Mortgage Payment Calculator

Canadian mortgage payments are calculated using the standard amortization formula, but with interest compounded semi-annually as required by Canadian law, then converted to a rate per payment period based on your chosen payment frequency.

CMHC (mortgage default) insurance is required whenever your down payment is less than 20% of the purchase price. The premium is calculated as a percentage of your mortgage amount and is added to your mortgage principal rather than paid upfront.

For homes priced at $500,000 or less, the minimum down payment is 5%. For homes between $500,000 and $1,499,999, it's 5% on the first $500,000 plus 10% on the remaining amount. For homes $1,500,000 or more, the minimum is 20%.

Amortization is the total length of time it will take to pay off your mortgage in full (e.g. 25 or 30 years). Your mortgage term is the length of your current rate/contract (e.g. 5 years), after which you renew or renegotiate.

Regular bi-weekly payments simply divide your annual payments into 26 equal installments. Accelerated bi-weekly payments are calculated as half of your monthly payment, which results in the equivalent of one extra monthly payment per year — helping you pay off your mortgage faster and save on interest.