Free tool — Quebec

Mortgage payment calculator

The only calculator that gives you the real figure: payment using the Canadian method, CMHC insurance premium financed into the loan, Quebec’s 9% tax on that premium, and the total cash to plan for at the notary. Nothing left out.

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Principal and interest calculated using the Canadian method (interest compounded semi-annually), including the CMHC insurance premium financed into the loan by the bank and Quebec’s 9% tax on that premium, payable in cash to the lending bank or at the notary. Excludes property taxes and home insurance. CMHC premiums and the $1.5M insurable cap in effect in 2026. The actual rate and terms are set by your lender.

How is a mortgage payment calculated in Quebec?

In Canada, fixed-rate mortgages are calculated with interest compounded semi-annually — a rule specific to the Interest Act, different from the monthly calculation used in the United States. Our calculator applies this method, so the payment shown reflects the reality of a Quebec loan.

The payment depends on the amount borrowed, the rate, the amortization and the frequency. But when the down payment is under 20%, two costs that most calculators forget are added — and our tool calculates them.

The CMHC insurance premium (from 2.8% to 4% of the loan depending on the down payment) is added to the amount borrowed and financed by the bank with the mortgage — you don’t pay it in cash. Quebec’s 9% sales tax on that premium, however, cannot be financed: it is paid in cash, to the lending bank or at the notary, at signing. So our calculator shows the real payment and the total cash to plan for (down payment + tax).

Minimum down payment (2026)

  • Single-family / duplex (occupied): 5% up to $500,000, then 10% from $500,000 to $1.5M
  • Triplex / quadruplex (occupied): 10%
  • Rental building (not occupied): 20%, no CMHC
  • Price of $1.5M and up: 20% (not insurable)

CMHC mortgage insurance: what percentage based on your down payment?

If your down payment is below 20%, your loan must be insured (CMHC, Sagen or Canada Guaranty). The premium is a percentage of the amount borrowed: the smaller your down payment, the higher the premium. Here are the standard 2026 rates.

Your down payment Premium (% of loan)
5% to 9.99% 4.00%
10% to 14.99% 3.10%
15% to 19.99% 2.80%
20% and up No premium

How it works: the premium is added to your mortgage and financed — you don’t pay it in cash. The only exception in Quebec is the 9% tax on the premium, which is payable in cash at signing (at the notary or the bank). Our calculator above automatically applies the right rate based on your down payment and adds the tax.

Example: on a $400,000 loan with a 5% down payment, the premium (4%) is $16,000, financed into the mortgage; the 9% tax on that premium — that is, $1,440 — is paid in cash.

Standard rates for an owner-occupied property. Surcharges may apply (for example a 30-year amortization). Validate your case with your financial institution or your mortgage broker.


Frequently asked questions about mortgage calculation

For a single-family home or duplex you live in: 5% on the portion up to $500,000, then 10% on the portion from $500,000 to $1.5M. Example for $625,000: $37,500 (5% of $500,000 + 10% of $125,000). For an owner-occupied triplex or quadruplex: 10%. For a fully rental building: 20% (CMHC insurance does not apply). Above $1.5M, the loan is no longer insurable and requires 20%.

The premium depends on your loan-to-value ratio: 4.00% of the loan for a down payment of 5 to 9.99%, 3.10% for 10 to 14.99%, and 2.80% for 15 to 19.99%. It is calculated on the amount borrowed and added to your loan (it is financed). With a down payment of 20% or more, no premium is required. Our calculator automatically applies the right rate.

Quebec charges a 9% sales tax on the CMHC insurance premium. Unlike the premium, which is financed by the bank and added to the loan, this tax cannot be financed: it is paid in cash, to the lending bank or at the notary, at the signing of the deed of sale. On a $15,000 premium, for example, that’s $1,350 to pay out of pocket on the day of the transaction. Many buyers forget it — our calculator includes it in the “cash to plan for.”

Yes for the premium itself: the bank adds it to your mortgage amount, which slightly increases your payment — you don’t pay it in cash. No for Quebec’s 9% tax on that premium: it is payable in cash, to the lending bank or at the notary. That’s the distinction our calculator makes visible.

At standard frequency, the difference is minor. It’s the “accelerated bi-weekly” payment (half the monthly payment, taken 26 times a year) that makes a real difference: it adds the equivalent of one monthly payment per year and can cut the amortization by several years. Talk to your mortgage broker.

The payment depends on the amount borrowed, the interest rate and the amortization period. In Canada, interest is compounded semi-annually — that’s the formula our calculator uses. Enter the price, your down payment, the rate and the amortization to get your payment, the CMHC insurance and the total cash to plan for.

Your borrowing capacity depends on your income, your debts and two debt ratios — the GDS (housing costs, limit of about 39% of income) and the TDS (all your debts, limit of about 44%) — as well as the qualifying rate of the stress test. The calculator gives you the payment for a given price, which helps you place your budget; for a precise pre-authorized amount, validate with your financial institution or your mortgage broker.

They are the two ratios lenders use to assess your borrowing capacity. The GDS (gross debt service) compares your housing costs — mortgage payment, municipal and school taxes, heating and 50% of condo fees — to your gross income; the limit is generally 39%. The TDS (total debt service) adds all your other debts (car loan, credit cards, lines of credit, support payments); the limit is generally 44%. In other words, your housing costs should not exceed 39% of your gross income, and all your debts 44%. With the stress test, these ratios determine the amount a lender can grant you. Validate your situation with your financial institution or your mortgage broker.

Ready to move from estimate to purchase?

I support you from pre-qualification to taking possession, and I connect you with trusted mortgage brokers. Let’s talk about your project — free of charge and with no obligation.

Or call / text: (514) 360-8543

Ernso Cléus, residential and commercial real estate broker — RE/MAX Crystal