Mortgage Payment
Calculator — see your
real payment today.
Canadian semi-annual compounding, CMHC insurance, and payment frequency all built in — plus a live best rate pre-filled so your estimate is accurate from the start.
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Your Canadian mortgage payment is calculated from three inputs: the principal borrowed, the interest rate, and the amortization period. Canadian mortgages compound semi-annually (not monthly), so the effective monthly rate is slightly lower than the quoted annual rate divided by 12. A 25-year amortization on $500,000 at 4.19% produces a monthly payment of ~$2,680 — every 0.25% rate change moves that by about $65/month.
Canadian mortgage payment calculator: what will my payment be?
Fact-checked by Surrayya Afzal, Principal Broker, FSRA #M14001433· Last reviewed October 2026
Enter a price and down payment and we add CMHC automatically, then compare every payment frequency using Canadian semi-annual compounding.
Payment calculator
Where your money goes
Total interest vs. principal over the full 25-year amortization at 4.14%
Mortgage Squad Advisors · FSRA #13737 · Licensed in Ontario only.
Your inputs and results in one page you can keep.
Payment frequency — pay less interest
Accelerated schedules slip in one extra monthly payment a year — shrinking interest and your timeline.
Amortization schedule
How your balance falls — and how the interest/principal split shifts — over 25 years.
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | $14,056 | $24,366 | $585,944 |
| 2 | $14,644 | $23,778 | $571,300 |
| 3 | $15,256 | $23,165 | $556,044 |
| 4 | $15,895 | $22,527 | $540,149 |
| 5 · term end | $16,559 | $21,862 | $523,590 |
| 6 | $17,252 | $21,170 | $506,338 |
| 7 | $17,974 | $20,448 | $488,364 |
| 8 | $18,725 | $19,696 | $469,639 |
| 9 | $19,509 | $18,913 | $450,130 |
| 10 | $20,325 | $18,097 | $429,805 |
Read the full explanationHow a Canadian payment is worked out, with a worked example.
How a mortgage payment works in Canada
Your payment covers two things: interest the lender charges and principal that pays down the balance. The figure comes from three inputs — the mortgage amount, the interest rate, and the amortization (the number of years to pay it off in full). The one quirk worth knowing is that fixed-rate Canadian mortgages compound interest semi-annually, not monthly the way American ones do. That makes the effective monthly rate slightly lower than dividing the annual rate by twelve, which is why a payment you work out by hand rarely matches the lender’s number to the dollar. The calculator above uses the proper convention, so what you see is what a lender will quote on the same figures.
Two more terms matter. Amortization is the full payoff period — 25 years is the insured maximum for most buyers; 30 is available to first-time buyers, new-build buyers and many uninsured borrowers. Term is the length of your contract with one lender, usually five years, after which you renew the remaining balance at whatever rates are available then. The payment is set by the amortization; the term just decides when you renegotiate.
What changes your payment
Four levers move the number. A larger down payment shrinks the mortgage and, once you clear 20%, removes default insurance entirely. The interest rate is the biggest swing — on a $560,000 mortgage, every half-point is roughly $150 a month. Amortization trades monthly relief against lifetime cost: stretching from 25 to 30 years lowers the payment but adds years of interest. And payment frequency changes how fast the balance falls — accelerated bi-weekly squeezes in the equivalent of one extra monthly payment a year. If your down payment is under 20%, the CMHC premium is folded into the balance, so a smaller down payment quietly raises the amount you’re paying interest on.
A worked example
Say a couple buys a $700,000 home in Burlington with 20% down. That’s $140,000 down and a $560,000 mortgage: conventional, so no insurance premium. Assume a five-year fixed at 4.39% (an illustrative rate, not a quote; see today’s rates) amortized over 25 years. Their monthly payment works out to about $3,065. In the first year, roughly $24,100 of that goes to interest and about $12,700 pays down principal. Early payments are interest-heavy, which is normal and shifts toward principal over time.
Now switch them to accelerated bi-weekly. Instead of $3,065 a month, they pay half, about $1,533, every two weeks. Because there are 26 two-week periods in a year, that’s 13 monthly payments’ worth instead of 12. That single extra payment a year, all of it principal, knocks roughly three yearsoff the 25-year amortization and saves them tens of thousands in interest over the life of the loan — without the monthly budget ever feeling different. Run your own price and rate above to see your exact figures.
How to lower your payment
If the monthly number is higher than you want, start with the rate — shopping across lenders, or choosing an insured (high-ratio) mortgage when you qualify, often beats the posted rate at your own bank. A bigger down paymentdirectly cuts the amount financed and can remove the insurance premium. Stretching the amortization to 30 years is the fastest way to drop the monthly figure, but understand the trade: lower payments now, more interest paid over the full term. Going the other direction, accelerated payments and lump-sum prepayments won’t lower the scheduled payment but will clear the balance years sooner. Most lenders allow annual prepayments of 10–20% of the original balance without penalty — worth confirming before you sign.
