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Canadian Mortgage Calculator

Estimate mortgage payments for a Canadian home, with choices for amortisation period and payment frequency.

How it works Report a problem

Canadian Mortgage Calculator

Calculate semi-annual compounded interest repayments and Land Transfer Tax

$0
Monthly Payment
Semi-annual compounding applied
Total Interest
$0
Land Transfer Tax
$0
CMHC Premium
$0
Equity vs Balance

Canadian mortgages play by their own rules: interest compounds semi-annually, payments are often weekly or bi-weekly, and a down payment under 20% adds CMHC insurance. This calculator handles those rules, so the payment it shows is the one a Canadian lender would quote.

How to use this calculator

  • Enter the home price and your down payment.
  • Add the mortgage rate and choose an amortization period.
  • Pick a payment frequency: monthly, bi-weekly or weekly.
  • Press calculate to see the payment, the CMHC premium if it applies, and total interest.

Why Canadian rates compound differently

In Canada, fixed mortgage rates are quoted with semi-annual compounding, which makes the effective rate slightly lower than the same rate compounded monthly in the US system. This calculator applies the Canadian convention automatically, so you do not need to adjust the rate.

Frequently asked questions

When is CMHC insurance required?
When your down payment is less than 20% of the purchase price on an insured mortgage. The premium is usually added to the mortgage balance and paid over the amortization.
What is the maximum amortization in Canada?
Up to 30 years for insured mortgages for certain buyers, including first-time buyers and new builds, and 25 years in most other insured cases; uninsured mortgages can run longer with some lenders.
Are bi-weekly payments really faster?
Accelerated bi-weekly payments equal one extra monthly payment a year, which can cut years off the amortization. Regular bi-weekly payments are simply the monthly amount split in two.