Financial Tools
Run the numbers before you talk to a lender. Our Canadian mortgage calculators give you a realistic picture of what you can afford, what you'll pay monthly, and exactly how much CMHC insurance will cost you.
Estimate your monthly mortgage payment
Monthly Payment
per month
Gross Debt Service ratio — your housing costs (mortgage, taxes, heat) should not exceed 39% of your gross monthly income.
Total Debt Service ratio — all monthly debt payments including housing should not exceed 44% of your gross monthly income.
All insured mortgages must qualify at the Bank of Canada's 5-year benchmark rate or your contract rate + 2%, whichever is higher.
A fixed-rate mortgage locks your interest rate for the entire term (typically 1–5 years), giving you predictable payments regardless of what the Bank of Canada does with its overnight rate. This is the most popular choice for Canadian homebuyers who value payment stability.
A variable-rate mortgage fluctuates with the Bank of Canada prime rate. When rates fall, you pay less interest; when rates rise, you pay more. Variable rates have historically been lower than fixed rates over long periods, but they carry more short-term risk. In 2025, with the Bank of Canada having cut rates multiple times from the 2023 peak, variable rates are increasingly attractive.
Your amortization period is the total length of time it takes to pay off your entire mortgage — typically 25 years in Canada (up to 30 years for insured mortgages on new builds as of 2024). A longer amortization means lower monthly payments but more total interest paid.
Your mortgage term is the length of your current rate agreement — typically 1–5 years. At the end of each term, you renew at the current market rate. Most Canadian homeowners renew their mortgage 4–6 times over the life of their amortization.
Common Questions
Answers to the most common questions Ontario homebuyers have when using our mortgage calculators.
Our calculator uses the standard Canadian mortgage payment formula with semi-annual compounding (as required by the Interest Act). Results are highly accurate for planning purposes. Your actual payment may vary slightly based on your lender's specific compounding method, property tax estimates, and whether CMHC insurance is added to your balance.
In Canada, the minimum down payment is 5% for homes priced under $500,000. For homes between $500,000 and $999,999, it's 5% on the first $500,000 and 10% on the remainder. For homes $1,000,000 and above, a minimum 20% down payment is required by law — CMHC insurance is not available for these properties.
The payment calculator shows your principal and interest payment only. Your actual monthly housing cost will also include property taxes (typically $300–$700/month in Ontario depending on municipality and property value), home insurance ($100–$200/month), and if applicable, condo maintenance fees. Lenders include these in your GDS ratio calculation.
CMHC mortgage insurance is required when your down payment is less than 20%. The premium ranges from 2.80% to 4.00% of your mortgage amount, depending on your down payment percentage. It is not paid upfront — it is added to your mortgage balance and amortized over the life of your loan. You do pay provincial sales tax on the premium at closing in Ontario (8% PST on the CMHC premium amount).
Canada's mortgage stress test (OSFI B-20) requires you to qualify at the higher of 5.25% or your contract rate + 2%. This means if you're offered a 5.0% rate, you must prove you can afford payments at 7.0%. In practice, this reduces your maximum qualifying mortgage by approximately 20–25% compared to qualifying at your actual rate. Our affordability calculator already applies the stress test in its calculations.
Absolutely. The mortgage payment calculator works for any mortgage scenario — purchase, refinance, or renewal. Simply enter your remaining mortgage balance as the "home price" and set the down payment to 0% (or enter your current equity). The affordability calculator is most useful for purchase scenarios, while the CMHC calculator applies specifically to insured mortgages with less than 20% down.
Under Bill C-4 (Royal Assent March 12, 2026), first-time buyers purchasing new homes up to $1M are eligible for a full federal GST rebate (5%). Ontario went further — removing the full 13% HST for all buyers on new homes up to $1M until March 31, 2027. Use our GST/HST Rebate Calculator tab to see your exact savings based on your purchase price and province.
Our licensed Ontario mortgage brokers compare 30+ lenders to find your best rate. Free consultation — no obligation, no hard credit pull until you're ready.
About These Calculators
Our Canadian mortgage calculator suite is designed specifically for Ontario homebuyers, homeowners, and real estate investors. Unlike generic mortgage calculators, our tools reflect the specific rules of the Canadian mortgage market: semi-annual compounding (as required by the Interest Act), CMHC insurance premium tiers, the federal mortgage stress test (OSFI B-20), and the GDS/TDS ratio limits used by Canadian lenders.
The Mortgage Payment Calculator uses the standard Canadian mortgage payment formula with semi-annual compounding to give you an accurate monthly payment estimate. The Affordability Calculator applies the standard GDS (39%) and TDS (44%) ratios used by Canadian lenders, plus the stress test, to give you a realistic maximum home price based on your income and existing debts. The CMHC Insurance Calculator shows you the exact premium tier that applies to your down payment percentage and the total insured mortgage amount. The GST/HST Rebate Calculator reflects the new federal and Ontario rebates introduced under Bill C-4 (Royal Assent March 12, 2026).
These calculators are provided free of charge by Greenhouse Mortgage Services Inc. (FSRA Brokerage Licence #13468), a licensed Ontario mortgage brokerage based in Burlington, ON. While our calculators are highly accurate for planning purposes, your actual mortgage approval will depend on your specific credit profile, employment history, property type, and the lender's current underwriting criteria. For a precise pre-approval, book a free consultation with one of our licensed advisors.
Greenhouse Mortgage
Greenhouse Mortgage Services Inc. is a licensed Ontario mortgage brokerage serving Burlington, Hamilton, Oakville, Mississauga, the Greater Toronto Area, and all of Ontario. We compare 30+ lenders to find the best mortgage rate and product for every client — at no cost to you.