Buyer tools
Ottawa Mortgage Calculator
See your real monthly payment — including CMHC insurance and an amortization schedule. Free, instant, and no email required.
Your Numbers
Estimated monthly payment
$3,735
Rate locked for 5 years, then renews. Amortization runs 25 years total.
Principal & interest
$3,185
Mortgage amount
$600,000
Estimated cash required at closing
$161,250
- Down payment$150,000
- Estimated closing costs (~1.5%)$11,250
Closing costs estimate covers Ontario + Ottawa land transfer tax, legal fees, title insurance, and home inspection. Actual costs vary.
Monthly Breakdown
- Principal & Interest$3,185
- Property Tax$400
- Heating$150
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Book a ConsultationUnderstanding Your Ottawa Mortgage
In Canada, mortgage interest is compounded semi-annually, not monthly — which is why a quick US-style calculator will give you the wrong number. This tool uses the correct Canadian method.
If your down payment is under 20%, you'll pay CMHC mortgage default insurance. The premium is added to your loan, but the 8% Ontario PST on that premium must be paid in cash at closing — budget for it separately. Our calculator shows both figures clearly.
How is the monthly mortgage payment calculated?
We use the Canadian standard: interest compounded semi-annually, with monthly payments. The result is your principal and interest, plus optional property tax and heating estimates.
When do I have to pay CMHC insurance?
Mortgage default insurance is required when your down payment is less than 20%. The premium is added to your mortgage, while the Ontario PST on that premium is paid in cash at closing.
What down payment do I need in Ottawa?
Minimum 5% on the first $500,000 and 10% on the portion from $500,000 to $1,500,000. Homes over $1.5M require 20% down and are not insurable.