Mortgage Calculator USA & Canada

Mortgage Calculator for USA & Canada

Live rates · USA · May 3, 2026

Source: Freddie Mac · updated weekly

Income

Annual gross income

$/yr

Co-borrower income

$/yr

Monthly debts

Car, student, credit card

$/mo

Mortgage

Down payment

Interest rate

Amortization

Housing costs

Property tax rate

%/yr

Monthly HOA / condo fee

$/mo

Max home price

—

based on qualifying ratios

Monthly payment

—

on max purchase price

Qualifying ratios

Front-end ratio

Max 28%

—

Back-end ratio

Max 36%

—

Monthly budget breakdown

Enter your income above to calculate your maximum home price.

Home price

Down payment

20.0% of price

Annual interest rate

Amortization

Payment frequency

Extra monthly payment

$/mo

Monthly payment

—

Loan amount

—

Total interest

—

Total cost

—

Payment breakdown

Principal—

Interest—

Balance & cumulative interest

Balance

Cum. interest

Current loan

Remaining balance

Current rate

Remaining term

yrs

New loan

New rate

New term

Closing costs

Current loan

—

per month

Remaining interest: — Total remaining: —

After refinancing

—

per month

Total interest: — Total + closing: —

Cumulative interest paid (+ closing costs on new loan)

Current loan

New loan

Buying

Home price

Down payment

20.0% of price

Mortgage rate

Amortization

Property tax rate

%/yr

Maintenance + insurance

%/yr

Renting

Monthly rent

$/mo

Annual rent increase

%/yr

Returns & horizon

Home appreciation

%/yr

Renter investment return

%/yr

Analysis period

Monthly housing cost

Owning

—

Renting

—

Net worth at 20 years

Buying

—

Home equity + invested savings

Renting + investing

—

Down pmt + invested savings

Net worth over time

Buying

Renting + investing

Free Mortgage Calculator Suite — USA & Canada

CalcHomeRate is the only free mortgage tool that handles both US and Canadian mortgages in one place — applying the correct compounding rules, CMHC insurance premiums, OSFI stress test, and payment frequency calculations for each country automatically. No registration required. No ads in your way.

🇨🇦 Built for Canada

Semi-annual compounding (Interest Act), CMHC premiums (2.8–4.0%), OSFI stress test max(rate+2%, 5.25%), GDS/TDS ratios 39%/44%

🇺🇸 Built for the USA

Monthly compounding, PMI below 20% down, front-end DTI 28%, back-end DTI 36%, 30yr conventional standard

📊 All payment frequencies

Monthly, semi-monthly, bi-weekly, and accelerated bi-weekly — with full amortization schedule and interest savings breakdown

🔴 Live rate data

Current rates from Freddie Mac (US) and Bank of Canada (CA) updated weekly — prefilled as defaults in every tool

Dedicated calculator pages

Each tool also has its own dedicated page with in-depth explanations, key term definitions, and frequently asked questions — optimised for the specific mortgage question you're trying to answer.

Affordability Calculator

Max home price · GDS/TDS · OSFI stress test · DTI ratios

Mortgage Payment Calculator

All frequencies · CMHC · amortization schedule · extra payments

Refinance Calculator

Break-even · IRD penalty · lifetime savings · renewal analysis

Rent vs Buy Calculator

20-year net worth · crossover year · home appreciation vs investing

Why mortgage calculations differ between Canada and the USA

Canadian mortgage interest is legally required to compound no more frequently than semi-annually under Section 10 of the Interest Act. This means the effective annual rate is calculated as (1 + quoted rate ÷ 2)² − 1, then converted to a monthly rate. US mortgages use monthly compounding (rate ÷ 12). At the same nominal rate, this results in different monthly payments — a gap most mortgage calculator websites ignore entirely.

Canadian buyers below 20% down also pay CMHC mortgage insurance (2.8%–4.0% of the loan amount, added to the mortgage balance), must qualify under OSFI's stress test at the higher of contract rate + 2% or 5.25%, and must stay within GDS (39%) and TDS (44%) debt service ratios. CalcHomeRate applies all of these rules automatically when Canada is selected.

Frequently asked questions

Does CalcHomeRate support both US and Canadian mortgage calculations?

Yes. Toggle between 🇺🇸 USA and 🇨🇦 Canada using the button in the top-right corner. The calculator immediately switches between semi-annual compounding (Canada) and monthly compounding (USA), applies CMHC vs PMI insurance, and adjusts qualifying ratios (GDS/TDS for Canada, DTI for US). All defaults update to market-appropriate rates.

What is the OSFI mortgage stress test in Canada?

The OSFI B-20 stress test requires all Canadian mortgage applicants at federally regulated lenders to qualify at the higher of: their contract rate plus 2%, or 5.25%. At a 4.20% contract rate, you must qualify at 6.20%. This rule applies regardless of down payment size and was introduced to ensure borrowers can handle rate increases at renewal. The affordability calculator applies this stress test automatically when Canada is selected.

How does accelerated bi-weekly mortgage payment work?

Accelerated bi-weekly payments divide your monthly mortgage payment in half and make that payment every two weeks — 26 times per year. Since 26 × half-monthly equals 13 monthly payments per year (rather than 12), you effectively make one extra full payment annually. On a $500,000 Canadian mortgage at 4.20% over 25 years, this typically saves over 3 years of amortization and approximately $35,000–$40,000 in total interest.

How is CMHC insurance calculated in Canada?

CMHC mortgage insurance is required when a Canadian down payment is between 5% and 19.99%. The premium rates are: 4.0% for 5–9.99% down, 3.1% for 10–14.99%, and 2.8% for 15–19.99%. The premium is added to the mortgage balance — not paid upfront. For a $600,000 home with 10% down ($60,000), the CMHC premium is $16,740 (3.1% × $540,000), making the total mortgage $556,740.

Is CalcHomeRate free to use?

Yes, completely free. All four mortgage tools — affordability calculator, payment calculator, refinance calculator, and rent vs buy comparison — are available at no cost with no account registration, no email required, and no limits on usage. The site is supported by advertising only.

Free mortgage guides

In-depth explanations of the rules and formulas behind each calculator — OSFI stress test, CMHC insurance, GDS/TDS ratios, bi-weekly savings, and down payment requirements.