How to use the Canadian Mortgage Calculator
The Canadian mortgage calculator uses semi-annual compounding, as required for fixed-rate mortgages in Canada.
Open the Canadian Mortgage Calculator →
What you need to enter
- Home price (C$)
- Down payment (%)
- Interest rate (%)
- Amortization (years)
- Payment frequency
The formula
Effective periodic rate = (1 + annual ÷ 2)^(2 ÷ payments per year) − 1; the payment uses the standard loan formula with that rate.
Worked example
Using the default values in the calculator:
- Home price (C$): 600000
- Down payment (%): 20
- Interest rate (%): 5
- Amortization (years): 25
- Payment frequency: Monthly
| Payment | $2,791.70 |
| Mortgage amount | $480,000.00 |
| Total interest | $357,511.18 |
Tips for better results
- Choose accelerated payment options to cut interest.
- Include land-transfer tax and insurance.
Common mistakes to avoid
- Using monthly compounding.
- Forgetting CMHC insurance with under 20% down.
Please note: Calculators and guides give general estimates, not financial, tax or investment advice. Real offers depend on your lender, location and personal situation. See our Disclaimer.