Tool · Updated August 10, 2026
Mortgage protection calculator
Add up your mortgage balance, your other debts and your final costs, subtract what is already earmarked to repay them, and see how the balance falls as the mortgage amortizes. No price is calculated here.
This tool does your own arithmetic, in your browser. It does not calculate a premium and it transmits nothing: no figure you enter here ever reaches us. The result is an estimate based on your numbers, not a quote. Learn more.
This tool calculates a protection amount from your own figures, and projects your mortgage balance over time. It shows no premium, no rate and no insurance price, it names no insurer, and it does not tell you what to buy.
The result updates as you type.
The amount to cover today
Calculated from the amounts you entered.
Nothing to calculate yet. Enter at least your mortgage balance.
Nothing would be left to cover based on your numbers. The resources you entered would be enough to clear the mortgage, the other debts and the final costs.
How this balance falls
A projection of the mortgage balance alone, based on your rate and your amortization.
Projection pending. Enter a balance and a number of amortization years to see the curve. The rate can stay at 0: the balance will then be spread evenly over the period.
Two different structures, and that is the heart of the question. According to the Financial Consumer Agency of Canada (2026), with mortgage life insurance offered by the lender the amount of the death benefit is equal to the mortgage balance, and the death benefit goes down as you make your payments and the balance shrinks — so it follows the column above downward. For individual life insurance, the same agency states that you choose the amount of coverage and that the death benefit stays the same for as long as the policy is in force. That line stays flat. Two further structural differences, again according to the FCAC: the beneficiary of mortgage life insurance is the lender, not your heirs; and as a general rule the premium does not change even as the debt shrinks. We do not tell you which one to choose — that depends on your situation, and the decision is yours, with a licensed advisor.
Simplified calculation. The projection assumes constant monthly payments and interest compounded monthly. Canadian fixed-rate mortgages generally use semi-annual compounding, and your rate will change at every renewal: your real balance will therefore differ a little. Only your lender can give you the exact balance on a given date.
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Two products that go by almost the same name. The mortgage life insurance discussed here is optional: according to the FCAC (2026), you are not required to buy it for your mortgage application to be approved. It is different from mortgage loan insurance against default, which is mandatory when the down payment is less than 20% of the purchase price, and which protects the lender against a default.
Sources for the public figures used
- No dollar constant enters into this calculation: the balance, the rate, the amortization, the debts, the costs and the resources are all values you enter.
- Financial Consumer Agency of Canada, “Optional mortgage insurance products” — benefit equal to the balance and decreasing, fixed benefit for individual life insurance, beneficiary, premium that does not change, optional nature (accessed August 2026): canada.ca
- Financial Consumer Agency of Canada, “Mortgage life insurance: know your rights” (accessed August 2026): canada.ca
- Our detailed guide: Mortgage insurance or individual life insurance
This result is an estimate produced from the amounts you entered yourself, and the projection is a simplified calculation. It is not a quote, not a price, not insurance, credit or personal finance advice, and not a recommendation for one product over another. Only your lender can confirm your real balance. Nothing you enter in this tool is transmitted, recorded or stored: the entire calculation runs in your browser.