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Canadian Mortgage Calculator
Canadian mortgage with semi-annual compounding and CMHC insurance.
Canadian mortgages compound semi-annually under the Interest Act, not monthly. This calculator uses that
convention, so the payment matches what a Canadian lender quotes.
—
| Frequency | Payment | Payoff | Total interest |
|---|
Payment
—
CMHC premium—
Total mortgage—
Down payment—
Effective payoff—
Total interest—
Interest over the term—
Balance at term end—
Quick Tool Overview
The Canadian Mortgage Calculator uses semi-annual compounding as required by the Interest Act, so the payment matches what a Canadian lender quotes. CMHC default insurance and the accelerated payment frequencies that shorten an amortization are both built in.
- What it does
- Calculates a Canadian mortgage payment and amortization
- You give it
- Price, down payment, rate, amortization and payment frequency
- You get back
- The payment, CMHC premium, total interest and a full schedule
- Best for
- Canadian buyers and renewals
About the Canadian Mortgage Calculator
Canadian mortgages compound semi-annually rather than monthly, which makes the standard American formula give a slightly wrong answer. This calculator uses the Canadian convention, so the payment matches what a lender in Canada would actually quote you.
Two other Canadian specifics are built in. CMHC mortgage default insurance is required when the down payment is under twenty percent, is priced as a percentage of the loan that steps up as the down payment falls, and is normally added to the balance. And payment frequency genuinely matters here: accelerated bi-weekly payments squeeze the equivalent of one extra monthly payment into every year, which typically removes several years from a twenty-five year amortization.
Key features of the Canadian Mortgage Calculator
Semi-annual compounding
The Canadian convention, not the American monthly one, so the payment is the number your lender will quote.
CMHC premium calculated
Required under twenty percent down, priced by band and added to the balance automatically.
Accelerated frequencies
Accelerated bi-weekly slips an extra monthly payment into every year and typically cuts years off the amortization.
Term against amortization
The five-year term and the twenty-five-year amortization are different things, and the calculator keeps them separate.
Full payment schedule
Principal, interest and balance for every payment at whichever frequency you choose.
How to use the Canadian Mortgage Calculator
-
1
Enter the price and down payment
Under twenty percent down, CMHC insurance is added automatically at the applicable rate.
-
2
Set the rate and amortization
Enter the rate and the amortization period, commonly twenty-five years.
-
3
Choose a payment frequency
Monthly, bi-weekly, accelerated bi-weekly or weekly, and compare what each does to the term.
-
4
Review the schedule
The table shows principal, interest and balance for every payment in the amortization.
Frequently asked questions
It is set by the Interest Act, which requires the rate on most Canadian mortgages to be stated with compounding no more than twice a year. It makes the effective rate slightly lower than the same nominal rate compounded monthly.
Whenever the down payment is less than twenty percent of the purchase price. The premium is a percentage of the loan, rising as the down payment falls, and is normally added to the mortgage rather than paid upfront.
The monthly payment is halved and paid every two weeks, which produces twenty-six payments a year rather than twenty-four. That extra month of payments each year can cut several years off the amortization.
The amortization is how long until the mortgage is fully repaid, often twenty-five years. The term is how long your current rate and contract last, usually five years, after which you renew at whatever rates are then available.
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