Mortgage Calculator
Calculate your monthly mortgage payments and view your complete amortization schedule.
Mortgage Parameters
Amortization Schedule
(30 Years term)
Frequently Asked Questions
Key guidelines on Canadian mortgage payments, amortization lengths, down payments, and stress tests.
How do Canadian banks calculate mortgage interest?
Under Section 6 of the Canada Interest Act, fixed-rate mortgages in Canada are compounded semi-annually (twice per year), not in advance—unlike US mortgages, which compound monthly. To calculate your monthly payment, Canadian lenders convert the posted annual rate into an equivalent effective monthly rate using the formula: Monthly Rate = (1 + Annual Rate ÷ 2)^(1/6) − 1.
What are the minimum down payment rules in Canada?
In Canada, the minimum down payment is 5% on the first $500,000 of the home's purchase price, plus 10% on the portion between $500,000 and $1,500,000. For homes priced at $1.5 million or more, a minimum 20% down payment is required. If your down payment is under 20%, you must purchase mortgage default insurance (CMHC, Sagen, or Canada Guaranty).
What is the difference between a mortgage term and the amortization period?
The amortization period is the total length of time it takes to pay off your entire mortgage (typically 25 years in Canada, or up to 30 years for eligible first-time buyers, new builds, or uninsured mortgages with 20%+ down). The mortgage term (most commonly 3 or 5 years in Canada) is the length of time your current interest rate and contract conditions remain locked in before you renew.
What is included in a total monthly housing payment?
Your total monthly obligation includes your mortgage principal and interest (P&I) payment—calculated using Canadian semi-annual compounding—plus municipal property taxes, home insurance, and any applicable mortgage insurance.