Mortgage payment calculator

How this calculator works

• Payment frequencies. Monthly, semi-monthly, bi-weekly and weekly are the same amortization split into more payments; they save almost nothing. Accelerated bi-weekly is the monthly payment halved and paid 26 times a year, accelerated weekly is the monthly payment quartered and paid 52 times: one extra monthly payment a year, which is what shortens the mortgage. The card says by how much.
• Mortgage default insurance. Under 20% down the premium comes from CMHC's published table by loan-to-value and is added to the mortgage. The minimum down payment is 5% of the first $500,000 and 10% of the rest; at $1.5 million and over it is 20% and no insured mortgage is available. Provincial sales tax on the premium applies in Ontario, Quebec and Saskatchewan, is due at closing, and is not included here.
• Amortization. Insured mortgages run to 25 years, or 30 for first-time buyers and buyers of new builds. The calculator warns when a choice breaks a rule and still shows the number, so you can see what you were quoted.
• The qualifying rate. Lenders test whether you could carry the payment at the greater of your rate plus 2% or 5.25%. The card shows that payment; it is not a qualification, only the figure a lender starts from.
• The rate is held for the whole amortization, which no real mortgage does past its term; the card shows the balance left when the term ends, which is what you renew. An estimate; your lender's calculation governs.

Using it when you shop for a mortgage

Compare the rate, not the payment. A longer amortization makes any rate look affordable; two mortgages should be compared at the same amortization and the same frequency, and the mortgage boards do that by term. The "same mortgage at each term" strip above shows what the lowest posted rate for every term would cost you.

If you want to pay it off faster, use accelerated payments or a shorter amortization, not "bi-weekly". Plain bi-weekly payments are the monthly amount split in two with the same 25-year end date; accelerated bi-weekly adds a monthly payment a year and takes roughly three and a half years off a 25-year mortgage.

Mind the balance at the end of the term, because that is the mortgage you will renew at whatever rates are then. A five-year term on a 25-year amortization still owes most of the principal at renewal; how the Bank of Canada rate shapes yours explains what moves those rates.

Count the insurance. On a $600,000 home with 10% down the premium is $16,740, added to the mortgage and paid with interest for 25 years, plus sales tax at closing in three provinces. Putting down 20% removes it, and the card shows the difference the moment you change the down payment.

The rules behind the numbers

1. Compounding: yearly or half-yearly, not in advance, for blended-payment mortgages (Interest Act, section 6). Fixed rates compound twice a year; some variable-rate mortgages compound monthly, and the lender's terms say which.
2. Minimum down payment: 5% of the price up to $500,000; 5% of the first $500,000 plus 10% of the rest up to $1.5 million; 20% at $1.5 million and over (FCAC).
3. Default insurance: required under 20% down; the premium is 4.00% of the loan at 90.01–95% loan-to-value, 3.10% at 85.01–90%, 2.80% at 80.01–85% (CMHC), 4.50% at the top band with a borrowed down payment. Insured mortgages are available only below $1.5 million.
4. Amortization: 25 years for insured mortgages, 30 for first-time buyers and new builds since December 15, 2024 (Finance Canada). Uninsured: the lender's choice, commonly up to 30.
5. Sales tax on the premium: Ontario, Quebec and Saskatchewan; it cannot be added to the loan and is paid at closing (CMHC).
6. Qualifying rate: the greater of the contract rate plus 2% or 5.25%, applied by federally regulated lenders to most new mortgages and reviewed at least annually (OSFI).

Frequently asked questions

How much is the monthly payment on a $500,000 mortgage?

At 5% over 25 years, $2,908.02 a month with Canadian compounding. Over 30 years, $2,668.45. Type your own rate and amortization above for your figure; the lowest posted rates on our boards are filled in to start.

Why is my bank's number different from an online calculator?

Usually compounding. A calculator built for the American market divides the annual rate by twelve; Canadian fixed-rate mortgages compound twice a year, which gives a slightly lower payment. Lenders also round, and some include insurance or taxes in the figure they quote.

What is the difference between bi-weekly and accelerated bi-weekly?

Bi-weekly is the monthly payment recalculated for 26 payments a year, so you pay the same total and finish on the same date. Accelerated bi-weekly is half the monthly payment every two weeks, which is 13 monthly payments a year instead of 12, and that extra payment is what shortens the mortgage.

How do I pay off a 25-year mortgage in 15 years?

Choose a 15-year amortization above to see the payment that does it. Short of that, accelerated payments take about three and a half years off, and most lenders allow lump-sum prepayments of 10% to 20% of the original principal each year without penalty, which this calculator does not yet model.

Do I need mortgage insurance?

Yes if your down payment is under 20% of the price and the price is below $1.5 million. The premium is added to the mortgage; the provincial sales tax on it, in Ontario, Quebec and Saskatchewan, is paid at closing.

What is the mortgage stress test?

Lenders check that you could carry the payment at the greater of your rate plus 2% or 5.25%. The card shows that payment for the mortgage you entered. Qualifying also depends on your income and other debts, which this calculator does not ask for.

Sources

Read on 2026-10-18. The prefilled rates come from our own data, not from these pages.

• Interest Act, section 6: the compounding rule.
• FCAC: mortgage down payment: the minimum down payment tiers.
• FCAC: paying off your mortgage faster: accelerated payments.
• CMHC: mortgage loan insurance cost: the premium table and the sales-tax provinces.
• Finance Canada: mortgage reforms, September 2024: the $1.5 million cap and 30-year amortizations, in force December 15, 2024.
• OSFI: minimum qualifying rate.