Finance

Canadian Mortgage Calculator

Calculate Canadian mortgage payments with semi-annual compounding and CMHC insurance.

C$
C$
%

Min 5% for <$500K; 10% on $500K–$999K portion; 20% for $1M+

%

Canadian mortgages compound semi-annually by law

In Canada, rates are fixed for the term, then renewed

Bi-weekly Payment
C$—
CMHC Mortgage Insurance
C$—
Effective Monthly Rate
—%
Total Loan (w/ CMHC)
C$—
Interest Over Full Amort
C$—
Balance at Term End
C$—
How to Use
  1. Enter the home price in Canadian dollars.
  2. Set your down payment. CMHC insurance is required if it's less than 20%.
  3. Enter the stated annual rate. The calculator automatically converts it to the effective monthly rate using semi-annual compounding as mandated by Canadian law.
  4. Choose your amortization period (max 25 years for insured mortgages) and mortgage term.
  5. Select your preferred payment frequency. Accelerated bi-weekly payments save significant interest.

Formula

Effective Rate = (1 + Stated Rate/2)^(1/6) − 1
(Semi-annual compounding → monthly effective rate)

CMHC Premium:
5–9.99% down → 4.00% | 10–14.99% → 3.10%
15–19.99% down → 2.80% | 20%+ → 0%

Canadian mortgages are unique: they compound semi-annually (not monthly), which means the effective monthly rate is slightly different from the stated rate. CMHC (Canada Mortgage and Housing Corporation) insurance is mandatory for down payments under 20%, protecting lenders against default. Learn more at CMHC official site.