How it works
Calculate mortgage payments for Canada, including CMHC insurance estimates and semi-annual compounding.
Input query strings and outputs
Use an input name in this page’s URL as ?name=value, and join additional inputs with &. Portable shared links may instead use the compact ?ac= state parameter.
Input query strings
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?homePrice=Home PriceNumber · Optional · Default: 500,000
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?downPayment=Down PaymentNumber · Optional · Default: 50,000
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?rate=Interest RateNumber · Optional · Default: 5
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?amortization=Amortization (Years)Number · Optional · Default: 25
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?paymentFreq=Payment FreqText · Optional · Default: monthly
Outputs
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resultResultText · Primary output
result contains the calculator’s complete rendered result area, including its visible result cards, tables, charts, and messages.
Calculate mortgage payments for Canadian properties
Description
The Canadian Mortgage Calculator is built specifically for the unique rules of the Canadian real estate market. It accounts for semi-annual interest compounding (standard in Canada), estimates mandatory CMHC Insurance for down payments under 20%, and supports multiple payment frequencies like Bi-Weekly and Accelerated Bi-Weekly.
Inputs
- Home Price: The total purchase price ($).
- Down Payment: The initial cash contribution ($).
- Interest Rate: The annual interest rate (%) (Note: Compounded semi-annually per Canadian law).
- Amortization (Years): The total length of the mortgage (max 25 years for insured loans).
- Payment Frequency: Choose between Monthly, Bi-Weekly, or Accelerated Bi-Weekly.
Outputs
- Payment Amount: Your installment based on the selected frequency ($).
- CMHC Insurance (Est.): The estimated one-time premium added to your loan if your down payment is less than 20% ($).
- Total Loan Amount: The base loan plus the CMHC insurance premium ($).
Chart
- N/A: This tool specializes in handling the specific mathematical rules of Canadian lending.
“Good to Know”
- Semi-Annual Compounding: In Canada, fixed-rate mortgage interest is compounded twice a year, not monthly. This results in an “effective rate” that is slightly different from US mortgages.
- CMHC Insurance: If your down payment is between 5% and 19.99%, you must pay for mortgage default insurance. This fee is usually added to your loan.
- Accelerated Bi-Weekly: This popular option effectively makes one extra monthly payment per year, helping you pay off your mortgage several years faster and saving significant interest.
Examples
Example 1: Standard Ontario Purchase
- Input:
- Price: $500,000, Down: $50,000 (10%)
- Rate: 5.0%, Frequency: Monthly
- Output:
- CMHC: ~$14,000
- Monthly: ~$2,700
Example 2: Accelerated Savings
- Input:
- Frequency: Accelerated Bi-Weekly
- Output:
- Shows a lower individual payment amount but demonstrates how the mortgage balance drops faster over time compared to monthly.
Example 3: 20% Down (No CMHC)
- Input:
- Down: $100,000 (20%)
- Output:
- CMHC: $0
- (Shows the benefit of reaching the 20% threshold to avoid insurance costs).