613.327.8306
613.327.8306
See your payment on an Ottawa home, how much of it goes to interest over your term, and what you'd need to pass the stress test. It starts with the latest typical rates from the Bank of Canada; change them to the rate you're quoted.
An estimate. Fixed rates are compounded twice a year and variable rates monthly, as is usual in Canada. Your lender confirms your rate, payment and whether you qualify.
How your payments split between interest and principal over your term, at the rate above.
| Year | Interest | Principal | Balance |
|---|
The starting rates are the Bank of Canada's typical 5-year fixed and variable rates for insured mortgages, week of August 25, 2026. They're a realistic starting point, not an offer: rates change every week and differ by lender. For today's best rates, compare lenders or talk to a mortgage broker, then enter your rate above.
Source: Bank of Canada ↗ · Stress test: Financial Consumer Agency of Canada ↗
Your down payment isn't the only cash you need. Land transfer tax, legal fees and, with less than 20% down, the Ontario sales tax on your mortgage insurance premium are all due on closing day.
Land transfer tax calculator → · Mortgage insurance calculator →
From the Bank of Canada, which publishes typical 5-year fixed and variable rates for insured mortgages (less than 20% down) every week. Your own rate depends on your lender, your down payment and your credit, so replace it with the rate you're quoted. Buyers with 20% or more down are often quoted slightly higher rates.
To approve you, lenders check that you could still afford your payments at a higher rate: the greater of 5.25% or your rate plus 2%. It applies to insured and uninsured mortgages. The calculator shows the monthly payment you'd need to qualify for.
The amortization is how long it takes to pay off the whole mortgage, usually 25 years. The term is how long your rate and conditions are locked in, usually 5 years. At the end of each term you renew, often at a different rate, until the mortgage is paid off.
An accelerated bi-weekly payment is half your monthly payment, taken every two weeks. That adds up to one extra monthly payment a year, all of it going to principal, so you pay the mortgage off years sooner and save interest.
With 20% or more down, most lenders offer up to 30 years. With less than 20% down (an insured mortgage), 30 years is available if at least one buyer is a first-time homebuyer or the home is a new build, and CMHC adds 0.20% to the insurance premium.