Canadian Mortgage Calculator
Canadian Mortgage Information
Down Payment Requirements
- Minimum 5% for homes under $500,000
- 5% for first $500,000, 10% for remainder up to $1 million
- 20% for homes over $1 million
CMHC Insurance
- Required for down payments under 20%
- Protects lenders against default
- Premium based on down payment percentage
Payment Frequencies
- Monthly: 12 payments per year
- Semi-monthly: 24 payments per year
- Bi-weekly: 26 payments per year
- Weekly: 52 payments per year
- Accelerated: Extra payments towards principal
Accelerated payments can help you pay off your mortgage faster and save on interest.
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Mortgage Tips
- Compare rates from multiple lenders
- Consider pre-payment privileges
- Save for a larger down payment
- Check your credit score