Mortgage Calculator
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Mortgage Calculator
These calculators are for estimation purposes only. Contact us for accurate figures.
Call (416) GET-ALDOMortgage Calculator — Frequently Asked Questions
What is the minimum down payment required in Canada?
In Canada, the minimum down payment is 5% for homes priced up to $500,000. For homes between $500,000 and $999,999, you need 5% on the first $500,000 and 10% on the remaining amount. For homes priced $1,000,000 or more, a minimum of 20% is required and CMHC insurance is not available.
What amortization period should I choose for my Canadian mortgage?
The maximum insured amortization in Canada is 25 years. If your down payment is 20% or more (conventional mortgage), you can amortize up to 30 years. A longer amortization reduces monthly payments but increases total interest paid. Most Toronto buyers choose 25 years for the balance of affordability and equity growth.
How does the interest rate affect my monthly mortgage payment?
Even a small change in rate has a large effect. On a $700,000 mortgage at 25-year amortization, moving from 4.5% to 5.5% increases your monthly payment by roughly $350–$400 and adds tens of thousands in total interest. Our calculator lets you test any rate scenario instantly.
What is the difference between a fixed and variable mortgage rate in Canada?
A fixed rate stays the same for the entire term (typically 1–5 years), giving you predictable payments. A variable rate moves with the Bank of Canada's prime rate — it can save you money when rates fall but increases your payment when rates rise. Both are available as insured or conventional mortgages.
What mortgage stress test rate applies in Canada?
Since 2018, all Canadian mortgage applicants must qualify at the higher of their contract rate plus 2%, or 5.25% (whichever is greater). This means even if your rate is 4.5%, you must qualify at 6.5%. Our affordability calculator accounts for the stress test.
Can I pay off my mortgage early in Canada?
Yes — most Canadian mortgages allow annual prepayments of 15–20% of the original principal without penalty, plus the option to increase your regular payment by the same percentage. Paying even $200–$500 extra per month can cut years off your amortization and save tens of thousands in interest.
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