Related scenarios
The payment is only part of the picture. To find out what price you can actually qualify for, work through the affordability calculator, which adds property tax, heat and condo fees and applies the lender ratios. If your down payment is under 20%, estimate the insurance cost with the CMHC insurance calculator before it gets added to the balance above. And if you’re thinking about breaking your term early to chase a lower rate, check the cost first with the prepayment penalty calculator.
Frequently asked
Don’t see yours? Ask Maya for a quick, accurate answer, or chat with Maya any time.
How is a Canadian mortgage payment calculated?+
Fixed-rate Canadian mortgages compound semi-annually (twice per year), not monthly like US mortgages. The effective monthly rate is (1 + rate/2)^(1/6) − 1. This calculator uses that exact convention, so your numbers match what your lender quotes.
What does accelerated bi-weekly actually save me?+
Accelerated bi-weekly pays half your monthly amount every two weeks — 26 payments a year, which equals 13 monthly payments instead of 12. That one extra payment a year goes straight to principal, typically cutting 3-4 years and tens of thousands in interest off a 25-year mortgage. The comparison above shows your exact savings.
Is CMHC insurance added to my mortgage?+
Yes. With less than 20% down your mortgage is insured (CMHC/Sagen/Canada Guaranty) and the premium is added to your mortgage balance and paid off over the amortization — it's not due upfront. This calculator adds it automatically and bases your payment on the insured total. See our CMHC calculator.
What's the minimum down payment in Canada?+
For a 1-2 unit home: 5% on the first $500,000 of price, 10% on the portion from $500K to $1.5M, and 20% at $1.5M or more (default insurance isn’t available at that price). Owner-occupied 3-4 unit properties need at least 10% down. This calculator enforces the 1-2 unit minimum as you change the price. Source: FCAC, minimum down payment.
Does this include property tax, heat and condo fees?+
No — this shows principal + interest only. For full housing cost (PITH) used in qualifying, add property tax, heat and half of condo fees. Use the affordability calculator for PITH and the stress test.
Should I extend amortization to lower my payment?+
Going from 25 to 30 years lowers the payment by roughly 9-10% at mid-4% rates, but adds significant lifetime interest. Great for cashflow, costly over the full term. Insured mortgages (under 20% down) allow 30 years only for first-time buyers and new builds; uninsured mortgages can often go to 30 years. We'll confirm your eligibility.
What is the difference between monthly, bi-weekly, and accelerated bi-weekly?+
Monthly gives you 12 payments per year. Bi-weekly gives 26 payments, so each is roughly half the monthly amount — no savings over monthly. Accelerated bi-weekly takes your monthly payment, divides it by two, and debits it every two weeks: the result is 26 half-monthly payments, which equals 13 full monthly payments annually. That extra month chops years off your amortization and saves thousands in interest.
Does this calculator include CMHC mortgage insurance?+
Yes. When your down payment is less than 20% of the purchase price, the calculator automatically adds the CMHC (or Sagen / Canada Guaranty) premium to your principal and reflects it in your payment. The premium tiers are 2.8%, 3.1%, or 4.0% of the insured mortgage amount depending on your loan-to-value ratio.
What amortization period should I choose?+
For insured mortgages (less than 20% down), the maximum is 30 years as of August 2024 for first-time buyers purchasing new builds; 25 years in most other insured cases. Uninsured mortgages can amortize up to 30 years with most A-lenders. A longer amortization lowers your payment but increases total interest paid. Use the amortization schedule in this calculator to see the tradeoff in dollars.
How much does my payment change with a 1% rate increase?+
On a $500,000 mortgage at 25-year amortization, every 1% increase in your rate adds roughly $270–$290 to your monthly payment. The exact amount depends on your amortization and remaining balance. Use this calculator to model both your current rate and a stress-test rate (your qualifying rate plus 2%) side by side.
Can you beat a rate my bank gave me?+
We'll try. We work with 100+ lenders — chartered banks, monolines, credit unions, and B-lenders — and we are not paid more to recommend one over another. Bring us a written offer from a big bank. We'll try to beat it. If we can't, we pay you $500. Conditions apply.
Want a real rate for these numbers?
Bring us a written offer from a big bank. We’ll try to beat it. If we can’t, we pay you $500. Conditions apply. See the conditions
Mortgage advisors near you
Run the numbers here, then connect with a Mortgage Squad advisor in your Ontario city to make it happen.