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Mortgage calculator
Estimate your payment with Canadian rules, mortgage default insurance and Quebec's welcome tax.
Monthly payment
$0
- Mortgage amount
- Mortgage default insurance (est.)
- Total interest over amortization
- Monthly cost incl. fees
- Welcome tax, one-time (est.)
Estimates only. Uses Canadian semi-annual compounding and an approximate default-insurance premium for down payments under 20%. The welcome tax (land transfer duties) estimate uses Quebec's standard brackets; many municipalities, including Montreal, Laval and Longueuil, charge higher rates on the portion above about $500,000, and the bill arrives from your municipality a few months after closing. Also budget for notary fees, a pre-purchase inspection and, on a new build, GST and QST (partial rebates may apply). Actual rates, premiums and payments are set by your lender; speak with a mortgage professional before making decisions.
Reading your results
A few things to keep in mind
Down payment rules
The minimum is 5% of the first $500,000 and 10% of the portion above it, up to $1.5 million. At $1.5 million and over, you need 20%.
Default insurance
With less than 20% down, lenders require mortgage default insurance. The premium is added to your mortgage, and the calculator includes an estimate.
Welcome tax
Quebec's land transfer duties are a one-time cost paid a few months after closing. Many towns charge more above about $500,000, so ask for an exact figure.
This calculator gives estimates only. Speak with a mortgage professional for advice on your situation.
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