Mortgage Calculator Canada
Calculate your Canadian mortgage payment with semi-annual compounding — the legally-required method under the Bank Act. Includes amortization schedule, balance chart, CMHC insurance estimate, and land transfer tax by province.
Mortgage Details
CMHC premium applies (10% down)
Results
Payment
$2,491
per monthly period
Total Interest
$297,188
Total Cost
$747,188
Principal
$450,000
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 |
Frequently asked questions
How is Canadian mortgage interest calculated?
Canadian mortgages are legally required to use semi-annual compounding under the Bank Act. This means the quoted annual rate is compounded twice per year, not twelve times. 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
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PRE on sale of your home including partial years
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