Calculate a Canadian mortgage payment using semi-annual compounding.
A C$600,000 home with 20% down at 5% over 25 years costs C$2,791.70 a month. Canadian fixed-rate mortgages compound semi-annually, so the payment differs slightly from a US-style calculation.
Canadian fixed-rate mortgages are quoted with semi-annual compounding by law, so the effective monthly rate is (1 + r/2)^(1/6) − 1 rather than r/12. This calculator uses that rule, lets you add CMHC mortgage insurance for a down payment under 20%, and shows extra-payment savings.
The minimum down payment in Canada is 5% of the first C$500,000 and 10% of the portion above that (up to C$1.5 million; 20% above that). Insurance premiums, rates and rules change, so confirm with your lender. See also the Mortgage Calculator.
The calculator applies the standard financial formulas step by step.
| Item | Amount |
|---|---|
| Price | C$600,000.00 |
| Down payment | C$120,000.00 |
| Loan amount | C$480,000.00 |
| Monthly payment (principal + interest) | C$2,791.70 |
| Total interest | C$357,511.18 |
| Total of all payments | C$837,511.18 |
| Time to pay off | 25 years |
| Term | 4% p.a. | 5% p.a. | 6% p.a. |
|---|---|---|---|
| 15 years | C$3,542.59 | C$3,782.99 | C$4,031.44 |
| 20 years | C$2,900.38 | C$3,154.20 | C$3,418.50 |
| 25 years | C$2,524.90 | C$2,791.70 | C$3,071.07 |
| 30 years | C$2,282.49 | C$2,561.72 | C$2,855.15 |
The Interest Act requires fixed-rate mortgages to be quoted with semi-annual compounding, so the effective monthly rate is slightly lower than rate ÷ 12.
5% of the first C$500,000 of the price and 10% of the portion between C$500,000 and C$1.5 million; 20% for homes above C$1.5 million. Confirm current rules.
Mortgage default insurance required when your down payment is under 20%. The premium is a percentage of the loan and is usually added to it.
Amortization is the total time to repay (often 25 years); the term is the length of your current rate (often 5 years), after which you renew.
Variable-rate mortgages are typically compounded monthly. Use the rate your lender quotes and check the compounding.
Most lenders allow prepayment privileges — often 10–20% a year without penalty. Test them in the extra-payment boxes.
It uses the standard formula: monthly rate = (1 + annual rate ÷ 2)^(1/6) − 1 The full method and a worked example are shown on this page.
No. The calculator gives estimates for planning and learning. Real offers vary by lender, product and date, so confirm the details with your bank, lender or a qualified adviser before deciding.
Yes. The maths is identical in any currency; only the currency symbol shown in the results differs.
No. Everything is calculated in your browser and nothing you enter is uploaded or saved.
