Principal vs interest
Lifetime mortgage repayment
Principal$0
Interest$0
Canada · CAD
Canadian mortgage calculator.
Estimate payments using Canadian compounding, insurance and payment-frequency conventions.
Balance over time
How your remaining principal declines
Amortization schedule
Annual summary including extra payments
| Year | Principal | Interest | Extra payments | Total paid | Ending balance |
|---|
Compare deposit and mortgage term
See how monthly payments and total interest change across different deposits and terms.
| Deposit | 15 years | 20 years | 25 years | 30 years |
|---|---|---|---|---|
| 10% | $3,509per month$226,583 interest | $2,999per month$314,766 interest | $2,713per month$408,836 interest | $2,537per month$508,295 interest |
| 15% | $3,314per month$213,995 interest | $2,832per month$297,279 interest | $2,562per month$386,123 interest | $2,396per month$480,056 interest |
| 20% | $3,119per month$201,407 interest | $2,666per month$279,792 interest | $2,411per month$363,410 interest | $2,255per month$451,818 interest |
| 25% | $2,924per month$188,819 interest | $2,499per month$262,305 interest | $2,261per month$340,697 interest | $2,114per month$423,579 interest |
6.50% interest rate · $450,000 property price
Interest-rate stress test
See how your payment and total interest could change if the mortgage rate rises.
0%+2.5%+5%
Stressed rate8.50%
Stressed monthly payment$2,863
Monthly difference+$452
Additional total interest+$135,583
This scenario holds the stressed rate constant for comparison. Actual variable, renewal, and lender rates may differ.
Save with extra payments
Add a monthly or yearly amount and see how much you could save over the full mortgage.
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$
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Total interest saved$0
Time savedNo change
New payoff date—
Balance comparison
Standard paymentsWith extra payments
Canadian planning estimate only. CMHC premiums and minimum down payments use simplified federal rules. Provincial sales tax on premiums, land-transfer taxes, lender qualification, stress testing, renewal rates, product fees and prepayment penalties are not included.
Canadian mortgage guide
Calculate mortgage payments in Canada
A Canadian mortgage payment depends on the financed principal, interest rate, amortization period and payment frequency. This calculator estimates principal and interest using the Canadian convention for a quoted fixed mortgage rate: nominal annual interest compounded semi-annually rather than a simple annual rate divided by twelve.
Enter the home price and down payment to estimate the mortgage amount. The results also separate property tax, home insurance and condo fees so you can compare the mortgage payment with a broader recurring housing-cost estimate.
How this Canada mortgage calculator works
The calculator converts the entered annual rate into the effective rate for the selected payment frequency, then amortizes the mortgage over the chosen period. It supports monthly, semi-monthly, biweekly, accelerated biweekly, weekly and accelerated weekly payments. The amortization schedule shows how each year’s payments are divided between principal, interest and optional extra payments.
The displayed mortgage principal includes an estimated mortgage default insurance premium when the purchase is eligible and the down payment is below 20%. Provincial sales tax that may apply to the premium is not financed or calculated.
Mortgage term versus amortization
The amortization period is the planned time required to repay the mortgage. The mortgage term is the shorter contract period before renewal. A 25-year amortization with a five-year term does not guarantee the same rate after year five.
Payment frequency
More frequent payments do not automatically create large savings. Accelerated biweekly and weekly options increase the annual amount paid because they are based on fractions of a monthly payment, which can reduce principal faster.
Mortgage default insurance
An eligible home purchase with less than 20% down generally requires mortgage default insurance. It protects the lender, and its premium is commonly added to the mortgage balance. Eligibility and the exact premium must be confirmed by the lender and insurer.
Minimum down payment and insured mortgages
For homes priced at $500,000 or less, the simplified federal minimum down payment is 5%. For a price above $500,000 but below $1.5 million, it is 5% of the first $500,000 plus 10% of the remainder. At $1.5 million or more, mortgage default insurance is not available and this calculator uses a 20% minimum planning threshold. Review the current rules in the CMHC mortgage loan insurance guide.
Use the Canada down payment calculator to compare minimum and 20% down scenarios, purchase costs, available funds and the time needed to reach a savings goal.
Stress-test and extra-payment scenarios
The interest-rate stress test illustrates how a higher rate could affect the payment and lifetime interest if that rate applied throughout the remaining amortization. It is a personal planning scenario, not a lender qualification result. Federally regulated lenders apply mortgage qualification rules using a qualifying rate, while insurer and lender policies may add further requirements.
Monthly overpayments, annual overpayments and lump-sum payments can reduce interest and shorten the payoff period. Actual mortgage contracts may limit prepayments or impose charges, so compare the calculator’s potential savings with the privileges stated in the mortgage agreement.
Canadian mortgage calculator questions
How are Canadian mortgage payments calculated?
For a typical fixed-rate calculation, the quoted nominal annual rate is compounded semi-annually and converted to the selected payment frequency. The resulting periodic rate is used to amortize the principal.
What is the difference between a mortgage term and amortization?
The term is the length of the current mortgage contract. Amortization is the longer repayment schedule used to calculate payments. The mortgage normally needs to be renewed several times before it is repaid.
Does biweekly payment frequency save interest?
Standard biweekly payments mainly divide the annual payment into 26 instalments. Accelerated biweekly payments usually pay half of the monthly amount every two weeks, resulting in a larger annual payment and potentially faster repayment.
Does the estimate include CMHC insurance?
It estimates a standard mortgage default insurance premium for eligible purchases below 20% down and adds it to the mortgage. Exact insurer premiums, surcharges and provincial premium taxes are not included.
Are property tax and condo fees part of the mortgage?
They are not part of principal and interest, but they are included as separate recurring costs in the total-payment display. Actual billing and lender collection arrangements may differ.
Can I make extra mortgage payments in Canada?
Many mortgages provide annual lump-sum or payment-increase privileges, but limits vary. Payments above the permitted amount can trigger a prepayment charge on a closed mortgage.