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Mortgage Payment Calculator Quebec
What a Mortgage Payment Costs in Quebec
A median-priced Quebec home costs about $2,713 per month with the minimum down payment, or $2,202 per month with 20% down, at a 4% fixed rate over a 25-year amortization. Quebec remains the most affordable of Canada’s large provinces, and that $511 monthly difference is the clearest argument for saving longer before you buy.
The median price of a single-family home in Quebec reached $523,250 in the second quarter of 2026, up 5% year over year, according to the Association professionnelle des courtiers immobiliers du Québec. At that price, the minimum down payment is $27,325, which is 5% of the first $500,000 plus 10% of the remainder, leaving a $495,925 mortgage before insurance.
| Down payment | Mortgage after premium | 25-year payment | 30-year payment |
|---|---|---|---|
| $27,325 (minimum) | $515,762 | $2,713 | $2,453 |
| $52,325 (10%) | $485,524 | $2,554 | $2,309 |
| $78,488 (15%) | $457,216 | $2,405 | $2,174 |
| $104,650 (20%) | $418,600 | $2,202 | $1,991 |
Quebec’s regional gap is wide enough to change which mortgage you are shopping for. Trois-Rivières and Saguenay sit well below the provincial median, Quebec City and Sherbrooke land near it, and the Montreal area runs above it, which is why the Montreal mortgage calculator uses its own figures. Enter your own purchase price above rather than working from the provincial median.
Three Quebec Costs the Payment Figure Hides
Principal and interest are only part of what buying in Quebec demands. Three provincial costs sit outside the payment, and 2 of them are payable in cash on closing day.
The Welcome Tax, and Why Your Municipality Decides It
Every Quebec municipality collects property transfer duties, commonly known as the Welcome Tax. The provincial scale applies 3 rates to successive brackets of the purchase price: 0.5% on the lowest bracket, 1% on the middle one, and 1.5% on everything above. The bracket thresholds are indexed each year to Quebec’s consumer price index, so they move annually.
Two wrinkles make this a municipal question rather than a provincial one. A municipality may set a higher rate on any bracket above $500,000, capped at 3%, and Montreal is exempt from that cap and publishes its own scale. Second, the duty is calculated on the greater of the price you paid and the municipal assessment, so a bargain purchase does not always produce a smaller bill. Use the Quebec land transfer tax calculator for your municipality’s figure, and budget it in cash: it arrives as an invoice within weeks of closing and cannot be added to your mortgage.
9% Provincial Tax on Your Insurance Premium, Rising in 2027
Quebec applies a reduced 9% tax to insurance premiums, including mortgage default insurance from CMHC, Sagen and Canada Guaranty. On the median purchase with the minimum down payment, the premium is $19,837, and the tax on it is $1,785. The premium can be financed; the tax cannot, so it is included in your closing costs in cash.
This one has a deadline attached. Revenu Québec is aligning the insurance premium tax with the full 9.975% Quebec sales tax rate, and the new rate applies to premiums paid after December 31, 2026. On the same $19,837 premium, the closing-day tax shifts from $1,785 to $1,979, a difference of $193. Buyers closing in early 2027 should budget the higher figure.
Property and School Taxes
Quebec owners pay municipal property taxes and a separate school tax, the second of which surprises buyers arriving from other provinces. Both are billed on the municipal assessment rather than your purchase price, and municipal assessment rolls are updated every 3 years, so a roll year can noticeably change your bill even when your home has not changed.
Lenders count property taxes inside your gross debt service ratio, which means a municipality with a high rate reduces the mortgage you qualify for on the same income. Enter your actual annual bill in the calculator rather than a provincial average.
How Your Quebec Payment Is Calculated
Mortgage payments in Quebec run on the same equation and the same compounding convention as everywhere else in Canada:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
Canadian fixed-rate mortgages compound semi-annually, so the periodic rate is (1 + annual rate / 2)^(1/6) – 1 for a monthly payment rather than the annual rate divided by 12. Variable-rate mortgages compound monthly, where dividing by 12 is correct. Working through the median Quebec purchase with the minimum down payment:
- Establish the principal. A $523,250 price less a $27,325 down payment leaves $495,925, and the 4.00% premium on a 94.8% loan-to-value ratio adds $19,837, giving P = $515,762.
