Mortgage Payment Calculator (Canadian)

Your mortgage

Home price ($)

Down payment ($)20% or more avoids mortgage default insurance.

Annual rate (%)

Amortization (years)

Payment frequency Standard schedule — not "accelerated" payments.

Payment per month

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Mortgage amount

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Total interest paid

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Total of all payments

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Number of payments

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Year-by-year schedule

Year	Interest paid	Principal paid	Balance
Enter your figures and hit Calculate.

How the Canadian calculation works

In Canada, fixed mortgage rates are quoted as a nominal rate compounded semi-annually, not in advance. To get your payment, we first convert it to an equivalent periodic rate:

Periodic rate = (1 + annual rate ÷ 2)^{2 ÷ payments per year} − 1
Payment = principal × r ÷ (1 − (1 + r)^−N), where N is the total number of payments

This is the same math your bank uses for a standard payment schedule. "Accelerated" bi-weekly payments (half the monthly amount, 26 times a year) pay the mortgage off faster — we don't model those here.

Keep in mind

These figures ignore mortgage default insurance, property tax, and maintenance.
Your actual rate at renewal will differ — this shows the full amortization at today's rate.
Not financial advice. Confirm with your lender before making decisions.

Buying a home? Pair this with the FHSA room tracker to plan your down payment, and the TFSA estimator for the rest of your savings.