate + 2% or 5.25% (the federal stress test).
- Land transfer tax is provincial (Toronto charges a municipal one on top); Alberta and Saskatchewan charge only small registration fees.
Sources: Financial Consumer Agency of Canada · CMHC mortgage loan insurance · Rules last reviewed 2026-10.
Frequently asked questions
How is the monthly mortgage payment calculated?
For an equal-payment loan, the payment is P × i × (1 + i)^n ÷ ((1 + i)^n − 1), where P is the loan amount, i the monthly interest rate and n the number of months. Taxes, insurance and fees are added on top.
What is the current average mortgage rate in Canada?
The latest official figure is 6.19% for 5-year conventional (posted) (Oct 2026, source: Bank of Canada). Your own rate depends on your deposit, income, credit history and lender.
How much does a 1-point rate rise change my payment?
On a $560,000 loan over 25 years, going from 6.19% to 7.19% raises the monthly payment from $3,646 to $3,988 — about $342 more each month.
What upfront costs should I budget for in Canada?
On a $700,000 purchase, expect about $12,600 in taxes and fees on top of your down payment. The breakdown is shown in the calculator above.
Can this calculator predict future interest rates?
No. The scenario tool shows a range of possible outcomes based on the band you choose. Nobody can predict rates reliably — use it to check whether you could still afford the loan if rates rise.