Canadian Mortgage Payment Calculator
Estimate your monthly, bi-weekly or accelerated mortgage payment with correct Canadian semi-annual compounding, automatic CMHC insurance, and total interest over the life of your mortgage — then browse real GTA homes in your budget.
Estimates for planning only and not a mortgage approval or offer. Rates, CMHC premiums and rules current as of 2026; confirm final figures with your lender and lawyer.
How Canadian mortgage payments work
In Canada, fixed-rate mortgage interest is compounded semi-annually, not in advance — a rule set by the federal Interest Act. That makes the effective rate slightly lower than a U.S.-style monthly-compounded loan at the same posted rate, which is why generic online calculators can overstate your payment. This calculator uses the Canadian method so your estimate lines up with real lender quotes.
Your total mortgage is the purchase price minus your down payment, plus any CMHC mortgage default insurance premium if you put down less than 20%. The premium is added to your mortgage balance, but the 8% Ontario PST on that premium must be paid in cash at closing.
Choosing an accelerated bi-weekly schedule effectively adds one extra monthly payment each year, which can shave years off your amortization and save significant interest. Try switching the frequency above to see the difference for your numbers.
Frequently asked questions
How is a Canadian mortgage payment calculated?
Canadian fixed-rate mortgages compound interest semi-annually, not monthly, as required by the federal Interest Act. This calculator converts your annual rate to an effective semi-annual rate before working out each payment, so the result matches what Canadian lenders actually charge — unlike U.S.-style calculators that compound monthly.
Do I need CMHC mortgage insurance?
If your down payment is less than 20% of the purchase price, your mortgage must be insured (by CMHC, Sagen or Canada Guaranty). The premium is a percentage of your loan — 4.00% at 5–9.99% down, 3.10% at 10–14.99% down, and 2.80% at 15–19.99% down — and is added to your mortgage balance. Insured mortgages are only available on homes priced under $1.5 million.
What is the minimum down payment in Canada?
You need at least 5% on the first $500,000 of the purchase price and 10% on the portion between $500,000 and $1.5 million. Homes priced above $1.5 million require a minimum 20% down payment and cannot be insured.
How much can accelerated bi-weekly payments save me?
Accelerated bi-weekly payments are your monthly payment divided in two, paid every two weeks — which adds up to one extra monthly payment per year. On a typical GTA mortgage that can shorten your amortization by around three years and save tens of thousands in interest. Switch the payment frequency in the calculator to compare.
Is this mortgage calculator free?
Yes. HouseIndex’s mortgage calculator is completely free, requires no sign-up, and runs entirely in your browser — we never store the numbers you enter.