- Convert the rate. At 4%, (1 + 0.04 / 2)^(1/6) – 1 = 0.00330589.
- Count the payments. Insured mortgages cap the amortization period at 25 years for most buyers, so n = 300.
- Read the result. The monthly payment is $2,713, of which $1,705 is interest in the first month and $1,008 reduces the principal.
Switching that mortgage to accelerated bi-weekly payments of $1,357 raises what you pay in a year from $32,556 to $35,269, roughly one extra monthly payment, and takes about 3 years off the amortization period.
How to Use the Quebec Mortgage Calculator
Choose your transaction type first, since a purchase, a renewal, and a refinance each require different inputs and are priced differently.
Buying in Quebec
- Asking Price: Enter the purchase price or the appraised value if it is lower. Lenders finance the lesser of the 2.
- Down payment: Enter a dollar amount or a percentage. Below 20%, the calculator automatically adds the insurance premium and shows it separately.
- Amortization Period: Enter 25 or 30 years. With less than 20% down, 30 years is available only to first-time buyers and buyers of newly built homes.
- Payment Frequency: Monthly, semi-monthly, bi-weekly or weekly, with accelerated options on the last 2. Accelerated schedules shorten the amortization period at no extra rate cost.
- Mortgage Rate (optional): Use the pre-selected rate or enter one you have been offered. Your loan-to-value ratio and transaction type move it most.
- Annual Property Taxes (optional): Enter your municipal bill, and remember the school tax is billed separately.
- Monthly Condo or Maintenance Fees (optional): Add these for a divided co-ownership. Lenders count half of them against your ratios.
Renewing or Refinancing in Quebec
- Current Property Value: Enter what the home is worth today, which sets the equity available to you.
- Mortgage Balance: Enter the balance remaining. On a refinance, include any equity you plan to take out, up to 80% of the property value.
- Province: Select Quebec so that the tax treatment of the premium and the notary’s registration costs applies correctly.
- Remaining Amortization: Enter the time left. A refinance can reset it to 25 or 30 years without affecting your rate.
One Quebec detail worth knowing before you refinance: a mortgage here is a hypothec registered at the Registre foncier by a notary, not a lawyer, and the notary’s fee is part of what makes a refinance worth doing only when the interest saved covers it. On a $418,600 balance, shaving 0.20% off a renewal rate is worth roughly $46 per month, and switching lenders at renewal carries no prepayment penalty.
Quebec Programs That Change the Arithmetic
Quebec buyers have access to several benefits that exist nowhere else in Canada, and each one changes either your down payment or your closing cash rather than your rate.
- Home buyers’ tax credit: First-time buyers may claim the provincial home buyers’ tax credit at tax time, worth up to $1,400 for a qualifying home and divisible among all eligible claimants.
- Programme Accès Famille, Quebec City: An interest-free loan of up to 5.5% of the property value for qualifying households under a $150,000 gross income ceiling, with an additional 3.5% rebate on a Novoclimat-certified home. Repayable if you sell, rent out or refinance.
- Montreal home purchase assistance: A subsidy between $5,000 and $15,000 depending on buyer status, whether the home is new, and where in the city it sits.
A down payment assistance loan is treated as your own funds by most lenders when it is registered against the property, which means it lifts you toward a premium band threshold. On the median purchase, moving from 5% to 10% down drops the premium rate from 4.00% to 3.10% and the payment by $159 per month.
Fixed or Variable for a Quebec Mortgage
- Fixed-rate mortgage: Your rate and payment stay the same for the full term, regardless of what the Bank of Canada does. Interest costs over the term are knowable to the dollar the day you sign.
- Variable-rate mortgage (VRM): The payment stays level, and the split between principal and interest moves with the prime rate. A sustained increase sends more of the payment toward interest, which can extend your amortization period and, in extreme cases, reach your trigger rate.
- Adjustable-rate mortgage (ARM): The payment changes when your lender adjusts its prime rate, while your amortization period stays steady.
