Canadian Mortgage Calculator
Mortgage details
Home price
$
Down payment
$
Total life of the mortgage. Capped at 25 years when CMHC-insured.
Current rate commitment period. Balance at end of term is shown below.
%
Results
Monthly payment$3,507.86
Insured mortgage$603,135.00
CMHC premium$18,135.003.10% — added to mortgage
Total interest$449,223.97
Total cost of borrowing$1,052,358.97
Balance at end of term$533,819.75After 5-year term
Saved calculations
Stored locally on this device only — never sent anywhere.
Canadian mortgage formula
c = (1 + r/2)^(2/k) − 1
M = P · [ c · (1 + c)^n ] / [ (1 + c)^n − 1 ]- M
- Payment per period
- P
- Mortgage principal (incl. CMHC premium, if any)
- r
- Annual interest rate (decimal)
- k
- Payments per year (12, 24, 26, 52…)
- c
- Periodic rate from semi-annual compounding
- n
- Total payments over the amortization
- Canadian mortgages compound semi-annually by law (Interest Act), so the periodic rate is derived from (1 + r/2)^(2/k) − 1, not r/k.
- CMHC insurance premium is added to the mortgage principal when down payment is below 20%. Premium rates: 4.00% (5–9.99% down), 3.10% (10–14.99%), 2.80% (15–19.99%).
- Stress test qualifies the borrower at max(contract rate + 2%, 5.25%).
- Accelerated bi-weekly payment = monthly payment ÷ 2, paid 26 times a year. This is one extra monthly equivalent per year and shortens the amortization by ~4 years on a 25-year mortgage.