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FREE CALCULATOR 2026

Mortgage Calculator

Estimate your monthly payment, total interest, and the real cost of your mortgage in 5 seconds. 100% free tool, designed for Quebec.

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The Assur360 mortgage calculator allows you to quickly estimate the periodic payment of a mortgage loan based on the amount borrowed, the interest rate and the amortization period. Designed for Quebec residents, it helps you plan the purchase of your property and choose the right mortgage life insurance coverage for your loan.

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Calculate my mortgage payment

YOUR ESTIMATE

Monthly payment
$1,441
Total interest
$192,213
Total cost
$432,213

💡 Did you know? Mortgage life insurance pays off your mortgage in the event of your death. Save up to 50% by using an independent broker instead of your lender.

Get my mortgage life insurance quote→
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Broker’s advice

Before you sign your mortgage, compare individual life insurance to your lender. Independent life insurance is often 30-50% cheaper, owned by you (transferable if you switch banks), and coverage remains fixed instead of decreasing with the balance of the loan.

How does the mortgage payment calculation work?

The periodic payment of a mortgage is calculated according to a standard mathematical formula that spreads the principal and interest over the entire amortization period. Here are the key things to understand.

STANDARD FORMULA

M = P × r(1 + r)n ⁄ (1 + r)n − 1

where M = periodic payment, P = borrowed capital, r = periodic rate, n = total number of payments

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Interest rates

The higher the rate, the higher the payment. A 0.5% change over 25 years can add up to more than $25,000 in interest.

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Payback period

A longer period (30 years) reduces the monthly payment but greatly increases the total cost of interest paid.

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Down payment

A down payment of 20% or more avoids CMHC loan insurance and reduces your monthly payment.

Examples of payments by scenario

$$$$$$
Loan RateTermPayment / monthTotal interest
$200,0005.25%25 years$1,192157,581
$300,0005.25%25 years$1,788236,372
$400,0005.25%25 years$2,384315,162
$500,0005.25%25 years$2,980393,953
$300,0005.25%15 years$2,410133,758
$300,0005.25%30 years$1,656296,235

*Indicative estimates based on a fixed rate of 5.25% and the calculator above. The actual rate offered depends on your file and lender.

5 steps to using the calculator properly

1

Estimate the price of the property

Indicate the total amount of your purchase (before transfer taxes, notary fees and inspection).

2

Enter your down payment

In Quebec, the minimum is 5% on the first $500,000 and 10% on the portion between $500,001 and $1 million.

3

Choose a realistic interest rate

Look at the Bank of Canada’s posted rates and add the banks’ usual margin (1.5 to 2 per cent).

4

Select the amortization period

25 years is the norm. 30 years is possible with a down payment of 20% or more, but costs more in interest.

5

Compare payment frequencies

An accelerated bi-weekly payment can save 3 to 5 years of amortization and tens of thousands in interest.

PROTECT YOUR LOAN

Your mortgage deserves the right insurance

Compare prices from 15+ life insurers in Quebec in 3 minutes. An independent Assur360 broker will assist you for free.

Free quote in 3 min 📞 1-866-357-4451

Complementary coverage to your mortgage

A mortgage commits your family for 25 years. Three types of insurance coverage help secure your investment and that of your loved ones.

🛡️ Mortgage life insurance

Covers the balance of your loan if you pass away. An individual life insurance policy is generally more advantageous than the one offered by your lender.

Get a quote →

🏠 Home insurance

Mandatory to obtain a mortgage in Quebec. It protects your building, your belongings, and your liability.

Get a quote →

⚕️ Disability & critical illness insurance

Guarantees the payment of your mortgage if an illness or accident prevents you from working. Often overlooked, but essential.

Available throughout Quebec

Assur360 brokers support home buyers in Montreal, Quebec City, Laval, Sherbrooke, Gatineau, Trois-Rivières, Saguenay, Lévis, Drummondville and Thetford Mines. Whether you are buying in an urban or rural area, our AMF-certified brokers will find the mortgage life insurance best suited to your profile.

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Frequently asked questions

Is life insurance mandatory to obtain a mortgage?
No, life insurance is not mandatory to obtain a mortgage in Quebec. Only home insurance is required by lenders. However, life insurance is strongly recommended to protect your family from the burden of the loan in case of death.
Is it better to get life insurance from the bank or a broker?
An individual life insurance via a broker is almost always more advantageous: 30% to 50% lower price, coverage that does not decrease with the loan balance, transferable if you change banks, and a beneficiary chosen by you (not the bank).
How much does mortgage life insurance cost in Quebec?
A temporary life insurance of $500,000 for 25 years costs between $20 and $80 per month for a healthy non-smoking adult. The price varies based on age, health status, smoking status, and term length.
What is the difference between term and permanent life insurance for a mortgage?
Term life insurance (T20, T25, T30) covers a defined period at the lowest cost — it is the most popular choice for covering a mortgage. Permanent life insurance covers your entire life and accumulates cash value, but costs 5 to 10 times more.
What is the exact calculation for mortgage payments in Canada?
In Canada, mortgages use semi-annual compounding. The general formula is M = P × r(1+r)^n / ((1+r)^n − 1), where r is the converted periodic rate and n is the total number of payments. Our calculator applies this formula to provide a reliable estimate.
Is bi-weekly payment really more advantageous?
An accelerated bi-weekly payment is equivalent to a monthly payment divided by 2, which means 26 payments per year instead of 24. This strategy can reduce amortization by 3 to 5 years and save tens of thousands of dollars in interest over the life of the loan.
What is the minimum down payment in Quebec in 2026?
In Quebec in 2026: 5% on the first $500,000 of the purchase price, 10% on the portion between $500,001 and $1,500,000, and 20% beyond $1.5M. A down payment of less than 20% requires SCHL mortgage insurance.
What happens to my mortgage if I become disabled?
Without disability insurance, you remain responsible for your payments. Disability or critical illness insurance covers your mortgage payments if you can no longer work. An Assur360 broker can help you set up comprehensive protection at a competitive price.

Why trust Assur360?

✓AMF certified firm
✓Chamber of Insurance Member
✓15+ Life Insurers Compared
✓100,000+ submissions processed
✓Independent brokers
✓100% Quebec service

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