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Canadian Mortgage Calculator

Your Canadian mortgage payment with CMHC insurance and the payment schedule you choose.

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Canadian Mortgage Calculator

Canadian payments with CMHC and semi-annual compounding

$
%
years
%
years

Until renewal.

Monthly payment

$3,338.19

Down paymentMinimum $40,000.00
$65,000.00 (10%)
CMHC insurance premiumAdded to the mortgage
$18,135.00 (3.1%)
Total mortgage
$603,135.00
Interest over the 5-year term
$126,687.09
Balance at renewal
$529,530.74
Total interest over the amortization
$398,321.73
Effective annual rateCompounded semi-annually
4.551%

CMHC premiums as of 2026 (CMHC premium schedule; $1.5M cap and 30-year rule from December 15, 2024). Provincial sales tax on the premium (Ontario, Quebec, Saskatchewan) is paid at closing and not included. Assumes the rate stays the same at renewal.

Principal vs interest
Principal60%
  • Principal603,135
  • Interest398,321.73
Balance and cumulative payments (CAD)
Balance: from 589,694.36 to 0; Interest paid: from 26,617.63 to 398,321.73; Principal paid: from 13,440.64 to 603,1350150.8K301.6K452.4K603.1K15913172125
  • Balance
  • Interest paid
  • Principal paid
PeriodPaymentInterestPrincipalBalance
Year 1$40,058.27$26,617.63$13,440.64$589,694.36
Year 2$40,058.27$26,006.00$14,052.27$575,642.09
Year 3$40,058.27$25,366.53$14,691.74$560,950.35
Year 4$40,058.27$24,697.96$15,360.31$545,590.04
Year 5$40,058.27$23,998.97$16,059.30$529,530.74
Year 6$40,058.27$23,268.17$16,790.09$512,740.65
Year 7$40,058.27$22,504.12$17,554.15$495,186.50
Year 8$40,058.27$21,705.30$18,352.97$476,833.53
Year 9$40,058.27$20,870.12$19,188.15$457,645.38
Year 10$40,058.27$19,996.94$20,061.33$437,584.05
Year 11$40,058.27$19,084.03$20,974.24$416,609.81
Year 12$40,058.27$18,129.57$21,928.70$394,681.11
Year 13$40,058.27$17,131.67$22,926.60$371,754.51
Year 14$40,058.27$16,088.37$23,969.90$347,784.61
Year 15$40,058.27$14,997.59$25,060.68$322,723.93
Year 16$40,058.27$13,857.17$26,201.10$296,522.83
Year 17$40,058.27$12,664.86$27,393.41$269,129.42
Year 18$40,058.27$11,418.29$28,639.98$240,489.44
Year 19$40,058.27$10,114.99$29,943.28$210,546.16
Year 20$40,058.27$8,752.38$31,305.89$179,240.28
Year 21$40,058.27$7,327.77$32,730.50$146,509.78
Year 22$40,058.27$5,838.33$34,219.94$112,289.83
Year 23$40,058.27$4,281.11$35,777.16$76,512.67
Year 24$40,058.27$2,653.02$37,405.25$39,107.42
Year 25$40,058.27$950.85$39,107.42$0.00

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How the canadian mortgage calculator works

Canadian fixed-rate mortgages compound interest semi-annually by law, not monthly. The monthly rate is (1 + rate/2)^(1/6) - 1, which is slightly lower than rate / 12, so payments are a little lower than a US loan at the same quoted rate.

With less than 20% down the mortgage must be insured (CMHC, Sagen or Canada Guaranty). The premium, a percentage of the loan based on your down payment, is added to the mortgage. The minimum down payment is 5% of the first $500,000 and 10% of the rest, up to $1.5 million.

Accelerated biweekly pays half the monthly payment every two weeks (and accelerated weekly a quarter every week), which adds one extra monthly payment a year and shortens the amortization.

Using and checking your result

Published by JustYourCalculator. Check the units and assumptions above, and compare a known example before relying on the output. Calculations use browser arithmetic and may round displayed values.

This is an educational estimate, not a lender quote, tax filing calculation or investment recommendation. Actual costs depend on current rules, fees and your circumstances. Verify important decisions with official sources and a qualified adviser.

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