Canadian mortgage calculator
Mortgage payment calculator
Estimate your payment using Canadian mortgage compounding, then compare the first five years of interest and principal reduction.
01
Your mortgage
Adjust the assumptions to compare payments.
Estimated monthly payment
$3,630
Principal and interest
Annual payments$43,562
Interest in first 5 years$139,334
Balance after 5 years$571,524
Amortization25 years
Uses the Canadian convention of nominal interest compounded semi-annually. Taxes, insurance, fees and mortgage default insurance are not included.
Read the result carefully
A payment is only part of affordability.
- The result includes principal and interest but not property tax, heating, insurance, condo fees or maintenance.
- A lower payment from a longer amortization can increase total interest and may not be available for every mortgage.
- Qualification is generally tested at a rate higher than the contract rate; use the affordability calculator for a preliminary estimate.