Canadian Mortgage Calculator
- Updated
- Formula shown
- Free, no sign-up
Results
$3,081.41 monthly on a $556,740 mortgage at 4.5% over 25 years; $488,798 left at the end of the 5-year term.
- Monthly
- $367,682
- Semi-monthly
- $366,825
- Bi-weekly
- $366,759
- Accelerated bi-weekly
- $311,921
- Weekly
- $366,364
- Accelerated weekly
- $311,295
| Year | Paid | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $36,977 | $24,570 | $12,407 | $544,333 |
| 2 | $36,977 | $24,006 | $12,971 | $531,362 |
| 3 | $36,977 | $23,415 | $13,562 | $517,800 |
| 4 | $36,977 | $22,798 | $14,179 | $503,622 |
| 5 | $36,977 | $22,153 | $14,824 | $488,798 |
| 6 | $36,977 | $21,478 | $15,499 | $473,299 |
| 7 | $36,977 | $20,773 | $16,204 | $457,095 |
| 8 | $36,977 | $20,036 | $16,941 | $440,154 |
| 9 | $36,977 | $19,265 | $17,712 | $422,442 |
| 10 | $36,977 | $18,459 | $18,518 | $403,924 |
CMHC premiums from CMHC, premium information for homeowner loans; Canada.ca (FCAC) down payment rules, checked October 2026. In some provinces, including Ontario, Quebec and Saskatchewan, provincial sales tax on the premium is due at closing and can't be added to the mortgage.
How to use the Canadian mortgage calculator
- Enter the purchase price and your down payment. The calculator checks the federal minimum and adds the CMHC premium if the down payment is under 20%.
- Enter the interest rate and choose fixed (semi-annual compounding) or variable (monthly compounding, as most variable mortgages use).
- Choose the amortization (the full payback period), the payment frequency and the term (the length of the rate contract before renewal).
- Read the payment, the payoff time and the balance you will owe when the term ends and the mortgage comes up for renewal.
Canadian mortgage formula
Payment = L × i ÷ (1 − (1 + i)−n)
Accelerated bi-weekly = monthly payment ÷ 2, paid 26 times a year
Accelerated weekly = monthly payment ÷ 4, paid 52 times a year
The Interest Act requires a mortgage rate to be stated as compounded yearly or half-yearly, not in advance, and Canadian lenders quote fixed rates compounded half-yearly. So the quoted rate j is converted to a rate per payment period i for p payments a year (12 monthly, 24 semi-monthly, 26 bi-weekly, 52 weekly). L is the mortgage including any CMHC premium, and n = years × p. A 4.5% rate compounded semi-annually works out to 4.458% compounded monthly, so the payment is slightly lower than on a US-style loan at the same quoted rate. Accelerated payments add up to one extra monthly payment a year, which shortens the amortization.
Worked example
You buy a $600,000 home with 10% ($60,000) down. The minimum would be $35,000: 5% of the first $500,000 and 10% of the rest. The loan of $540,000 is 90% of the price, so the CMHC premium is 3.1%, or $16,740. That is added to the mortgage for a total of $556,740.
At 4.5% fixed over 25 years, monthly payments are $3,081.41. After the 5-year term you would owe $488,798 at renewal. Switching to accelerated bi-weekly payments of $1,540.70 pays the mortgage off in 21 years 8 months and saves $55,761 of interest. Choosing a 30-year amortization would raise the premium to 3.30% ($17,820), and only first-time buyers or buyers of new builds qualify.
Payments by frequency
$556,740 at 4.5% fixed, 25-year amortization.
| Frequency | Payment | Paid off in | Total interest |
|---|---|---|---|
| Monthly (12 a year) | $3,081.41 | 25 years | $367,682 |
| Semi-monthly (24 a year) | $1,539.27 | 25 years | $366,825 |
| Bi-weekly (26 a year) | $1,420.77 | 25 years | $366,759 |
| Accelerated bi-weekly (26 a year) | $1,540.70 | 21 years 8 months | $311,921 |
| Weekly (52 a year) | $710.08 | 25 years | $366,364 |
| Accelerated weekly (52 a year) | $770.35 | 21 years 8 months | $311,295 |
Regular bi-weekly or weekly payments barely change the interest. The saving comes from the accelerated versions, which pay more each year.
CMHC mortgage insurance premiums
Source: CMHC premium information for homeowner loans and the Financial Consumer Agency of Canada down payment rules (in force since December 15, 2024). Checked October 19, 2026. The premium is a percentage of the loan amount.
| Loan-to-value | Down payment | Premium |
|---|---|---|
| 80.01% to 85% | 15% to under 20% | 2.80% |
| 85.01% to 90% | 10% to under 15% | 3.10% |
| 90.01% to 95% | 5% to under 10% | 4.00% |
A 0.20% surcharge applies to amortizations over 25 years, and the 90.01% to 95% band costs 4.50% with a non-traditional (for example, borrowed) down payment. Sagen and Canada Guaranty also offer default insurance; ask your lender which insurer it uses.
Monthly payment per $100,000
| Rate | 25 years, fixed | 25 years, monthly compounding | 30 years, fixed |
|---|---|---|---|
| 3.5% | $499.27 | $500.62 | $447.64 |
| 4% | $526.02 | $527.84 | $475.52 |
| 4.5% | $553.47 | $555.83 | $504.22 |
| 5% | $581.60 | $584.59 | $533.69 |
| 5.5% | $610.39 | $614.09 | $563.91 |
| 6% | $639.81 | $644.30 | $594.82 |
Tips for Canadian buyers
- Term is not amortization. Most mortgages renew every few years at a new rate. The balance at the end of the term is what you will refinance or renew, so test a higher renewal rate.
- Qualifying uses a stress test. Lenders check that you could afford the payment at a higher qualifying rate, so you may qualify for less than this payment suggests.
- Prepayment privileges. Many lenders let you raise payments or make lump-sum prepayments each year. Compare the effect with the mortgage payoff calculator.
For a US-style mortgage with PMI and property tax, use the mortgage calculator. Buying in the UK? See the UK mortgage calculator.
Frequently asked questions
How are Canadian mortgage payments calculated?
Fixed rates are compounded semi-annually, so the quoted rate j becomes a periodic rate i = (1 + j/2)^(2/p) − 1 for p payments a year. The payment is then L × i ÷ (1 − (1 + i)^−n). On $100,000 at 5% over 25 years that gives $581.60 a month.
How much is CMHC insurance?
The premium is a percentage of the loan: 2.80% for 80.01% to 85% loan-to-value, 3.10% up to 90% and 4.00% up to 95%, plus 0.20% for amortizations over 25 years. On a $600,000 home with 10% down, the $540,000 loan carries a 3.10% premium of $16,740.
What is the minimum down payment in Canada?
Since December 15, 2024: 5% of the first $500,000 of the price and 10% of the portion from $500,000 up to $1.5 million. Homes of $1.5 million or more need 20% down and can’t get default insurance. A $600,000 home needs at least $35,000.
Is accelerated bi-weekly better than monthly?
It pays the mortgage off faster because the 26 half-payments add up to 13 monthly payments a year. On a $556,740 mortgage at 4.5% over 25 years, accelerated bi-weekly cuts the payoff to about 21 years 8 months and saves about $55,800 of interest. Regular bi-weekly payments save very little.
Can I get a 30-year amortization in Canada?
With 20% or more down, many lenders offer 30 years. For insured mortgages (under 20% down), 30-year amortization has been available since December 15, 2024 only to first-time buyers and buyers of newly built homes, and CMHC adds 0.20% to the premium.