E-Z Canadian Mortgage Payment Calculator

Use this Easy Method to Estimate Your Canadian Mortgage Monthly Payment

The table below is a great way of estimating a monthly mortgage payment for Canadian mortgages.  We calculate the payment per $100,000 borrowed; then you can easily do the math. For example, for a $200K mortgage - just double the payment factor!  AND, you just have to remember ONE number while you house shop and do the math on the fly!

Canadian Mortgage Payment Factors


  1. Determine the current 5-Year Fixed Mortgage Rate, which is easiest to qualify for. Click here and make a note then return to this page (Use 'My/Best Rates').
  2. Run your finger down the left column of the table below to find the rate (round to the nearest 1/4%).
  3. Choose your desired amortization period across the top of the table (25 years has the lowest payment and is easiest to qualify for first-time buyers). 
  4. At the intersection of the column and row is your mortgage payment per month per $100,000 borrowed.

For example, $100,000 borrowed at 3.50% and amortized over 25 years will have a monthly payment of $499.  Now just remember that number while you house shop!



Example for a $350,000 house with 5% down:  $1708/mo is the payment calculated as follows: $350K x 0.978* = $342,300/100,000 is 3.423. Payment factor per $100K @3.50% amortized over 25 years is $499/mo.  Multiply 3.423 by $499 = $1708/mo. (* this factor = 5% down plus CMHC insurance)


As licensed professional mortgage brokers, we know exactly what it takes to qualify you for a mortgage and we do more than just get you a great mortgage at a great rate, we will show you the way, too.

Can I get a mortgage? Find out now.
Family using EZ-Mortgage-Payment-Table to calculatate monthly mortgage payment

A couple of important points:

  • First Time Buyers will find it easiest to qualify on a 5 Year fixed-rate contract, so use the best rate from the interest rate chart.
  • A 25 year amortization is the maximum available if your down payment is less than 20%.  Longer amortization periods are popular with first time buyers as it means you can qualify for a larger loan for a given income level. Then, as your budget permits, increase your payments to decrease the amount of time it takes to pay of your mortgage and the amount of lifetime interest you will pay.
  • You have to renew your mortgage and interest rate at the end of every contract term.
  • Keep in mind that interest rates fluctuate all the time.  Will you be able to afford your payments if interest rates have gone up by 2% at renewal?  Do some "what-if" analysis.
  • For more comprehensive calculations, check out our mortgage calculators page.

What Other Monthly Payments Will You Have?

Besides your monthly mortgage payment from above, you will need to account for the following items in your monthly budget:

  • Property taxes, usually printed on the MLS listing sheet for properties listed with Realtors.
  • Homeowners' / fire insurance – use a factor of $2.00/$1,000 in value
  • Mortgage Default Insurance (for down payments <20%) varies and is added to the loan amount in calculating your monthly payment. For example, with 5% down and a loan amortized over 25 years, roughly 2.75% or $2,750 is added to your mortgage balance for each $100,000 borrowed, which will increase your monthly payment marginally.
  • Utilities. Ask Realtor/Seller to supply historical information, but expect at least $300 on average per month for gas, power, water & sewer.  Plus more for telephone, cable TV, Internet, etc.

Would you like to know the purchase price you would qualify for and a more exact payment?

Home Buyer Pre-Assessment Questionnaire



View Our Current Mortgage Rates