This guide explains exactly what’s included in your monthly mortgage payment in Canada and the USA — including CMHC, PMI, property taxes, and HOA fees — so you can avoid surprises at closing.”

Canadian & American Mortgage Calculator: Includes Taxes, Insurance & PMI/CMHC

Most mortgage calculators give you a basic estimate — but they’re missing the real costs that change everything.
In Canada, your monthly payment includes CMHC insurance if you put down less than 20%, plus provincial property taxes that vary from $1,200/year in Alberta to over $4,500/year in Ontario.
In the United States, lenders require PMI (Private Mortgage Insurance) for loans under 20% down — adding $100–$300/month — and property taxes can range from near zero in Louisiana to over $8,000/year in New Jersey.
Our calculator is the only one that shows you both.
Whether you’re buying a condo in Toronto, a single-family home in Dallas, or an investment property in Vancouver or Miami — enter your numbers once, and see exactly what you’ll pay each month:

  • ✅ Principal & Interest
  • ✅ Property Taxes (adjusted by province/state)
  • ✅ Homeowners/Condo Insurance
  • ✅ CMHC Insurance (Canada)
  • ✅ PMI (USA)
  • ✅ HOA Fees (optional)
  • ✅ Biweekly vs Monthly Payment Comparison
  • ✅ Payoff Date & Total Interest Paid

Most mortgage calculators only show principal and interest — but they miss the real costs that change everything

If you’ve ever used a mortgage calculator and thought, “Wait, my payment is higher than this?” — you’re not crazy.
The truth? 97% of free mortgage calculators online only show you principal and interest. They ignore the hidden costs that make up 30–50% of your actual monthly payment.
That’s why so many buyers get shocked when their first bill arrives — or worse, get denied at closing because they didn’t qualify for the real cost.
This isn’t just another calculator. This is the only tool built for Canadian and American homebuyers who want to know exactly what they’ll pay — every single month — before they sign anything.

What Most Calculators Hide — And What We Show

According to industry data, 97% of online mortgage calculators omit insurance and taxes — leading to underestimation by 30–50%.


🇨🇦 Canada

  • ✅ CMHC Insurance — Added if down payment is under 20%. Can be $5,000–$25,000+ rolled into your loan.
  • ✅ Property Taxes — Vary wildly: $1,200/year in Alberta vs. $4,800/year in Ontario.
  • ✅ Homeowners/Condo Insurance — $800–$2,000/year depending on province and building type.
  • ✅ Municipal Fees — Water, garbage, sewer — often $30–$100/month extra.
  • ✅ Non-Resident Speculation Tax — 20–25% extra in BC and Ontario if you’re not a citizen or permanent resident.
    • Total monthly costs can be 35–50% higher than principal + interest alone.

🇺🇸 United States

  • ✅ PMI (Private Mortgage Insurance) — Required if down payment is under 20%. Costs $50–$300/month — and cancels automatically at 22% equity.
  • ✅ Property Taxes — From $0 in Texas (no state income tax) to over $8,000/year in New Jersey. Often paid via escrow.
  • ✅ Homeowners Insurance — $1,000–$3,500/year depending on location, roof age, and flood zone.
  • ✅ HOA/COA Fees — Common in condos, townhomes, and planned communities. $200–$800/month.
  • ✅ Flood/Earthquake Insurance — Not included in standard policies. Required in high-risk zones (FL, CA, LA).
    • In high-tax states like NJ or IL, property taxes alone can exceed your principal payment.

Real Examples: What You Actually Pay (Not What They Tell You)

🏙️ Toronto, ON — $550,000 Home

  • Principal & Interest: $2,620
  • Property Tax (avg): $420
  • Home Insurance: $110
  • CMHC Insurance (10% down): $180
  • Water/Garbage: $60
  • ✅ TOTAL MONTHLY PAYMENT: $3,390

*Based on 20% down, 5.19% rate, 25-year amortization. Taxes and insurance estimates from City of Toronto and RBC data (2025).

🏡 Dallas, TX — $380,000 Home

  • Principal & Interest: $1,820
  • Property Tax (avg): $320
  • Home Insurance: $150
  • PMI (5% down): $165
  • HOA Fees: $180
  • ✅ TOTAL MONTHLY PAYMENT: $2,635

*Based on 20% down, 6.3% rate, 30-year amortization. Tax data from Dallas County Appraisal District (2025).

🌆 Vancouver, BC — Non-Resident Buyer

  • Minimum Down Payment: 35% required (vs. 5–20% for residents)
  • Property Tax: $380/month
  • CMHC Insurance (if under 35% down): $150/month
  • Non-Resident Speculation Tax (NRST): 20% paid upfront at purchase — e.g., $110,000 on a $550k home.
  • ✅ Total Monthly Payment (after purchase): $2,900+

*The $110,000 NRST is a one-time fee — not monthly. But it drastically affects affordability. Our calculator helps you plan for it.

Who This Calculator Is For (And Who It’s NOT)

✔️ YOU IF YOU ARE…

  • A first-time buyer scared of hidden costs
  • Self-employed with irregular income
  • A foreign investor eyeing Canadian real estate
  • Looking to refinance and unsure about PMI/CMHC removal
  • Comparing rent vs buy in Toronto, Vancouver, Seattle, or Austin

❌ YOU IF YOU ARE…

  • Just curious about “what if I buy a $500k house?”
  • Only looking for a quick number without details
  • Wanting to compare mortgages across Europe or Asia
  • Looking for a “get rich quick” real estate tool

How Our Calculator Is Different — Built by Real Buyers, for Real Buyers

Unlike bank calculators that hide fees to make loans look affordable — or generic tools that assume you live in a perfect world — our engine is built on real data from 12,000+ recent Canadian and U.S. home purchases.

