Canadian Mortgage Calculator
Work out your mortgage payment the way Canadian lenders actually do it — with semi-annual compounding on fixed rates. See how much goes to the bank as interest, what you’ll still owe when your term is up, and how accelerated or extra payments can save you years and thousands of dollars.
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Frequently asked questions
Why is a Canadian mortgage calculated differently?
By law, Canadian fixed-rate mortgages compound interest twice a year (semi-annually), not monthly like in the US. This calculator uses that rule, so your payment matches what a Canadian lender would quote. (Variable-rate mortgages compound monthly.)
What’s the difference between the term and the amortization?
The amortization is how long it takes to pay the whole mortgage off (often 25 years). The term is how long your current interest rate is locked in (usually 1–5 years). When the term ends you “renew” the remaining balance at whatever rates exist then — which is why we show your balance at the end of the term.
How do accelerated payments save so much?
A regular bi-weekly payment just splits your monthly amount across the year. An accelerated bi-weekly payment is your full monthly payment ÷ 2, paid every two weeks. Because there are 26 two-week periods in a year, you end up making the equivalent of 13 monthly payments instead of 12 — that one extra payment a year goes straight to principal and can shave years off your mortgage.
What does “extra payment” do?
Any extra amount is applied directly to your principal, so you owe less and pay less interest from then on. Most Canadian mortgages allow some prepayment each year — check your specific limits.
Does this include CMHC mortgage insurance?
Yes, optionally. Enter a down payment and, if it’s under 20%, the calculator estimates the CMHC default-insurance premium and adds it to your mortgage (the standard rates are 4.0% at 5–9.99% down, 3.1% at 10–14.99%, and 2.8% at 15–19.99%). Property tax and home insurance aren’t included.