Canadian Mortgage Calculator
Estimate Canadian mortgage payments using semi-annual compounding, multiple payment frequencies and accelerated payment options.
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Change any assumption and calculate again to compare results.
Canadian interest conversion
Canadian fixed mortgage rates are commonly quoted as nominal annual rates compounded semi-annually. To estimate a periodic payment correctly, this calculator converts the quoted rate into an equivalent rate for the selected payment frequency before applying the amortization formula.
That conversion is important because simply dividing the annual rate by 12 does not reproduce the semi-annual-compounding convention. The result shows both the payment and the effective annual rate implied by the nominal quote.
Standard versus accelerated payments
Monthly, standard biweekly and standard weekly options amortize the mortgage over the selected period using the proper periodic rate. Accelerated biweekly is commonly modelled as half of the monthly payment every two weeks, while accelerated weekly is one quarter of the monthly payment every week.
Because accelerated schedules create more payment dollars over a year, they can shorten payoff time and reduce interest. The calculator simulates those schedules period by period and reports the estimated payoff time.
Planning notes
This calculator focuses on principal and interest. It does not determine mortgage-insurance eligibility, provincial taxes, property tax, legal fees or lender qualification rules.
Use it to compare payment frequency and amortization choices, then confirm the exact compounding, payment schedule and prepayment privileges in your mortgage commitment.
Frequently Asked Questions
Why not divide the Canadian mortgage rate by 12?
Canadian quoted fixed rates are commonly nominal rates compounded semi-annually, so a periodic equivalent rate is more accurate than simple division by 12.
What is accelerated biweekly?
A common accelerated-biweekly convention is one-half of the monthly payment every two weeks, producing 26 half-payments per year.
Does this calculate mortgage insurance?
No. The calculator estimates principal and interest only and leaves insurance or qualification rules to the lender or insurer.