Mortgage Calculator
A real Canadian payment calculator — semi-annual compounding included.
Canadian mortgages don’t work quite like the ones in US-based calculators you’ll find online. By law, the interest rate on a fixed-rate mortgage here must be quoted as compounded semi-annually, not monthly, a small difference that changes your real payment. The calculator below is built around that rule, and it shows your CMHC mortgage insurance premium live as you change your down payment.
CMHC mortgage insurance premium
Required when you put down less than 20%.
Estimate only. Uses Canadian semi-annual compounding and standard CMHC purchase premiums (Sagen and Canada Guaranty are similar). A 0.20% surcharge is added for amortizations over 25 years. Total interest assumes the same rate for the full amortization. Not a rate quote or advice. New to the rules? Read how much down payment you need in Canada.
How to read your results
- CMHC premium: below 20% down, the premium is added to your mortgage balance, so you pay interest on it too. Each step up in down payment (10%, 15%, 20%) lowers the rate. Learn more in our guide to the minimum down payment in Canada.
- Qualifying is different from affording: lenders will test your application at a higher rate than the one shown here. See how the mortgage stress test works and what lenders check for a pre-approval.
- Accelerated payments: switching to accelerated bi-weekly adds the equivalent of one extra monthly payment a year. See how rounding up or accelerating payments cuts years off your mortgage.
- Choosing a rate: not sure what rate to enter? Compare options in fixed vs. variable mortgages.