Tool · Ottawa Mortgage Calculator
See your real monthly payment — including CMHC insurance, stress test rate, and total cost of borrowing. Built for Ottawa first-time buyers.
Home price & down payment
Mortgage details
Additional costs
Estimated monthly payment
$0
per month
Mortgage stress test
You must qualify at: —
—
If your down payment is under 20%, CMHC mortgage default insurance is added to your mortgage. The premium is 4.0% (5–9.99% down), 3.1% (10–14.99% down), or 2.8% (15–19.99% down). Over 20% — no CMHC.
Canadian lenders must qualify you at the higher of your contract rate + 2%, or 5.25%. This means you need to qualify at a higher rate than you'll actually pay — and your true purchasing power is slightly lower than the numbers suggest.
Most insured mortgages (under 20% down) have a maximum 25-year amortization. As of 2024, new builds allow 30-year insured amortization. Uninsured mortgages (20%+ down) can go up to 30 years with most lenders.
Accelerated bi-weekly payments are calculated as half the monthly payment paid every two weeks — resulting in one extra monthly payment per year. This can shave years off your amortization and save thousands in interest.
A calculator gives you estimates. A pre-approval gives you certainty. Book a free first-time buyer call and we'll point you to the right mortgage professional for your situation.
Book a free call with Dwayne & Mallory