Cottage mortgage calculator

Work out the monthly payment on a cottage in Ontario. Change the price, down payment, rate and amortization and see the full cost in plain numbers.

Your numbers

$
Enter the down payment as
$
That is 10% of the price.
Can you drive to it all winter, and is it heated?
%
Example rate. You can change it.
Years to pay it offNot every lender offers 30 years on a cottage. Ask us before you count on it.
How often you pay
Your payment$3,338 / month

With under 20% down, mortgage insurance of about $18,135 is added to the loan. Put 20% down and it goes away.

Mortgage amount$603,135
Ontario tax on insurance, payable at closing$1,451
Insurance added to the loan$18,135
Interest in the first 5 years$126,687
Owing after 5 years$529,531
Interest over 25 years$398,322

Estimate only. Example rate 4.50%. Not a mortgage offer.

Get my real numbers

How this works

Enter the price and your down payment, and the calculator works out the mortgage, any insurance premium and the payment at the rate you choose.

With under 20% down, mortgage insurance is added to the loan. A cottage you can reach and heat all winter can go as low as 5% down. A seasonal one needs at least 10%.

A worked example

A $650,000 year-round cottage with $65,000 down (10%) at 4.50% over 25 years: insurance of $18,135 is added, the mortgage is $603,135 and the payment is about $3,338 a month. Interest in the first five years comes to about $126,687.

What the numbers assume

  • Example rate 4.50%, editable. Canadian fixed rates compound twice a year, and the math does too.
  • Insurance premiums: 2.80%, 3.10% or 4.00% of the loan on a year-round cottage, 3.50% or 4.35% on a seasonal one, by down payment.
  • With under 20% down, the model uses 25 years unless you select eligible first-time-buyer or new-build status for 30 years. The longer insured option adds a 0.20 percentage-point premium surcharge.
  • Every two weeks is the monthly payment times 12, split into 26. The faster option is half the monthly payment every two weeks.
  • Property tax, insurance and heat are not included. The yearly cost calculator adds them.

Common questions

Is a cottage mortgage payment worked out differently from a house?
The math is the same. What changes is the down payment, whether insurance is possible and which lenders will look at the property. Year-round access and heat matter most.
Can I get a 30-year mortgage on a cottage?
An eligible first-time buyer or purchaser of a newly built home may qualify for 30 years with insurance. A repeat buyer buying a resale second home normally models 25 years. With 20% or more down, confirm the lender’s options.
How much is mortgage insurance on a cottage?
On a year-round cottage it runs 2.80% to 4.00% of the loan, depending on the down payment. On a seasonal cottage it is 3.50% or 4.35%. The premium is added to the mortgage.
Are cottage mortgage rates higher?
It depends on the cottage. Year-round access, heat, your down payment and whether you rent it all play a part. Cottage mortgage rates has the detail.
Does the payment include property tax?
No. This is the mortgage only. Use the yearly cost calculator to add tax, insurance, hydro and the rest.

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