Find out what your monthly payment will look like. Uses the proper Canadian formula (semi-annual compounding), includes CMHC insurance for high-ratio mortgages, and shows total interest over the life of your loan.
A mortgage payment is only part of what you'll actually pay every month to live in a Toronto home. The other costs add up fast — and these are the surprises that catch first-time buyers.
Canadian fixed-rate mortgages compound semi-annually, not monthly like US mortgages. The effective monthly rate is computed from the semi-annual rate using the formula (1 + r/2)^(1/6) − 1, then applied to the standard amortization formula. This calculator uses the correct Canadian formula.
CMHC mortgage default insurance is required for any mortgage with less than 20% down payment. Premiums range from 2.8% to 4.0% of the loan amount depending on the down payment percentage, and are added to the mortgage balance — you pay interest on the premium too.
For homes priced up to $500,000: 5% minimum. For the portion between $500,000 and $1,500,000: 10%. Homes over $1,500,000 require 20% down. As of December 2024 the high-ratio cap was raised from $1M to $1.5M, opening high-ratio options for more Toronto buyers.
Depends on your tolerance for payment variability and your view of where rates are going. Fixed-rate gives certainty for the term (usually 5 years). Variable can be cheaper if rates drop but more expensive if they rise. As of mid-2026, most buyers are choosing 3-year fixed terms while waiting to see how rates settle.
True "accelerated bi-weekly" payments save real money — you make 26 payments per year instead of 24, which means one extra monthly payment per year goes directly to principal. On a 25-year amortization, this typically shaves about 3 years off your loan.
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