Canadian Mortgage Calculator
Canadian mortgage payments with semi-annual compounding, CMHC insurance, minimum down payment rules and accelerated bi-weekly or weekly payments.
Result
Monthly payment
CA$2,656.67
- Down payment
- CA$120,000.00
- Minimum down payment
- CA$35,000.00
- CMHC insurance (added to loan)
- CA$0.00
- Loan amount
- CA$480,000.00
- Total interest
- CA$317,001.05
- Paid off in
- 25years
How it’s worked out
- Canadian fixed rates compound twice a year, so the monthly rate is (1 + 4.5% ÷ 2)^(2/12) − 1 = 0.37153%
- A US-style calculator would use 4.5% ÷ 12 = 0.375%, which slightly overstates the payment
- The payment then uses the standard formula P × r × (1 + r)^n ÷ ((1 + r)^n − 1) over 300 months
Common questions
Why are Canadian mortgage payments different from US ones?
By law, Canadian fixed-rate mortgages compound semi-annually, not monthly. The same posted rate therefore gives a slightly lower payment than a US calculator would show.
What is the minimum down payment in Canada?
5% of the first $500,000 and 10% of the portion from $500,000 to $1.5 million. Homes of $1.5 million or more need 20% down.
What does accelerated bi-weekly mean?
You pay half your monthly payment every two weeks. That adds up to 13 monthly payments a year instead of 12, which takes years off a 25-year mortgage.