Swift Accounting & Business Solutions Ltd.
2440 Kensington Rd NW, Calgary, AB T2N 3S1
(403) 999-2295 · mailbox@swiftltd.ca
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Mortgage Calculator (2026)
Enter a price and down payment to see your payment, mortgage insurance, land transfer tax and the cash you need on closing day.
Enter a home price and an interest rate to see your payment.
Monthly payment
| Home price | |
|---|---|
| Down payment | |
| Mortgage before insurance | |
| Mortgage insurance premium | |
| Total mortgage | |
| Total interest | |
| Total of all payments | |
| Paid off in | |
| Interest saved against monthly payments |
| Down payment | |
|---|---|
| Sales tax on the insurance premium | |
| Cash to close |
Year-by-year balance
| Year | Paid | Principal | Interest | Balance |
|---|
Estimate based on 2026 rules. Not tax advice.
How it's calculated
- The payment uses Canadian compounding. Fixed rates compound twice a year and variable rates compound monthly. You choose which applies.
- With under 20% down, the lender adds a default insurance premium to the mortgage. The rate depends on your loan-to-value ratio, and you pay interest on the premium.
- A 30-year amortization on an insured mortgage adds a surcharge and is open to first-time buyers and newly built homes. Everyone else is limited to 25 years.
- Ontario, Quebec and Saskatchewan charge sales tax on the premium. You pay it at closing, so it is not added to the mortgage.
- Land transfer tax follows each province's own schedule, with first-time buyer relief where it exists. Alberta charges Land Titles fees instead. Cash to close is your down payment plus these costs. Legal fees are not included.
Frequently asked questions
When do I need mortgage default insurance?
When your down payment is under 20% of the price. The minimum down payment is 5% of the first $500,000 and 10% of the rest. At $1.5 million or more you need 20% down.
Does Alberta have a land transfer tax?
No. Alberta charges Land Titles fees to register the transfer and the mortgage. They are small next to the land transfer tax in Ontario or British Columbia.
What is an accelerated bi-weekly payment?
It is the monthly payment divided by two and paid every two weeks. You make 26 payments a year, which equals 13 monthly payments, so the mortgage is paid off sooner with less interest.
Can I get a 30-year amortization?
With 20% or more down, yes. With less, 30 years is open to first-time buyers and newly built homes, and the premium rises by 0.20%. Use the switches above to see the effect.
Talk to a Swift accountant
Buying through a corporation, or as an investor? We can look at the tax side before you sign an offer.