Mortgage calculator
Most calculators quote a payment that is off by a few dollars a month and ignore the cash you need on closing day. This one models the Canadian semi-annual convention, the CMHC premium and its sales tax, and Québec's welcome tax bracket by bracket.
Project type
A project type pre-fills the down payment, amortization and typical costs — everything stays editable.
The property
Financing
Accelerated frequencies pay the equivalent of 13 monthly payments a year and shorten the amortization.
On by default: Canadian fixed-rate mortgages compound twice a year, not monthly.
Only affects the insured amortization cap: 30 years instead of 25. HBP, FHSA and tax credits are not modelled.
Closing costs
Brackets sourced for 2025 — indexed every January.
Ongoing costs
Projection
Drives the projected property value — it does not change your payment.
Mortgage payment plus every recurring cost of owning.
Cash needed at closing
Brackets sourced for 2025 — indexed every January.
The loan
At the end of the 5-year term
The federal stress test qualifies you at the higher of your rate plus 2% or 5.25%.
Equity over time
- Your equity
- Property value
- Balance owed
The shaded gap is your equity — what you would keep if you sold at that year's value.
What can I get approved for?
Uses your income against the GDS and TDS ratios lenders apply, at the stress-test rate.
Car loans, student loans, minimum credit-card payments.
Housing costs are the binding limit here (32% of gross income).
What a Québec home actually costs
Every cost between the offer and the first payment — and the two most calculators get wrong.
Already own the property?
Atlas tracks its value, your balance and your equity alongside the rest of your wealth.
Estimates for planning only — not a mortgage pre-approval or financial advice. Confirm every figure with your lender and notary.
Understanding the numbers
A mortgage payment is not just an annuity formula. In Canada it depends on a particular compounding convention, on insurance that becomes mandatory below a threshold, and — in Québec — on a municipal tax nobody sees coming. Here is what the calculator applies, rule by rule.
Semi-annual compounding, and why your payment differs
Canadian fixed-rate mortgages compound twice a year, not monthly — the Interest Act says so. The periodic rate is therefore not the annual rate divided by twelve: it is (1 + r/2)^(2/n) − 1, where n is the number of payments per year.
The gap looks trivial and isn't. On a $300,000 loan at 4.5% amortized over 30 years, naively dividing by twelve overstates the payment by about $7 a month — close to $2,700 over the amortization. On $500,000 at 5.5% it widens to roughly $19 a month. Most online calculators get exactly this wrong; this one applies the Canadian convention by default and lets you switch it off to compare.
The minimum down payment
The legal minimum is progressive, not flat: 5% on the first $500,000, 10% on the portion between $500,000 and $1,500,000, and 20% once the price reaches $1,500,000. On a $500,000 property the minimum is $25,000; on $700,000 it is $45,000 — $25,000 plus 10% of the $200,000 above the threshold.
The $1.5M ceiling replaced the old $1M one on 15 December 2024. Above it no mortgage insurer will write the loan: 20% becomes an absolute floor, not a recommendation. A rental property is never insurable either, at any price.
CMHC insurance and its sales tax
Below a 20% down payment, mortgage default insurance is mandatory. The premium is a percentage of the loan that depends on the loan-to-value ratio, and it is capitalized: it is added to the principal, so you pay it with interest across the amortization rather than at closing.
| Loan-to-value | Premium, % of loan |
|---|---|
| ≤ 80% | None |
| 80% – 85% | 2.80% |
| 85% – 90% | 3.10% |
| 90% – 95% | 4.00% |
The sales tax on that premium cannot be capitalized. In Québec the 9% QST on the premium is due in cash at the notary — a line buyers often discover a week before closing. Ontario (8%) and Saskatchewan (6%) work the same way; other provinces don't tax the premium.
The welcome tax (land transfer duties)
Land transfer duties are progressive: each bracket's rate applies only to the portion of the price that falls inside it. This is why a single percentage — even an "average" one — overstates the bill for every buyer below the top band.
The provincial table is a floor; municipalities may add their own brackets above $500,000, which Montréal does, up to 4%. Thresholds are indexed every January.
| Price bracket | Québec | Montréal |
|---|---|---|
| Up to $61,500 | 0.5% | 0.5% |
| $61,500 – $307,800 | 1.0% | 1.0% |
| $307,800 – $552,300 | 1.5% | 1.5% |
| $552,300 – $1,104,700 | 1.5% | 2.0% |
| $1,104,700 – $2,136,500 | 1.5% | 2.5% |
| $2,136,500 – $3,113,000 | 1.5% | 3.5% |
| $3,113,000 and above | 1.5% | 4.0% |
The bill usually arrives three to six months after closing, and it is not part of the mortgage: it is cash, on top of the down payment.
The stress test
Guideline B-20 requires your lender to qualify you at the greater of two rates: your contract rate plus two points, or 5.25%. You borrow at the real rate, but your borrowing capacity is computed at the qualifying rate — which is why the amount a bank will actually lend is consistently below what a naive calculator promises.
Two debt-service ratios sit on top: GDS (housing costs over gross income) and TDS (GDS plus every other debt). Insured loans tolerate 39% and 44%; conventional loans, 32% and 40%. The calculator's affordability panel applies both and tells you which one is binding.
Accelerated payments
An "accelerated bi-weekly" payment is not a monthly payment cut in half and spread out: it is half the monthly payment, made 26 times a year. You pay the equivalent of thirteen monthly payments instead of twelve, and the thirteenth goes entirely to principal.
The effect is out of proportion to the effort: on a 30-year amortization it takes roughly four years off. The calculator shows the matching interest saving when you change frequency.
What you actually need on closing day
The down payment is only part of the cash. Add the welcome tax, the QST on the insurance premium where it applies, the notary's fees — the deed of sale and the mortgage deed both go through one — the pre-purchase inspection, and the adjustment for municipal and school taxes the seller has already paid.
The calculator totals these under "cash at closing", separately from the monthly payment, because they are two different constraints: one decides whether you can buy, the other whether you can hold.
Frequently asked questions
What is the minimum down payment on a $500,000 home in Québec?
$25,000, or 5%. The minimum is 5% on the first $500,000, then 10% on the portion between $500,000 and $1,500,000, and 20% above that. Below 20%, mortgage default insurance becomes mandatory.
Is CMHC insurance mandatory?
Yes, as soon as the down payment is under 20% of the purchase price. The premium runs from 2.80% to 4.00% of the loan depending on the loan-to-value ratio and is added to the principal. In Québec the 9% QST on that premium is payable in cash at closing.
How is Montréal's welcome tax calculated?
Bracket by bracket: each rate applies only to the portion of the price inside its band. Montréal adds its own brackets above $500,000 to the provincial table, up to 4%. The calculator applies the full table and lets you enter a manual amount for a municipality outside Québec.
What is the mortgage stress test?
A federal requirement (Guideline B-20) that qualifies you at the greater of your rate plus two points or 5.25%. You repay at the real rate, but your borrowing capacity is set at the qualifying rate, which lowers the amount a lender will advance.
What does an accelerated bi-weekly payment change?
You pay half the monthly payment 26 times a year — thirteen monthly payments instead of twelve. The extra payment goes entirely to principal and shortens a 30-year amortization by about four years.
Can you still amortize over 30 years?
On an insured mortgage the amortization is capped at 25 years, except for first-time buyers and new builds, where it goes to 30. With 20% down or more the loan is not insured and the limit is your lender's.
Is the calculator free?
Yes, with no account and no sign-up. Your figures are never sent to a server: they live in the page's address and in your browser, which is what makes a scenario shareable by copying the link.