Canada Mortgage Calculator
Canadian mortgage payments with semi-annual compounding, CMHC insurance, monthly and bi-weekly payments.
How it works
Canadian fixed-rate mortgages compound semi-annually, so the monthly rate is j = (1 + r/2)^(1/6) − 1. Payment = P × j ÷ (1 − (1 + j)^−n). If the down payment is under 20%, the CMHC premium is added to the loan. Accelerated bi-weekly = monthly ÷ 2. Taxes on the premium (e.g. PST in ON, QC, SK) are not included.
Examples
- $400,000 mortgage at 5% over 25 years = $2,326.42/month.
- $500,000 home with 5% down → $475,000 loan + 4% CMHC ($19,000) = $494,000 insured mortgage.
FAQ
Why is this different from US calculators?
US mortgages compound monthly; Canadian fixed-rate mortgages compound semi-annually by law (Interest Act), which slightly lowers the payment.
What is the stress test?
Lenders qualify you at the higher of your rate + 2% or 5.25%. This tool shows payment, not qualification.