What this calculator answers
Your mortgage payment depends on four things: how much you borrow, the interest rate, the amortization (how many years to pay it off) and how often you pay. This calculator works out the payment the way Canadian lenders do, with fixed rates compounded twice a year, and shows how much of your money goes to interest during your term.
It also shows the balance you will still owe when your term ends. That is the amount you will renew at whatever rate is available then, so it matters as much as the payment.
How the calculation works
- If you enter a price and down payment, the mortgage is the price minus the down payment. Under 20% down, a default insurance premium is added to the mortgage using the standard premium schedule.
- The payment is the level amount that clears the mortgage over the amortization at your rate. Fixed rates are converted from semi-annual compounding to the rate per payment; you can switch to monthly compounding for a variable rate.
- Accelerated bi-weekly and weekly payments are the monthly payment divided by 2 or 4. Regular bi-weekly, weekly and semi-monthly payments are calculated so the mortgage ends on the same date as monthly.
- The schedule runs every payment, with interest rounded to the cent as a lender would, and rolls the results up by year.
Assumptions and limits
- The rate you enter is an example or an offer you have. This tool does not know current lender rates and nothing here is a rate quote or an approval.
- The rate stays the same for the whole amortization. In reality you renew every term, often at a different rate.
- Insurance premiums follow the published standard schedule (insurer rules). Premiums for non-traditional down payments and any lender fees are not included.
- The 25-year limit for insured mortgages, with 30 years for first-time buyers and new builds, is a federal rule. Uninsured amortization limits are lender policy.
- Property tax, condo fees, home insurance and closing costs are not part of the payment shown.
Common questions
Why is my payment different from a US mortgage calculator?
Canadian fixed-rate mortgages compound interest twice a year, not monthly. At the same quoted rate that gives a slightly lower payment than a calculator built for US mortgages.
What is the difference between my term and my amortization?
The amortization is how long the whole mortgage takes to pay off, often 25 or 30 years. The term is how long your rate and conditions are locked in, often 5 years. When the term ends you renew the remaining balance.
Do I have to pay mortgage insurance?
If you put less than 20% down, yes. Default insurance protects the lender, and its premium is usually added to your mortgage. Homes priced at $1.5 million or more need at least 20% down. See the insurance calculator for more detail.
Will choosing bi-weekly payments save me money?
Regular bi-weekly payments save very little. Accelerated bi-weekly saves more because you pay the equivalent of one extra monthly payment each year. The payment frequency calculator compares all six options.
Is this the payment I will be approved for?
No. It shows the payment for the amount and rate you enter. Lenders also check that you qualify at a higher stress-test rate and look at your income, debts and credit.
Sources
- Interest Act, section 6 (rules checked 2026-10-31)
- CMHC notice, premiums and 30-year amortization (rules checked 2026-10-31)
- Ratehub: PST on CMHC insurance by province (rules checked 2026-10-31)