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Mortgage Payment Calculator (Conventional & Insured)

Enter your home price, down payment, interest rate, amortization period and how often you pay your mortgage. We’ll estimate your payment and show whether it’s likely a conventional or insured (CMHC-style) mortgage.

Your Mortgage Details

You can fill in either the dollar amount or the % (we’ll link them).
In Canada, insured mortgages are usually capped at 25 years (sometimes 30 years for specific programs), but you can use up to 50 years here for “what-if” calculations.
Monthly and bi-weekly are the most common options many Canadian lenders use.
Estimates only. Actual lender approvals and CMHC rules may differ.

Your Estimated Payment

Conventional estimate
Estimated mortgage payment
$0
Enter details on the left to see your payment.
  • Down payment: $0 (0%)
  • Mortgage before insurance: $0
  • Total mortgage amount: $0
  • Total of all payments over amortization: $0
  • Total interest (and insurance) paid: $0
This is a simplified estimate to help you understand how your payment changes with different down payments, interest rates, amortization periods and payment frequencies.

Conventional vs. Insured (CMHC-Style) Mortgages – in plain language

In Canada, there are two main “flavours” of mortgages you’ll hear about: conventional and insured.

1. Conventional mortgage (no insurance premium built in)

  • You usually have a down payment of 20% or more.
  • No mortgage default insurance premium is added to your mortgage.
  • Your loan amount is simply: home price minus down payment.

2. Insured mortgage (often called “CMHC mortgage”)

  • Your down payment is usually between 5% and 19.99% of the purchase price on an eligible property.
  • Mortgage default insurance (from CMHC or a similar insurer) lets you buy with a smaller down payment.
  • In exchange, the insurer charges a premium (commonly a few percent of your mortgage amount, depending on your down payment). This premium is normally added on top of your mortgage and paid off over time in your regular payments.

What this calculator does for you

  • It looks at your down payment as a % of the price and estimates whether your mortgage would normally be conventional or insured.
  • If you’re in the “insured” range, it adds an estimated CMHC-style premium to the mortgage and shows:
    • Mortgage before insurance
    • Estimated insurance premium
    • Total mortgage after adding the premium
    • Your estimated payment in your chosen frequency
  • You can change the amortization period (1–50 years) and payment frequency to see how paying off your mortgage faster or slower, or more often, changes your payment and your total interest.

This tool is for education and planning. Exact insurance rules, maximum amortizations and premium rates can change over time and can vary by lender, province and your personal situation. Always confirm the final numbers with a licensed mortgage professional.

Frequently Asked Questions

What does this Mortgage Payment Calculator do?

This calculator estimates your mortgage payment for both insured and uninsured mortgages in Canada. It lets you adjust your purchase price, down payment, interest rate, amortization, and payment frequency so you can compare options before you make an offer.

What is the difference between an insured and an uninsured mortgage?

An insured mortgage in Canada has less than a 20% down payment and requires mortgage default insurance. The premium is added to your mortgage and allows you to qualify with a smaller down payment, but increases your total loan amount. An uninsured or conventional mortgage has at least 20% down and does not require mortgage insurance.

Does the calculator automatically add mortgage insurance?

Yes. When your down payment is below 20% and within current Canadian insured mortgage rules, the calculator automatically estimates the mortgage insurance premium and adds it to your mortgage amount so your payment reflects the insured loan.

Are the results from this calculator guaranteed?

No. This tool is for educational and planning purposes only. Exact payments, premiums, and qualification limits depend on the lender, current insured mortgage rules, and your full mortgage application. Always speak with a licensed mortgage professional before making final decisions.

Mortgage payment calculator for insured and uninsured mortgages in Canada

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