Quebec borrowers have historically leaned more heavily toward variable rates than buyers in the rest of Canada, which makes the distinction above worth reading twice. nesto’s insured 5-year fixed rate is currently 4.39%, against a qualifying rate of 6.39% used to test your application. Every new Quebec mortgage is stress-tested at the greater of your contract rate plus 2% or the 5.25% floor set by the Office of the Superintendent of Financial Institutions (OSFI), which caps the mortgage you can get without changing the payment you actually make.
Ways to Lower a Quebec Mortgage Payment
- Cross a premium band with your down payment. The bands sit at 10% and 15%, so on the median purchase, the $25,000 that takes you from 5% to 10% down saves $159 per month and $4,061 in loan premium.
- Extend the amortization period. Moving from 25 to 30 years on the median purchase saves $260 per month and adds substantially to lifetime interest.
- Use your prepayment privileges, then re-amortise. A lump sum applies straight to the principal, and re-amortising afterward converts that into a lower regular payment.
- Shop the renewal. The largest lever available mid-mortgage—and the one most often skipped.
Frequently Asked Questions (FAQ) About Calculating Your Mortgage Payment in Quebec
How much would a $400,000 mortgage be per month in Quebec?
A $400,000 mortgage in Quebec costs approximately $2,104 per month at a 4% fixed rate over a 25-year amortization, or $1,902 per month over a 30-year amortization. At 4.50%, the 25-year figure rises to $2,214. The payment covers principal and interest only, so add your municipal property tax, your school tax and, for a divided co-ownership, your monthly fees.
What is the minimum down payment in Quebec?
The minimum down payment in Quebec follows the federal rules: 5% of the first $500,000 and 10% of the portion between $500,000 and $1.5 million. If the purchase price is $1.5 million or more, 20% of the full price is required, because default insurance is no longer available at that level. On Quebec’s $523,250 median single-family price, the minimum works out to $27,325.
How much is the Welcome Tax in Quebec?
The welcome tax in Quebec applies 3 rates to successive brackets of your purchase price: 0.5%, 1% and 1.5%, with thresholds indexed annually to Quebec’s consumer price index. Your municipality can raise the rate on any bracket above $500,000 by up to 3%, and Montreal sets its own scale outside that cap. The duty is calculated on the greater of your purchase price and the municipal assessment, and it is payable in cash rather than financed.
Do I pay tax on my mortgage insurance premium in Quebec?
Yes. Quebec applies a reduced 9% tax to insurance premiums, including mortgage default insurance, and that tax cannot be added to your mortgage. On the median purchase with the minimum down payment, the premium is $19,837, and the tax on it is $1,785, due in cash at closing. Revenu Québec is raising this rate to the full 9.975% Quebec sales tax rate for premiums paid after December 31, 2026, which would take the same bill to $1,979.
What is the school tax, and does my lender count it?
The school tax is a separate annual bill that Quebec property owners pay alongside municipal property taxes, calculated on the municipal assessment. Lenders include property taxes in your gross debt service ratio when assessing how much you can borrow, so both bills belong in your carrying-cost budget even though the payment calculator above covers principal and interest only.
Why does a notary handle my mortgage in Quebec?
A Quebec mortgage is a hypothec created under the Civil Code and registered at the Registre foncier by a notary, rather than by a lawyer as in the common-law provinces. The notary drafts the deed, verifies title, registers the hypothec, and handles the funds at closing; the fee for that work is a closing cost to budget alongside the welcome tax.
Can I get a 30-year amortization in Quebec?
A 30-year amortization is available on any uninsured Quebec mortgage, provided there is a down payment of 20% or more. With less than 20% down, it is restricted to first-time buyers and to purchases of newly built homes. On the median purchase with the minimum down payment, choosing 30 years over 25 lowers the payment from $2,713 to $2,453.
Is a mortgage rate in Quebec different from the rest of Canada?
Mortgage rates in Quebec are set nationally rather than provincially, so what you are offered depends on your transaction type, loan-to-value ratio, credit profile and term rather than on your address. What differs in Quebec is everything related to the mortgage: the welcome tax, the 9% tax on your insurance premium, the school tax, and a hypothec registered by a notary rather than a lawyer.
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