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Quebec mortgage calculator

Mortgage payment & affordability calculator.

Estimate your payment with mortgage insurance included, or see how much home your income may support under the federal stress test.

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Payment frequency

Monthly payment

$0

Total mortgage
$0
Total interest
$0
Insurance premium
$0
QC tax on premium (9%)
$0
Loan-to-value
0%
Paid off in
25 years
Get a real number for your situation

Estimate only. Uses Canadian semi-annual compounding. Mortgage default insurance (CMHC-style premium) is added automatically when the down payment is under 20% and the price is under $1.5M. Property taxes, condo fees, home insurance and closing costs are not included. Not a rate offer or approval.

Minimum down payment

5% of the first $500,000 and 10% of the portion between $500,000 and $1.5M. Homes priced at $1.5M or more need at least 20% down.

Mortgage insurance

Under 20% down, a default insurance premium of 2.80% to 4.00% of the loan is added to the mortgage. In Quebec, 9% provincial tax on the premium is paid at closing.

Stress test

Lenders qualify you at the higher of your contract rate plus 2% or 5.25%, even though you pay the actual rate.

Questions

Understanding your numbers.

All mortgage questions
Why is my qualifying amount lower than this calculator suggests?
The payment calculator uses your actual rate. Lenders qualify you at a higher stress-test rate and also look at your other debts and housing costs. Use the affordability tab for a closer estimate.
How is mortgage insurance calculated?
When you put down less than 20% on a home under $1.5M, an insurance premium of 2.80% to 4.00% of the loan, based on your down payment, is added to the mortgage. A 30-year amortization adds 0.20%. In Quebec, 9% sales tax on the premium is paid in cash at closing.
What is an accelerated bi-weekly payment?
Half of your monthly payment, paid every 2 weeks. Because there are 26 payments a year, you make the equivalent of 1 extra monthly payment each year, which shortens your amortization and saves interest.
Why does the calculator compound semi-annually?
In Canada, fixed-rate mortgage interest is compounded semi-annually by law, not monthly. This calculator follows that rule, so results match what Canadian lenders quote.

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