Enter your home price, down payment, interest rate, and amortization to see your exact payment. This calculator uses Canadian semi-annual compounding — the method all Canadian lenders are required to use — so the numbers match your actual mortgage statement.
Start by entering your home price and down payment. You can enter the down payment as a dollar amount or a percentage — both fields update each other automatically. Next, set your amortization period (how long until the mortgage is fully paid off — most Canadians choose 25 years) and your annual interest rate. Finally, choose your payment frequency: monthly, bi-weekly, or weekly.
The calculator updates in real time as you type. No submit button needed.
The Payment Amount is your regular payment — what you'll send to your lender each period. The Mortgage Amount is your purchase price minus your down payment (plus CMHC insurance if applicable). Total Interest Paid is the full cost of borrowing over the entire amortization — often a sobering number that illustrates why paying off your mortgage faster saves so much money.
If your down payment is less than 20%, you'll see a CMHC Insurance line. This premium is added to your mortgage balance and spread across your payments — it's not an additional upfront cost but it does increase your total debt.
The pie chart shows the split between principal and interest over the life of your mortgage. Early in your amortization, most of each payment goes toward interest. Over time, more goes toward principal — this is why making extra payments early in your mortgage term has such a dramatic effect on total interest paid. Click View Amortization Schedule to see a year-by-year breakdown.
Why Canadian compounding matters: Unlike the US, where mortgages compound monthly, all Canadian mortgages are legally required to use semi-annual compounding. This calculator applies that formula automatically, so the result matches what your lender will quote you.
Canadian mortgages use semi-annual compounding, not monthly compounding like in the US. The effective monthly rate is (1 + annual rate / 2)^(1/6) − 1. This calculator applies that formula automatically.
The minimum down payment is 5% on the first $500,000 of the purchase price and 10% on the portion between $500,000 and $1,499,999. On homes over $1.5M, a 20% down payment is required.
Yes. If your down payment is less than 20%, the CMHC insurance premium is automatically added to your mortgage balance and reflected in your payment.
Most Canadians choose 25 years. If you have less than 20% down, the maximum is 30 years (for first-time buyers or new construction). A longer amortization lowers your payment but increases total interest paid.
Explore current rates from 16+ Canadian lenders, or read our guides to understand your options.