Planning estimate, not a mortgage approval. Amounts are illustrative, subject to lender terms, mortgage insurance eligibility, property-specific closing costs and future rate changes. Your inputs are calculated in your browser and are not sent to VeeLegacy.
Monthly principal + interest, including an estimated financed default-insurance premium where applicable.
Closing cash = down payment + entered land transfer tax + entered other closing costs + estimated sales tax on the insurance premium. Excludes deposits already paid, incentives, rebates not entered, and other unanticipated costs.
Debt service ratios here use mortgage payment, property tax, heating and half of condo fees; TDS also includes entered debt payments. Actual lender calculations and underwriting rules may differ.
How the numbers work
The calculator estimates monthly payments using a standard Canadian fixed-rate convention: nominal annual interest compounded semi-annually and converted to an effective monthly rate. Your lender's calculations may differ, particularly for variable-rate mortgages and fees. When applicable, an illustrative CMHC mortgage insurance premium is added to the loan amount. For an eligible 30-year insured mortgage the standard 0.20 percentage-point premium surcharge is included.
Land transfer tax, legal costs and other closing expenses are one-time costs, not part of your mortgage payment. The interest rate is an example you provide; this page does not quote a live lender rate or assess your eligibility. The calculator is free to use, including for people who did not buy an ebook.
Official Canadian references:
- CMHC mortgage calculator
- CMHC insurance premium schedule
- FCAC mortgage affordability and debt service guidance
Last reviewed October 2026. If you would like a personalized discussion of your financial preparations, book a VeeLegacy financial consultation. Mortgage approval and rates must be confirmed with your lender or licensed mortgage professional.