MORTGAGE TOOLS
Estimate your mortgage
Run the numbers, see how much you can afford, and get pre-approved, all in one place.
Mortgage Details
Your Monthly Payment
$3,930
12 payments per year
Mortgage Summary
Principal vs Interest
Frequently Asked Questions
How much down payment do I need in Canada?
The minimum down payment in Canada is 5% for homes under $500,000. For homes between $500,000 and $999,999, you need 5% on the first $500K and 10% on the remainder. Homes $1M+ require 20% minimum.
What is CMHC mortgage insurance?
If your down payment is less than 20%, you'll need mortgage default insurance from CMHC, Sagen, or Canada Guaranty. The premium ranges from 2.8% to 4.0% of the mortgage amount and is added to your mortgage balance.
What's the difference between bi-weekly and accelerated bi-weekly?
Regular bi-weekly divides your annual payment into 26 equal payments. Accelerated bi-weekly takes your monthly payment, divides by 2, and pays that 26 times, resulting in the equivalent of 13 monthly payments per year instead of 12, paying off your mortgage faster.
How does pre-approval help me?
Pre-approval locks in an interest rate for 90-120 days, tells you exactly how much you can borrow, and shows sellers you're a serious buyer. It's free and doesn't affect your credit score (soft check).
What is the GDS ratio?
The Gross Debt Service (GDS) ratio is the percentage of your gross income needed to cover housing costs (mortgage, taxes, heating, condo fees). Lenders typically require GDS under 39%.
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