Canadian Mortgage Calculator — Payments, CMHC Insurance & Amortization
Mortgage payments with Canadian semi-annual compounding, CMHC insurance, accelerated payments, prepayments and a full amortization schedule.
Balance over time
Amortization schedule
| Year | Payments | Interest | Principal | Prepaid | Balance |
|---|---|---|---|---|---|
| $39,217.68 | $25,378.60 | $13,839.08 | — | $589,295.92 | |
| $39,217.68 | $24,778.53 | $14,439.15 | — | $574,856.77 | |
| $39,217.68 | $24,152.43 | $15,065.25 | — | $559,791.52 | |
| $39,217.68 | $23,499.22 | $15,718.46 | — | $544,073.06 | |
| $39,217.68 | $22,817.64 | $16,400.04 | — | $527,673.02 | |
| $39,217.68 | $22,106.53 | $17,111.15 | — | $510,561.87 | |
| $39,217.68 | $21,364.61 | $17,853.07 | — | $492,708.80 | |
| $39,217.68 | $20,590.47 | $18,627.21 | — | $474,081.59 | |
| $39,217.68 | $19,782.79 | $19,434.89 | — | $454,646.70 | |
| $39,217.68 | $18,940.10 | $20,277.58 | — | $434,369.12 | |
| $39,217.68 | $18,060.88 | $21,156.80 | — | $413,212.32 | |
| $39,217.68 | $17,143.52 | $22,074.16 | — | $391,138.16 | |
| $39,217.68 | $16,186.37 | $23,031.31 | — | $368,106.85 | |
| $39,217.68 | $15,187.73 | $24,029.95 | — | $344,076.90 | |
| $39,217.68 | $14,145.80 | $25,071.88 | — | $319,005.02 | |
| $39,217.68 | $13,058.67 | $26,159.01 | — | $292,846.01 | |
| $39,217.68 | $11,924.41 | $27,293.27 | — | $265,552.74 | |
| $39,217.68 | $10,740.99 | $28,476.69 | — | $237,076.05 | |
| $39,217.68 | $9,506.23 | $29,711.45 | — | $207,364.60 | |
| $39,217.68 | $8,217.93 | $30,999.75 | — | $176,364.85 | |
| $39,217.68 | $6,873.79 | $32,343.89 | — | $144,020.96 | |
| $39,217.68 | $5,471.35 | $33,746.33 | — | $110,274.63 | |
| $39,217.68 | $4,008.10 | $35,209.58 | — | $75,065.05 | |
| $39,217.68 | $2,481.41 | $36,736.27 | — | $38,328.78 | |
| $39,217.32 | $888.54 | $38,328.78 | — | $0.00 |
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This Canadian mortgage calculator works out your payment the way Canadian lenders do: fixed-rate mortgages in Canada are compounded semi-annually, not monthly, so a US-style calculator overstates the payment slightly. A $400,000 mortgage at 5% over 25 years costs $2,326.42 a month with semi-annual compounding, against $2,338.36 if the rate were simply divided by 12. Enter the home price, your down payment in dollars or as a percentage, the rate, the amortization and your term, and choose any of the six payment frequencies lenders offer.
With less than 20% down, the calculator checks the minimum down payment, adds the CMHC mortgage default insurance premium to the loan and shows the rate it used. It then shows the total interest over the amortization, the balance left when your term ends, and how much interest and time you save with accelerated payments, extra payments or a yearly lump sum. The amortization schedule summarises each year, expands to every payment and downloads as CSV. Insurance rules and premiums were checked against CMHC and Government of Canada sources in October 2026. The results are an estimate, not financial advice, and your lender confirms the exact figures.
How to use
- Enter the home price and your down payment. Use the % and $ buttons to switch between a percentage of the price and a dollar amount.
- Enter the interest rate, the amortization in years and your term. Tick the first-time buyer / new build box if it applies and you want a 30-year amortization with less than 20% down.
- Choose a payment frequency. Accelerated bi-weekly and accelerated weekly pay the mortgage off faster than the regular versions.
- Optionally add an extra amount per payment or a yearly lump sum to see the interest and years saved.
- Read the payment, insurance premium, total interest and balance at the end of the term, then expand the schedule or download it as CSV.
Frequently asked questions
How is mortgage interest calculated in Canada?
Fixed-rate mortgages are compounded semi-annually, not in advance, as required by the Interest Act. For monthly payments the periodic rate is (1 + rate ÷ 2)^(1/6) − 1, so 5% works out to about 0.4124% a month rather than 5% ÷ 12 = 0.4167%. That is why a Canadian payment is a little lower than a US calculator shows for the same rate. Variable-rate mortgages are often compounded monthly instead; check your mortgage contract.
