Canadian Mortgage Calculator
Calculate payments with Canadian semi-annual compounding and CMHC insurance.
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Canadian mortgage math
Canadian mortgages compound semi-annually, unlike US mortgages which compound monthly. That means the effective annual rate on a 5.24% posted rate is slightly lower than a US mortgage at the same posted rate. Accelerated bi-weekly payments make one extra monthly payment per year - the fastest way to shave years off your amortization without refinancing.
Illustration only. Does not include property taxes, condo fees, or home insurance.
Frequently Asked Questions
Why is a Canadian mortgage different from a US mortgage?
Canadian mortgages compound semi-annually (twice a year) rather than monthly. This makes the effective periodic rate slightly lower than what a US calculator would show for the same posted rate.
What is CMHC insurance?
If your down payment is less than 20% of the home price, mortgage default insurance (CMHC, Sagen, or Canada Guaranty) is required. Premiums range from 2.80% to 4.00% of the loan and are added to your mortgage.
What are the minimum down payments in Canada?
5% on the first $500,000, 10% on any portion between $500,000 and $1,500,000, and 20% on any portion above $1,500,000. A 20% down payment avoids CMHC insurance entirely.
Weekly, biweekly, or monthly - which is best?
Accelerated biweekly (payment ÷ 2 every two weeks) squeezes in an extra monthly payment each year, cutting years off your amortization at no real cost to your budget.
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