Canadian mortgage calculator
What is the payment, what can I afford, and what will my down payment buy. Then see the homes that match.
Short answer ▸
Lenders cap housing costs at about 39% of gross income (GDS) and total debts at 44% (TDS), and you must qualify at the stress-test rate: the greater of your contract rate plus two points or 5.25%. Minimum down payment is 5% of the first $500,000, 10% of the portion up to $1.5 million, and 20% above that. Under 20% down, CMHC insurance is added to the loan at 2.80% to 4.00% depending on the ratio, plus 0.20% for a 30-year amortization. Alberta charges no land transfer tax and no sales tax on the CMHC premium, so Calgary closing costs run well below Ontario or BC.
Fine tune (rate, amortization, taxes, debts)
Go deeper
The four questions a mortgage broker asks that a payment figure cannot answer.
At renewal: what happens when the term ends
A Canadian mortgage is a 25-year amortization sliced into short terms. This is the balance you carry into renewal and the payment at a new rate.
Fixed against variable, over one term
Prepayment: what paying extra actually buys
Break penalty: the number nobody asks about until it is too late
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What this calculator does that most do not
- Semi-annual compounding. Canadian mortgages compound twice a year, not monthly. US-convention math understates what you can carry.
- The CMHC premium is added to your loan, so you pay interest on it for the whole amortization. Calculators that treat it as a closing cost understate the payment.
- Tiered minimum down payment. 5% of the first $500,000, 10% to $1.5 million, 20% above. Not a flat percentage at any price.
- Both rates, separately. You qualify at the stress-test rate and pay at your contract rate. Conflating them is how people end up house-poor.
- Alberta rules. No land transfer tax and no provincial sales tax on the CMHC premium. National calculators bake in Ontario assumptions and overstate Calgary closing costs by thousands.
- Real inventory. 9,393 active listings behind every answer, so the number ends at actual homes.
Keep going
Today's rates and what actually moves them.
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GST rebate on a new build.
Search every Calgary listing on the CREA feed.
Find the right neighbourhood for your budget.
Every calculator on this site.
Questions
How much mortgage can I afford in Canada?
Lenders limit housing costs to roughly 39% of gross income (the GDS ratio) and total debt payments to 44% (TDS), assessed at the stress-test rate rather than your contract rate. With a $120,000 household income, $60,000 down and moderate debts, that typically lands in the mid-$400,000s in Calgary. The calculator on this page solves it exactly, including the CMHC premium that other calculators leave out.
What will a $80,000 down payment buy in Calgary?
By the minimum down payment rules alone, $80,000 supports a purchase up to $1,050,000, because the minimum is 5% of the first $500,000 plus 10% of the portion above it. In practice income almost always binds first, so the real answer is the lower of what your down payment allows and what your income carries. This calculator reports both numbers rather than just the flattering one.
Is the CMHC premium added to my mortgage or paid up front?
It is added to the loan, so you pay interest on it for the full amortization. On a $500,000 purchase with 5% down, the premium is 4.00% of the $475,000 loan, or $19,000, making the actual mortgage $494,000. In Alberta there is no provincial sales tax on the premium; Ontario, Quebec and Saskatchewan charge it and it must be paid in cash.
What is the minimum down payment in Canada?
5% of the first $500,000, 10% of the portion between $500,000 and $1.5 million, and 20% on homes above $1.5 million, which cannot be insured. So a $700,000 home needs $45,000, not $35,000 and not $140,000. These thresholds took effect December 15, 2024.
Does accelerated biweekly actually save money?
Yes, and the calculator shows how much. An accelerated biweekly payment is half the monthly payment made 26 times a year, which is one extra monthly payment annually. On a typical Calgary mortgage that clears the loan roughly three years early and saves tens of thousands in interest, without a rate change.
Sources
- Government of Canada: How much you need for a down payment
- CMHC: Mortgage loan insurance premium schedule
- Government of Canada: Mortgage reforms in force December 15, 2024
- Bank of Canada: Interest rate series
Rules, fees and programs change. Confirm current details with the issuing authority before acting.
Last updated 2026-10-16 · Written by Mohammad Emon, REALTOR® (SRES®) & Licensed Property Manager, KO Realty · RECA licence CON-00133897