Ontario Mortgage Payment Calculator
Estimate your payment using Canadian semi-annual compounding, and see how rate, down payment and amortization change what you pay.
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Estimates only. Actual rates and payments depend on your lender and qualification. Property tax, condo fees and home insurance are not included. Not financial advice.
How mortgage payments are calculated in Ontario
Canadian fixed-rate mortgages are compounded semi-annually, not monthly. That is a legal requirement under the Interest Act, and it is the main reason a Canadian mortgage payment differs from what a US calculator returns for the same numbers. The periodic rate is calculated as (1 + annual rate ÷ 2)2 ÷ payments per year − 1, then applied to the standard amortization formula. This calculator uses that method.
Variable-rate mortgages in Canada are generally compounded monthly instead. If you are comparing a variable product, treat the result here as an approximation.
Minimum down payment in Canada
The minimum down payment depends on the purchase price, on a sliding scale.
| Purchase price | Minimum down payment | Example |
|---|---|---|
| $500,000 or less | 5% of the purchase price | $450,000 → $22,500 |
| $500,000 to $1,499,999 | 5% of the first $500,000 plus 10% of the remainder | $800,000 → $55,000 |
| $1,500,000 or more | 20% of the purchase price | $1,600,000 → $320,000 |
Mortgage default insurance is not available at or above $1,500,000, so 20% down is effectively mandatory in that band.
CMHC mortgage default insurance premiums
If your down payment is less than 20%, mortgage default insurance is mandatory. The premium is a percentage of the mortgage amount and is normally added to the mortgage rather than paid upfront.
| Down payment | Premium on mortgage amount |
|---|---|
| 5% to 9.99% | 4.00% |
| 10% to 14.99% | 3.10% |
| 15% to 19.99% | 2.80% |
| 20% or more | No premium — insurance not required |
In Ontario the 8% provincial sales tax on the premium cannot be added to the mortgage. Budget for it as a closing cost alongside land transfer tax and legal fees.
Common questions
What is the difference between bi-weekly and accelerated bi-weekly?
Regular bi-weekly spreads the same annual total over 26 payments, so it costs the same as monthly. Accelerated bi-weekly takes the monthly payment and halves it — you make the equivalent of one extra monthly payment each year, which typically shortens a 25-year amortization by roughly three years. Switch the frequency selector above to compare.
What is the mortgage stress test?
Lenders qualify you at the greater of your contract rate plus 2%, or 5.25%. So at a 5.25% contract rate you must show you could afford payments at 7.25%. The calculator shows your stress-tested payment in the results panel when it differs from your contract payment.
Does this include property tax and condo fees?
No. It shows principal and interest only. Property tax in Scarborough and across Toronto is billed separately, and condo maintenance fees are additional. Both count toward the debt-service ratios a lender uses to qualify you.
How much home can I afford in Scarborough?
Lenders generally cap total housing costs at about 39% of gross income and total debt at about 44%. The practical answer depends on your income, existing debt, and down payment. Get in touch for a realistic number based on your situation, or start with a free home evaluation if you are selling first.
Figures reviewed August 2026. Mortgage rules and insurance premiums change — confirm current figures with your lender or mortgage broker before making a decision.