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Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.
Calculate your monthly mortgage payment, total interest, CMHC insurance, and a full amortization schedule.
| Year | Annual Payment | Principal | Interest | Balance Remaining |
|---|
Approximate rates as of March 2026. Shop around — rates vary by lender, insured status, and province.
| Mortgage Type | Typical Rate | Best Rate Available |
|---|---|---|
| 5-Year Fixed (insured) | 4.89–5.29% | ~4.54% |
| 5-Year Fixed (conventional) | 5.14–5.64% | ~4.89% |
| 3-Year Fixed | 4.99–5.49% | ~4.69% |
| 1-Year Fixed | 5.49–5.99% | ~5.19% |
| Variable (5-yr) | 5.20–5.70% | ~5.00% |
| HELOC Prime Rate | ~6.70% | Prime rate |
Rates are estimates. Always compare multiple lenders and use a mortgage broker for the best rate.
| Down Payment | CMHC Premium | On $500K Mortgage |
|---|---|---|
| 5–9.99% | 4.00% | $20,000 |
| 10–14.99% | 3.10% | $15,500 |
| 15–19.99% | 2.80% | $14,000 |
| 20%+ | Not required | $0 |
CMHC premium is added to your mortgage and paid over the amortization period. Max purchase price for insured mortgage: $1,499,999.
Use an FHSA + KOHO to accelerate your down payment savings. Tax deductions, tax-free growth, and $100 bonus.
Get $100 With KOHO →Monthly payment = P × [r(1+r)^n] / [(1+r)^n - 1], where P = principal, r = monthly interest rate, n = number of payments. In Canada, mortgage interest is compounded semi-annually (not monthly), so the effective monthly rate is (1 + annual_rate/2)^(1/6) - 1.
5% for homes under $500,000. For $500K–$999,999: 5% on first $500K + 10% on remainder. For $1M–$1.49M: 20% minimum (insured limit). Over $1.5M: not eligible for CMHC insurance — 20% minimum down payment required.
Fixed rates offer payment certainty — you know exactly what you'll pay for the term. Variable rates fluctuate with the Bank of Canada prime rate — historically lower on average but riskier. Current rates as of 2026 make fixed rates competitive; consult a mortgage broker for personalized advice.
For insured mortgages (under 20% down): maximum 30 years (increased from 25 in 2024 for first-time buyers on new builds). For conventional mortgages (20%+ down): maximum 30 years. Longer amortization = lower monthly payment but much more total interest paid.
Yes. You can use KOHO's savings goals feature to set aside money for a down payment while earning 3% interest. Better yet, open an FHSA account — get a tax deduction on contributions and tax-free withdrawal for your first home purchase.