Tools
Mortgage Calculator
Calculate your mortgage payment for an Edmonton home. Uses Canadian semi-annual compounding.
Bank of Canada Posted Rates
As of May 14, 2025 · Source: Bank of Canada Valet API
BoC Policy Rate
2.25%
Prime Rate
4.45%
Posted 5yr Fixed
6.09%
Loan Details
Down payment
$21,000 (5.0% of $420,000)
Enter your quoted or expected rate. Current prime: 4.45%, conventional 5yr posted: 6.09%.
Payment Details
Monthly Payment
$0
Principal vs Interest
**Stress test rate = the higher of your contract rate + 2% or the Bank of Canada's conventional 5-year posted rate (6.09% as of May 14, 2025). Your lender may apply different qualifying criteria.
Canadian Down Payment Requirements
Up to $500,000
5%
minimum down payment
$500,001 – $1,499,999
5% + 10%
5% on first $500K, 10% on the rest
$1,500,000+
20%
mortgage default insurance not available
How This Calculator Works
Canadian compounding: Unlike U.S. mortgages, Canadian fixed-rate mortgages compound semi-annually, not monthly. This calculator uses the correct formula.
Default insurance: When your down payment is below 20%, one of Canada's approved insurers (CMHC, Sagan, or Canada Guaranty) insures the loan. The premium is typically added to your mortgage balance.
Accelerated bi-weekly: Half your monthly payment every two weeks = 26 payments/year = 13 monthly payments instead of 12. This can shorten your amortization by several years.
Important Notes
This is an estimate. Actual payments depend on your lender, credit profile, and specific mortgage product. Always confirm with your mortgage professional.
Live rates: The Bank of Canada rates shown above are fetched from the Bank of Canada's public data. They represent posted rates from major chartered banks and update weekly.
Not included: Property tax, home insurance, condo/HOA fees, and maintenance costs. In Edmonton, property tax typically runs 0.7–0.9% of assessed value annually.
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