How much does CMHC insurance cost?
The premium is a percentage of the mortgage, based on the loan-to-value ratio: 4.00% with 5% to 9.99% down, 3.10% with 10% to 14.99% down and 2.80% with 15% to 19.99% down. A 30-year amortization adds 0.20%. The premium is usually added to the mortgage, so on a $500,000 home with $25,000 down it adds $19,000 to the $475,000 loan. In Ontario, Quebec and Saskatchewan provincial sales tax applies to the premium and has to be paid at closing; it cannot be added to the mortgage.
What is the minimum down payment in Canada?
5% of the purchase price up to $500,000, plus 10% of the portion between $500,000 and $1.5 million. At $1.5 million or more the minimum is 20%, because default insurance is not available. So a $750,000 home needs at least $25,000 + $25,000 = $50,000, or 6.67%.
What is the difference between bi-weekly and accelerated bi-weekly payments?
Regular bi-weekly payments are set so that 26 payments a year cost about the same as 12 monthly ones, and the mortgage still takes the full amortization to pay off. Accelerated bi-weekly payments are half the monthly payment, paid 26 times a year, which adds up to one extra monthly payment a year. On $400,000 at 5% over 25 years that pays the mortgage off about three and a half years sooner and saves roughly $48,000 in interest.
Can I get a 30-year mortgage in Canada?
With 20% or more down, many lenders offer 30-year amortizations on conventional mortgages. With less than 20% down, insured mortgages are limited to 25 years unless you are a first-time buyer or buying a newly built home, in which case 30 years is allowed (since December 15, 2024), with a 0.20% surcharge on the insurance premium. A longer amortization lowers the payment but increases the total interest.
What happens at the end of my mortgage term?
The term is how long your rate and conditions are fixed, often five years; the amortization is how long the whole mortgage takes to pay off. At the end of the term you renew the remaining balance, usually at a new rate, or switch lenders or pay it off. The calculator shows that remaining balance, assuming your rate stays the same for the whole term.
Minimum down payment and CMHC premiums at a glance
• Purchase price up to $500,000: minimum 5% down.
• $500,000 to under $1.5 million: 5% of the first $500,000 plus 10% of the rest.
• $1.5 million or more: 20% down; mortgage default insurance is not available.
• Premium with 5% to 9.99% down (loan-to-value over 90% up to 95%): 4.00% of the loan.
• 10% to 14.99% down (over 85% up to 90%): 3.10%.
• 15% to 19.99% down (over 80% up to 85%): 2.80%.
• 30-year amortization for an eligible first-time buyer or new build: add 0.20% to the premium rate.
These are CMHC's published premiums; Sagen and Canada Guaranty, the two private insurers, set their own, and your lender picks the insurer. A non-traditional down payment (borrowed, for example) carries a higher 4.50% premium at 90.01% to 95% loan-to-value, which this calculator does not apply. CMHC also offers a partial premium refund for energy-efficient homes.
Why Canadian mortgage payments differ from US calculators
Section 6 of the Interest Act requires a blended-payment mortgage to state its interest rate calculated yearly or half-yearly, not in advance. Canadian lenders quote fixed rates compounded half-yearly, so the quoted 5% means 2.5% every six months, an effective annual rate of 5.0625%. Spread over 12 payments, that is 0.4124% a month.
A US calculator divides the rate by 12 (0.4167% a month), which is compounded monthly and gives a slightly higher payment: $2,338.36 instead of $2,326.42 on $400,000 over 25 years. The gap grows with the rate. Over a full amortization it is several thousand dollars, so use a calculator built for Canadian compounding when you compare offers.
Accelerated payments and prepayments: what they actually save
Every extra dollar of principal you pay stops earning interest for the lender, so the savings compound over the remaining amortization. Accelerated bi-weekly or weekly payments are the easiest way to do it, because the extra money (one monthly payment a year) is spread across the year.
Most closed mortgages let you prepay a set amount without penalty, commonly 10% to 20% of the original balance each year as a lump sum, and let you raise the regular payment by a similar percentage. Anything above the allowance usually triggers a prepayment penalty. Check your mortgage terms before entering a large lump sum, and compare the saving with other uses for the money, such as an RRSP or TFSA contribution.
Term versus amortization
The amortization (commonly 25 or 30 years) sets the payment. The term (commonly one to five years) is the contract: the rate, the prepayment rules and the lender. When the term ends you renew the balance shown in this calculator at whatever rate is available then, so the total interest figure over the full amortization is an estimate that assumes today's rate for decades.
To see how a rate change at renewal would affect you, set a home price and a down payment of 20% or more so the mortgage amount equals the balance at the end of your term (no premium is added then), shorten the amortization by the years already paid, and enter the new rate.
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