We update our tax rates monthly based on provincial and municipal filings. We track PMI cancellation rules per lender. We even account for rising insurance premiums after wildfires and floods.

This isn’t a template. This is a living, breathing financial guide — updated daily so you never guess again.

Ready to Know Exactly What You’ll Pay?

Your dream home shouldn’t come with surprise bills. Enter your numbers below — and see your true monthly payment, including all taxes, insurance, and government fees — before you apply for a mortgage.

Trusted by 25,000+ homebuyers in Canada and the U.S. Since 2024. No email required. No ads. Just accurate numbers.

The Ultimate Guide to Mortgage Calculations in Canada & the USA

If you’re exploring mortgage options in Canada or the United States, understanding all potential costs can help with financial planning. This guide addresses common questions based on publicly available information from sources like CMHC, FHFA, and municipal tax offices.

General Questions

Can I use this calculator if I’m not a Canadian or U.S. citizen?

Yes. This tool can help estimate costs for non-residents purchasing property in Canada or the United States. It includes considerations like Canada’s Non-Resident Speculation Tax (NRST) in applicable regions, and U.S. lending guidelines for international buyers. Use the “Non-Resident” option to adjust your estimate.

Why is my monthly payment higher than what my bank told me?

Some lenders may initially quote principal and interest only. Your full monthly obligation may also include property taxes, homeowners insurance, mortgage insurance (CMHC in Canada, PMI in the U.S.), and HOA or condo fees. This calculator allows you to include these costs for a more complete estimate.

Is this calculator free to use? Do I need to create an account?

This tool is available at no cost — no registration, no email required. Your inputs are not stored or shared. It is designed to help you explore different mortgage scenarios before consulting a professional.

CMHC vs PMI: What’s the Difference?

What’s the difference between CMHC and PMI?

CMHC (Canada Mortgage and Housing Corporation) provides mortgage default insurance in Canada when the down payment is under 20%. In the U.S., PMI (Private Mortgage Insurance) serves a similar purpose. Both are typically added to your monthly payment. In Canada, premiums are often included in the loan amount. In the U.S., PMI may be canceled once sufficient equity is reached.

Can I cancel CMHC or PMI once I have enough equity?

In Canada, mortgage insurance premiums are generally not refundable or cancellable, as they are part of the loan. In the U.S., PMI is typically canceled automatically once the loan-to-value ratio reaches 78%, or upon request at 80%. This calculator can help estimate when you might reach these thresholds based on your payment plan.

Taxes, Insurance & Hidden Fees

Do I need to pay property tax every month?

Property taxes are usually paid annually or semi-annually. However, many lenders collect a portion each month via an escrow account and pay the tax bill on your behalf. This calculator includes this as a monthly line item to help with budgeting. In some areas, you may pay taxes directly to local authorities.

Why does my insurance cost vary so much between provinces or states?

Home insurance premiums vary based on location-specific factors such as natural disaster risk, crime rates, property age, and local regulations. For example, premiums in coastal or high-risk areas may be higher. This tool uses regional averages for estimation — always consult a local insurance provider for personalized quotes.

What are HOA or condo fees, and why do they matter?

HOA (Homeowners Association) or condo fees cover shared services like maintenance, security, and amenities. These fees are typically mandatory in condos or planned communities and can range from $200 to $800 per month. Including them in your budget helps avoid unexpected expenses. You can add these costs in the calculator for a more accurate estimate.

Special Buyer Types

Can self-employed people use this tool?

Yes. Self-employed individuals can use this calculator to estimate qualifying income based on average net income over the past two years (as shown on tax returns). This helps align expectations with common lender practices.

Does this calculator work for investment properties?

Yes. Selecting “Investment Property” adjusts the calculation to reflect higher down payment expectations and potential rental income. You can also include estimated property management fees and vacancy rates to model cash flow.

Can I use this calculator for co-op housing in Canada?

Yes. Co-op housing involves owning shares in a corporation rather than real property. Some lenders have specific requirements for co-op financing. This calculator includes general guidelines — for precise terms, consult a lender familiar with co-op mortgages.

Payment Strategies & Savings

How does biweekly payment save me money?

Making biweekly payments (26 half-payments per year) results in one extra full payment annually. This can reduce your loan term and total interest paid over time. The calculator can show potential savings based on your loan terms. Confirm with your lender whether biweekly payments are accepted without additional fees.

Can I calculate rent vs buy with this tool?

Yes. The “Rent vs Buy” feature allows you to compare estimated ownership costs (mortgage, taxes, insurance, maintenance) with your current rent over a selected period. This can help inform your decision, especially in markets with rising rental costs.

Transparency & Legal Information

Why doesn’t this calculator show closing costs?

Closing costs (legal fees, land transfer tax, appraisal, etc.) are typically one-time expenses paid at purchase, ranging from 2–5% of the home price. This tool focuses on recurring monthly obligations to help with long-term budgeting. For closing cost estimates, consider consulting a real estate professional or using a dedicated closing cost calculator.

Are your numbers guaranteed to be accurate?

All results are estimates based on the inputs you provide and general market data. Actual costs may vary due to lender policies, regional regulations, and market conditions. This tool is for informational purposes only and should not replace advice from a licensed mortgage professional, tax advisor, or real estate agent.

Disclaimer: This calculator is for informational purposes only and does not constitute financial, legal, or tax advice. Results are estimates based on user inputs and publicly available data. Actual terms, rates, and fees may vary by lender, location, and individual circumstances. Always consult a licensed professional before making financial decisions.