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Canadian Mortgage Calculator

Full Canadian math: semi-annual compounding, CMHC insurance, and accelerated payment frequencies. No login. Numbers update as you type.

Mortgage details

Edit anything · results update live
20% — no CMHC required
Annual · semi-annual compounding

Your mortgage

live
Monthly payment
$0
incl. principal & interest
Mortgage principal$0
CMHC insurance premium$0
Total amount financed$0
Total interest paid (over amortization)$0
Total paid (principal + interest)$0
Effective monthly rate0.000%
ⓘ Canadian mortgages compound semi-annually but pay on your chosen frequency. CMHC insurance is required when the down payment is less than 20% (and the home is under $1M).

Amortization schedule — year by year

Year Beginning balance Principal paid Interest paid Ending balance
How this works

Built using the real Canadian mortgage formula.

Unlike most online calculators that quietly use U.S. monthly compounding, this one uses the Canadian standard: semi-annual compounding, regardless of how often you actually pay. That's the rule under Section 6 of the Interest Act for Canadian mortgages, and it's why your monthly payment is slightly lower than a U.S. calculator would tell you for the same posted rate.

CMHC mortgage insurance (2024 rates)

If your down payment is less than 20%, you're required to carry CMHC mortgage default insurance, which is added to the mortgage principal:

  • 5% to 9.99% down → 4.00% premium on the loan amount
  • 10% to 14.99% down → 3.10% premium
  • 15% to 19.99% down → 2.80% premium
  • 20% or more down → no insurance required

CMHC insurance is unavailable on homes priced over $1M — those require 20% down by default. Minimum down payment is 5% on the first $500k and 10% on any portion above $500k.

Accelerated payments — the real reason people use them

An accelerated biweekly payment is your monthly payment divided by two, paid every two weeks. Because there are 26 biweekly periods (not 24) in a year, you end up making the equivalent of one extra monthly payment per year — which shaves years off your amortization.

// disclaimer This calculator is for illustration only. Actual mortgage offers depend on your lender, your credit, the property, and current rate offerings — always confirm exact numbers with your mortgage professional. We don't store anything you type here.