Free Canadian mortgage calculator
Mortgage Payment Calculator Canada
Calculate your monthly mortgage payment in Canada. Supports standard 25-year amortization with semi-annual compounding, reflecting how Canadian mortgages actually work.
Enter your details
≈ $140,000
Include property tax & insurance
Adds estimated monthly totals to your payment
Monthly payment
$3,439
/month
Loan amount
$560,000
80.0% LTV
Total interest
$471,667
over loan term
Total repaid
$1,031,667
25 year term
Principal vs Interest breakdown
How this calculator works
Canadian mortgages are structured differently to US mortgages. The key difference is compounding: Canadian mortgage rates are compounded semi-annually, not monthly. This calculator applies the correct Canadian compounding convention for accurate results.
Standard Canadian amortization periods run up to 25 years (or 30 years for insured mortgages under recent changes). If your down payment is below 20%, you'll require CMHC mortgage insurance, which adds a premium to your loan amount.
The calculator shows your monthly payment split between principal and interest, plus the total cost of the loan over your chosen amortization period.
Worked example
A $700,000 home with 20% down at 5.5%
- 1Canadian semi-annual compounding: effective monthly rate = (1 + 0.055/2)^(1/6) - 1 = 0.4532%
- 2Months: 25 × 12 = 300
- 3Monthly payment ≈ CA$3,394/month
- 4Total paid: CA$3,394 × 300 = CA$1,018,200
- 5Total interest: CA$1,018,200 − CA$560,000 = CA$458,200
Frequently Asked Questions
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Try calculatorDisclaimer: Calculations are estimates for informational purposes only and do not constitute financial advice. Mortgage rules, taxes, and CMHC insurance requirements vary by province. Consult a licensed mortgage broker before making financial decisions.