Canadian Mortgage

This mortgage calculator is tailored for the Canadian market. In Canada, mortgages are typically offered with terms of 1 to 10 years, with 5-year terms being the most common. Mortgage rates in Canada are usually quoted as fixed or variable, and mortgages are compounded semi-annually by law.

Canadian mortgage regulations require a minimum down payment of 5% for homes under $500,000, with higher percentages for more expensive properties. If the down payment is less than 20%, mortgage loan insurance from CMHC (Canada Mortgage and Housing Corporation) or other providers is required.

Another key difference is that Canadian mortgages are typically amortized over 25 years, and the borrower must renew their mortgage term every few years, at which point the interest rate may be renegotiated.