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Amortization period
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Monthly payment
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Total interest
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Mortgage Breakdown
Amortization Schedule
| Year | Principal paid | Interest paid | Remaining balance |
|---|---|---|---|
| Enter your details above to see your amortization schedule | |||
Calculate your Canadian mortgage payment with accurate semi-annual compounding. See your full amortization schedule and how much interest you'll pay over the life of your mortgage.
Amortization Schedule
| Year | Principal paid | Interest paid | Remaining balance |
|---|---|---|---|
| Enter your details above to see your amortization schedule | |||
Enter your home price, down payment, and annual interest rate to calculate your mortgage payment. Select your amortization period (how long you want to pay off the mortgage) and payment frequency. The calculator shows your periodic payment, total interest paid over the life of the mortgage, and a year-by-year amortization schedule. If your down payment is less than 20% on a home under $1.5M, CMHC mortgage insurance is automatically factored in.
Canadian mortgages are legally required to compound semi-annually (twice per year), not monthly like American mortgages. This means the effective rate used to calculate each payment is derived from the semi-annual equivalent: (1 + rate/2)^(2/periods) − 1. This results in slightly lower actual payments than a monthly-compounding mortgage at the same stated rate. All calculations on this page follow the Interest Act of Canada.
CMHC (Canada Mortgage and Housing Corporation) insurance is required when your down payment is less than 20% of the purchase price on homes under $1.5 million. The premium is added to your mortgage principal and paid off over the amortization period — you don't pay it upfront. The premium rate is 4.00% for a 5–9.99% down payment, 3.10% for 10–14.99%, and 2.80% for 15–19.99%. Putting 20% or more down avoids CMHC entirely.
Regular bi-weekly payments divide your annual cost evenly across 26 pay periods — equivalent to 12 monthly payments per year. Accelerated bi-weekly payments are set to exactly half your monthly payment, applied 26 times per year — equivalent to 13 monthly payments. That extra month of principal each year can shorten your amortization by several years and save tens of thousands in interest on a typical mortgage.