Mortgage Calculator Canada 2026: Monthly Payments, CMHC and RRSP
March 2026 · 8 min read
Quick Answer
On a C$500,000 mortgage at 5.0% over 25 years your monthly payment is approximately C$2,908. Canada requires mortgage default insurance (CMHC) for down payments under 20%, which adds 2.8-4.0% to the mortgage.
Canadian Mortgage Payment Chart (5.0% Rate)
Monthly payment guide for common Canadian mortgage amounts.
| Mortgage Amount | 20 Years | 25 Years | 30 Years |
|---|---|---|---|
| C$300,000 | C$1,979 | C$1,745 | C$1,610 |
| C$400,000 | C$2,639 | C$2,327 | C$2,147 |
| C$500,000 | C$3,299 | C$2,908 | C$2,684 |
| C$600,000 | C$3,959 | C$3,490 | C$3,221 |
| C$750,000 | C$4,948 | C$4,363 | C$4,026 |
| C$1,000,000 | C$6,598 | C$5,817 | C$5,368 |
Canadian First Home Buyer Programs 2026
Canada offers several programs to help first-time home buyers.
| Program | Benefit | Limit |
|---|---|---|
| First Home Savings Account (FHSA) | Tax-deductible + tax-free withdrawal | C$40,000 lifetime |
| RRSP Home Buyers Plan | Tax-free RRSP withdrawal | C$35,000 per person |
| First-Time Home Buyer Tax Credit | Tax credit of $1,500 | All first-time buyers |
| GST/HST New Housing Rebate | Partial GST rebate on new homes | Homes under C$450,000 |
| Home Buyers Plan (Repayment) | Repay over 15 years | No interest charged |
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Use our free mortgage calculator — select C$ Canadian Dollar from the currency menu.
Calculate Mortgage →Frequently Asked Questions
What are current Canadian mortgage rates in 2026?
Canadian mortgage rates in 2026 range from approximately 4.5% to 6.5%. Five-year fixed rates from the Big Six banks average around 4.8-5.4%. Variable rates are typically linked to the Bank of Canada prime rate. Brokers and online lenders often offer lower rates than direct bank channels.
What is CMHC mortgage insurance in Canada?
CMHC (Canada Mortgage and Housing Corporation) mortgage default insurance is required for high-ratio mortgages where the down payment is less than 20%. Premiums are 2.80% for 15-19.99% down, 3.10% for 10-14.99% down, and 4.00% for 5-9.99% down. The premium is added to your mortgage.
What is the First Home Savings Account (FHSA) in Canada?
The FHSA allows first-time buyers to contribute up to $8,000 per year (lifetime limit $40,000) and deduct contributions from income like an RRSP. Withdrawals for a qualifying home purchase are tax-free like a TFSA. It combines the best features of both accounts.
Can I use RRSP funds for a down payment in Canada?
Yes. The RRSP Home Buyers Plan allows first-time buyers to withdraw up to $35,000 ($70,000 per couple) from their RRSP for a home purchase. The amount must be repaid to the RRSP over 15 years. No tax is paid on the withdrawal if used within 90 days of closing.
What is the stress test for Canadian mortgages?
Canadian lenders must qualify borrowers at the higher of either the contracted rate plus 2% or 5.25%. For example if your rate is 5% you must qualify at 7%. This stress test ensures borrowers can handle rate increases and has reduced maximum borrowing amounts significantly.