Mortgage Payment Calculator
Estimate your Canadian mortgage payment — monthly, bi-weekly or accelerated — using the semi-annual compounding that Canadian fixed-rate mortgages actually use.
If your down payment is under 20%, an estimated CMHC insurance premium is added. Insured mortgages require a price under $1.5M and amortization of 25 years or less.
This calculator is a simplified illustration for general education only. It is not tax, investment or financial advice, a projection, or a guarantee. Your own situation depends on your full circumstances — speak with us for planning tailored to you.
Mortgage Payment Calculator — questions
How are Canadian mortgage payments calculated?
Canadian fixed-rate mortgages compound semi-annually. The posted annual rate is converted to an effective monthly rate, then applied over your amortization to find the payment — which is what this calculator does.
How much down payment do I need in Canada?
The minimum is 5% on the first $500,000 and 10% on the portion above that, up to $1.5M. Below 20% down, CMHC mortgage insurance is required.
What is CMHC insurance and how much is it?
CMHC (mortgage default) insurance is required when you put down less than 20%. The premium ranges from about 2.8% to 4.0% of the mortgage, depending on your down-payment size, and is added to the loan.
Do accelerated bi-weekly payments save money?
Yes. Accelerated bi-weekly payments equal about one extra monthly payment per year, which shortens your amortization and reduces total interest.
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