Canada mortgage calculator
Calculate Canadian mortgage payments with Canadian semi-annual compounding, CMHC insurance premiums and accelerated payment schedules.
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About this tool
Calculate Canadian mortgage payments with legal semi-annual compounding. Factor in home price, down payment percentage, mandatory CMHC insurance if down payment is under 20%, and compare monthly vs accelerated bi-weekly schedules.
How to use it
- 1 Enter the home purchase price and your cash down payment.
- 2 Select mortgage amortization term (15, 20, 25, or 30 years) and interest rate.
- 3 Choose your payment schedule (monthly, bi-weekly, or accelerated bi-weekly).
Questions
Why do Canadian mortgages compound semi-annually?
Under the Canadian Bank Act, fixed-rate mortgages must compound semi-annually by law, which results in slightly lower effective interest than monthly compounding in the US.
When is CMHC mortgage insurance mandatory?
In Canada, CMHC mortgage default insurance is mandatory on any purchase with a down payment under 20%. Premiums range from 2.80% to 4.00% of the loan amount.
Is my data uploaded?
No. This tool runs in your browser, so your text and files never reach our server.
Is this tool free?
Yes. It’s free to use with no sign-up and no limits for normal use.
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