About the Canada Mortgage Calculator
This Canada mortgage calculator works out your payment the way Canadian lenders do. Fixed-rate mortgages in Canada compound interest semi-annually, not monthly, so the effective rate per payment is slightly lower than a US-style calculation would suggest. Choose monthly, semi-monthly, bi-weekly, weekly or accelerated payments and the calculator converts the rate correctly for each.
If your down payment is under 20%, the mortgage must be insured. The calculator checks the federal minimum down payment (5% of the first $500,000 and 10% of the portion up to $1.5 million), adds the CMHC premium for your loan-to-value ratio to the mortgage, and applies the 0.20% surcharge when an insured mortgage uses a 30-year amortization. Homes priced at $1.5 million or more need 20% down.
Because Canadian mortgages renew every few years, it also shows the balance left at the end of your term, which is the amount you will refinance or renew. Rules reflect those in effect as of 2026; provincial sales tax on the CMHC premium (charged in Ontario, Quebec and Saskatchewan) is payable in cash at closing and is not added to the loan.
With the default inputs, the payment per period is $3,594.97. Change any value above to recalculate instantly.
How to use the canada mortgage calculator
- 1Enter the purchase price and your down payment.
- 2Enter the rate your lender quoted and choose an amortization period.
- 3Pick a payment frequency — try accelerated bi-weekly to see the time saved.
- 4Choose your mortgage term to see the balance you will renew at.
- 5Review the CMHC premium and minimum down payment notes.
Formula and method
Under the Interest Act, Canadian fixed-rate mortgages quote a rate compounded semi-annually. The calculator converts the quoted annual rate i to a rate j per payment period, where k is the number of payments per year (12, 24, 26 or 52), then applies the standard level-payment formula over n = amortization years × k payments.
Accelerated bi-weekly and weekly payments are the monthly payment divided by 2 or 4, paid 26 or 52 times a year; this adds roughly one extra monthly payment a year and shortens the amortization. When the down payment is under 20%, the CMHC premium (2.80% to 4.00% of the loan, plus 0.20% for 30-year amortizations) is added to the principal before payments are calculated.
- i
- Quoted annual interest rate (decimal)
- k
- Payments per year
- j
- Interest rate per payment period
- n
- Total number of payments (amortization × k)
- P
- Mortgage principal including any CMHC premium
Worked examples
$700,000 home, 10% down, 4.5%, 25 years, monthly
With $70,000 down (10%) the base loan is $630,000 and the loan-to-value is 90%, so the CMHC premium is 3.10% or $19,530, giving a $649,530 mortgage. At 4.5% compounded semi-annually over 25 years the monthly payment is about $3,595, and roughly $570,264 remains at the end of a 5-year term.
$500,000 home, 20% down, 5%, 30 years
With 20% down no mortgage insurance is needed, so the mortgage is $400,000. At 5% compounded semi-annually (an effective 5.0625% a year) over 30 years the monthly payment is about $2,134.76.
Accelerated bi-weekly on the same $649,530 mortgage
Accelerated bi-weekly payments are half the monthly payment — about $1,797.49 every two weeks. Making 26 of them a year pays the equivalent of 13 monthly payments, so the mortgage is paid off in about 21 years 8 months instead of 25 years.
Frequently asked questions
Why are Canadian mortgage payments calculated differently?+
The Interest Act requires fixed-rate mortgages to state the rate compounded semi-annually (or annually), not in advance. Semi-annual compounding makes the effective monthly rate slightly lower than dividing the rate by 12, so payments are a little lower than a US calculator shows.
What is the minimum down payment in Canada?+
For homes up to $500,000 it is 5%. For homes between $500,000 and $1.5 million it is 5% of the first $500,000 plus 10% of the rest. Homes of $1.5 million or more require at least 20% down.
How much is CMHC insurance?+
The premium depends on your loan-to-value ratio: 2.80% of the loan for 80.01–85%, 3.10% for 85.01–90% and 4.00% for 90.01–95%. An extra 0.20% applies to insured mortgages with a 30-year amortization. The premium is usually added to the mortgage.
What is the difference between bi-weekly and accelerated bi-weekly?+
Regular bi-weekly payments spread 12 monthly payments over 26 periods, so you pay the same per year. Accelerated bi-weekly payments are half the monthly amount paid 26 times, which adds one extra monthly payment per year and pays the mortgage off years sooner.
What is the difference between amortization and term?+
Amortization is the total time to pay off the mortgage, commonly 25 years. The term is how long your current rate and contract last, usually 1 to 10 years (5 years is most common). At the end of each term you renew on the remaining balance.
Results are estimates for educational purposes and are not financial advice. Rates, fees and terms vary — confirm with your lender or a licensed advisor before making decisions.