Tools/Mortgage Calculator

Mortgage Payment Calculator

Calculate your monthly mortgage payments, amortization schedule, and see how much interest you'll pay over the life of your loan.

Enhanced Mortgage Calculator

Calculate payments, view amortization schedules, and compare scenarios

Mortgage Details

Mortgage Amountⓘ

Interest Rateⓘ

Amortizationⓘ

Termⓘ

Payment Frequencyⓘ

Annual Lump Sumⓘ

Payment Increaseⓘ

Monthly Payment

$2,779.16

Total Paid (5yr)ⓘ

$166,749.74

Principal Paidⓘ

$60,710.48

Interest Paidⓘ

$106,039.26

Remaining Balanceⓘ

$439,289.52

This calculator provides estimates for informational purposes only. Actual mortgage payments may vary based on lender fees, property taxes, insurance, and other factors. Please consult with a mortgage professional for accurate figures.

How to Use This Mortgage Calculator

Our Canadian mortgage payment calculator helps you estimate your monthly mortgage payments and understand the total cost of your mortgage over time. Simply enter your mortgage details to see your payment breakdown.

Key Features:

Payment Frequency: Compare monthly, bi-weekly, weekly, and accelerated payment options
Amortization Schedule: See your full payment breakdown over the life of your mortgage
Prepayment Options: Calculate how extra payments reduce your mortgage faster
Interest Savings: See exactly how much interest you'll pay

Understanding Your Mortgage Payment

Your mortgage payment consists of two main components: principal and interest. In the early years of your mortgage, a larger portion of your payment goes toward interest. As you pay down the principal, more of each payment goes toward reducing your balance.

Payment Frequency Options:

Monthly

12 payments per year. Standard option with higher individual payments.

Bi-Weekly

26 payments per year. Aligns with most Canadian pay schedules.

Accelerated Bi-Weekly

26 payments per year (half monthly amount). Saves years off your mortgage.

Weekly

52 payments per year. Lowest individual payment amount.

How a Canadian mortgage payment is calculated

The payment on this page is principal and interest on the amortization, not on the term. The term (often one to five years) is how long the contract rate lasts. The amortization (often 25 years, and up to 30 years on some insured and conventional products) is how long it would take to pay the balance to zero at that payment. At renewal you keep the remaining amortization and pick a new term.

Canadian fixed mortgage rates are quoted with semi-annual compounding, not monthly compounding. The equivalent monthly rate is (1 + annual rate ÷ 2) raised to the power of 1/6, minus 1. The calculator on this page uses a simpler monthly rate (annual rate ÷ 12), which is why its number can differ by a few dollars from a lender’s disclosure on the same rate. Both are shown in the example below so you can see the gap. Interest Act rules are why the semi-annual convention is the one on a standard Canadian mortgage commitment.

Example, not a live lender quote: $400,000 at 4.50% amortized over 25 years. This page’s monthly formula gives about $2,223 a month. The semi-annual compounding convention gives about $2,214 a month. Use the calculator to test prepayments and payment frequency; use the lender’s disclosure for the payment you will actually sign.

Accelerated bi-weekly is half of the monthly payment, taken every two weeks, so you make the equivalent of one extra monthly payment a year. Plain bi-weekly is the monthly payment times 12, divided by 26, and does not shorten the amortization the same way. The term you choose does not change the payment formula; it changes how soon you renegotiate the rate.

Qualification and province notes

The payment you will write is based on the contract rate. Whether you are allowed to borrow that amount is based on the stress test: the greater of the contract rate plus 2 percentage points or 5.25%, then GDS and TDS. Run the stress test calculator before you treat a payment you like as a mortgage you qualify for.

The payment formula does not change by province. Closing costs do. Ontario and Toronto land transfer tax, B.C. property transfer tax, and Alberta’s lack of a transfer tax all sit outside this payment. Estimate them with the closing costs calculator. Insured mortgages (under 20% down) add a default-insurance premium, usually onto the balance, which raises the payment slightly. Compare a contract rate from the 5-year fixed table rather than a posted bank rate.

Frequently Asked Questions

How does a Canadian mortgage payment calculator work?

It amortizes the principal over the number of years you enter, at the interest rate you enter. You pay principal and interest each period. Early payments are mostly interest. The term is when the rate resets; the amortization is the full payoff schedule. This page’s calculator uses a monthly rate (annual rate divided by 12). A lender commitment that compounds semi-annually will show a slightly different payment.

Why is the calculator payment different from my lender’s quote?

Canadian mortgages compound interest semi-annually. This tool uses a simple monthly rate, so the payment can differ by a few dollars. Payment frequency, an insurance premium added to the balance, and whether the rate is the contract rate or a posted rate also change the result. Match the lender’s disclosure before you rely on a figure.

Does the mortgage payment include property tax or the stress test?

No. The payment here is principal and interest only. Property tax, heating, and condo fees are housing costs for the stress test, which qualifies you at the greater of your contract rate plus 2 percentage points or 5.25%. Use the stress test calculator for that step and the closing costs calculator for cash due on closing.