Mortgage Calculator Canada
Calculate your Canadian mortgage payment assuming semi-annual compounding of the quoted rate. Includes amortization schedule, balance chart, CMHC insurance estimate, and land transfer tax by province.
Mortgage Details
CMHC premium applies (10% down)
Results
Payment
per monthly period
Total interest
Total cost
Principal
CMHC applies
Balance Over Time
| Year | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $2,491 | $1,672 | $819 | $449,181 |
| 9 | $2,491 | $1,647 | $843 | $442,521 |
| 17 | $2,491 | $1,622 | $869 | $435,660 |
| 25 | $2,491 | $1,596 | $895 | $428,592 |
| 33 | $2,491 | $1,569 | $922 | $421,312 |
| 41 | $2,491 | $1,541 | $950 | $413,813 |
| 49 | $2,491 | $1,512 | $978 | $406,087 |
| 57 | $2,491 | $1,483 | $1,008 | $398,129 |
| 65 | $2,491 | $1,453 | $1,038 | $389,932 |
| 73 | $2,491 | $1,421 | $1,069 | $381,487 |
| 81 | $2,491 | $1,389 | $1,102 | $372,788 |
| 89 | $2,491 | $1,356 | $1,135 | $363,828 |
| 97 | $2,491 | $1,322 | $1,169 | $354,597 |
| 105 | $2,491 | $1,287 | $1,204 | $345,089 |
| 113 | $2,491 | $1,250 | $1,240 | $335,294 |
| 121 | $2,491 | $1,213 | $1,278 | $325,204 |
| 129 | $2,491 | $1,175 | $1,316 | $314,811 |
| 137 | $2,491 | $1,135 | $1,356 | $304,104 |
| 145 | $2,491 | $1,094 | $1,397 | $293,075 |
| 153 | $2,491 | $1,052 | $1,439 | $281,714 |
| 161 | $2,491 | $1,009 | $1,482 | $270,011 |
| 169 | $2,491 | $964 | $1,527 | $257,956 |
| 177 | $2,491 | $918 | $1,573 | $245,537 |
| 185 | $2,491 | $871 | $1,620 | $232,745 |
| 193 | $2,491 | $822 | $1,669 | $219,567 |
Renewing? Solve for a lump sum
At your renewal quote, how much principal would you need to pay down to keep your monthly payment within budget, and would that use cash you want to keep?
Frequently asked questions
How is Canadian mortgage interest calculated?
This calculator assumes semi-annual compounding of the quoted rate, so the quoted annual rate is compounded twice per year, not twelve times. The Bank Act does not require this: the Interest Act (section 6) only requires a blended-payment mortgage to state its rate "calculated yearly or half-yearly, not in advance", so check your mortgage documents for how your lender compounds. The effective monthly rate = (1 + annualRate/2)(2/12) − 1. For example, a 5% quoted rate gives a monthly rate of ~0.4124% — slightly lower than 5%/12 = 0.4167%. The difference compounds to real savings over 25 years.
What is the minimum down payment in Canada?
5% on the first $500,000 and 10% on the portion between $500,000 and $1,500,000. Homes over $1,500,000 require a minimum 20% down payment. Down payments under 20% require CMHC mortgage default insurance.
What is the CMHC stress test?
Even if your contract rate is 4.5%, federally-regulated lenders must qualify you at the higher of (a) 5.25% or (b) your contract rate + 2%. This means you qualify for less than your actual payment suggests. The stress test does not affect your actual payment — only how much you can borrow.
Accelerated bi-weekly vs regular bi-weekly?
Regular bi-weekly = monthly × 12 / 26. Accelerated bi-weekly = monthly / 2, paid 26 times = 13 monthly equivalents per year. The extra payment each year shaves roughly 3–4 years off a 25-year amortization.
What are closing costs in Canada?
Land transfer tax (varies by province), legal fees ($1,000–$2,500), home inspection ($500+), and GST/HST on new builds (not resale). Budget 1.5–4% of purchase price depending on province.
Related Calculators
Land transfer tax
LTT/PTT by province including first-time buyer rebates
Ontario land transfer tax
Ontario LTT + Toronto MLTT with first-time buyer rebates
BC property transfer tax
BC PTT with the first time home buyers' exemption
Quebec welcome tax
Droits de mutation with Montreal and other city rates
All calculators
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