Mortgage Payment Calculator
Payments the way Canadian lenders actually calculate them — semi-annual compounding, CMHC insurance, the stress test, prepayment savings, and what you'll still owe at renewal.
Balance over time
Remaining principal by year — with and without your prepayments.
Where each year's payments go
Principal vs interest, year by year. Early years are mostly interest — prepayments hit hardest here.
Amortization schedule
Annual summary. The highlighted row is your renewal year.
| Year | Payments | Principal | Interest | Balance |
|---|
How this is calculated
Semi-annual compounding (the Canadian difference)
Canadian fixed mortgage rates compound twice a year. The per-payment rate is (1 + rate/2)^(2/f) − 1 where f is payments per year, and the payment is P × r ÷ (1 − (1+r)^−n). A US-style monthly-compounding calculator overstates your payment slightly at the same quoted rate.
CMHC insurance
Below 20% down, default insurance is mandatory (and unavailable at all for homes $1.5M+). The premium — 0.60% to 4.00% of the loan by loan-to-value, +0.20% for an insured 30-year amortization (first-time buyers and new builds only) — is added to your mortgage. Its provincial sales tax in ON (8%), QC (9%), SK (6%) and MB (7%) must be paid in cash at closing.
Minimum down payment
5% of the first $500,000 plus 10% of the rest; 20% for homes of $1.5M or more (OSFI/FCAC rules, confirmed July 2026).
The stress test
Lenders must qualify you at the greater of your contract rate + 2% or 5.25% (OSFI B-20). The qualifying payment shown is what your budget is tested against — not what you pay.
Payment frequencies
Bi-weekly pays half the monthly amount adjusted to 26 payments covering the same annual total. Accelerated bi-weekly pays exactly half the monthly payment 26 times — one extra month per year, which is why it pays off years sooner.
What this doesn't model
Rate changes at renewal, variable-rate mortgages, prepayment penalties above your annual privilege (typically 10–20% of original principal), property taxes, or closing costs. Try the affordability calculator and land transfer tax calculator for the full purchase picture.