Free Tool
🇨🇦 Canadian Mortgage Calculator
for Newcomers
Built for Indian and South Asian immigrants buying their first home in Canada. Uses correct Canadian amortization math (semi-annual compounding) and reflects New-to-Canada mortgage program requirements.
🇨🇦 Canadian Mortgage Calculator
CMHC insurance · Semi-annual compounding · Newcomer programs
5yr fixed rate
4.79% (Q2 2025)
5% on first $500k, 10% on balance
30yr amortization requires ≥ 20% down (Dec 2024 rule)
Monthly Total
$5,333
Principal + Interest
$4,933
CMHC Premium
$33,300
Total Interest
$613,960
Loan (incl. CMHC): $865,800 · Total paid over 25 yrs: $1,479,760
Estimates only — consult a licensed Canadian mortgage broker for exact figures
Newcomer Readiness Checklist
New to Canada- No Canadian credit history? RBC, ICICI Canada, Scotiabank & BMO all accept foreign credit (CIBIL)
- Employment: 3–6 months of Canadian employment typically sufficient for newcomer programs
- Down payment from India: FINTRAC requires documented source of funds (bank statements ≥ 90 days)
- Permanent Resident and Work Permit holders both qualify (varies by lender)
- Foreign income: some lenders count it, most require 2 years of T4s — confirm before applying
New-to-Canada Programs
RBC, Scotiabank, ICICI Bank Canada, and BMO all have programs that accept foreign credit history (CIBIL) in place of Canadian credit. You can qualify with as little as 3–6 months of Canadian employment.
CMHC Mortgage Insurance
Required on down payments under 20%. Premiums of 2.8%–4.0% are added to your mortgage balance — not paid upfront. Homes over $1.5M require a minimum 20% down and do not qualify for CMHC.
Source of Funds (FINTRAC)
Bringing a down payment from India? FINTRAC requires documented source of funds: 90 days of bank statements, explanation of origin, and proof of legitimate transfer.
Why the Math Differs
Unlike the US (monthly compounding), Canadian mortgages use semi-annual compounding. This makes the effective monthly rate slightly lower, which is why this calculator shows different results from US-based tools.
Ready to find a mortgage broker?
Find licensed Canadian mortgage professionals who specialize in South Asian newcomers.