🏠 Canadian Mortgage

Mortgage Payment Calculator Canada

Accurate Canadian mortgage payments using semi-annual compounding as required by law. Includes CMHC insurance, term vs. amortization, and a full year-by-year schedule.

Why Canadian mortgage calculations are different

Canadian mortgages are legally required to use semi-annual compounding — not monthly like in the US. Most online calculators get this wrong and understate your true payment. Maple Numbers uses the exact formula lenders use. Enter your mortgage term to see your balance at renewal, and scroll the amortization table to see exactly where you stand in any given year.

Mortgage Details
Home Price
The purchase price of the property.
$0
$
Down Payment
Minimum 5% in Canada. Under 20% requires CMHC mortgage default insurance.
$0 (0%)
$
🛡️
Annual Rate
Your mortgage interest rate (nominal, compounded semi-annually as required by Canadian law).
5.50%
Amortization Period
Total length of your mortgage. Max 25 years for insured (under 20% down), 30 years for conventional.
25 yrs
Mortgage Term
The length of your current rate commitment. Most Canadians choose a 5-year fixed term, after which they renew at whatever rate is available.
5 yrs
Payment Frequency
Payment
Your regular payment at the selected frequency, calculated on the full insured mortgage amount including any CMHC premium.
$0
Base Mortgage
Home price minus your down payment — before any CMHC insurance premium is added.
$0
CMHC Premium
Mortgage default insurance required when your down payment is under 20%. This amount is added to your mortgage balance and paid off over the amortization period — not upfront.
None
Total Mortgage
The actual mortgage balance your payments are based on — base mortgage plus CMHC premium (if applicable). This is what you truly owe the lender.
$0
Balance at Renewal
Your outstanding mortgage balance at the end of your term. This is what you'll need to renew or refinance at whatever rate is available at that time.
$0
Total Interest
Total interest paid over the full amortization period. This is the true cost of borrowing — on top of repaying the principal.
$0
Total Paid
Every dollar paid to your lender over the full amortization — principal plus all interest. Does not include property tax, insurance, or maintenance.
$0
Payoff
How long until the mortgage is fully paid off. Accelerated payment frequencies shorten this below your amortization period.
25 yrs
At end of term (5 yrs):   Interest paid: $0  ·  Principal paid: $0
0% paid off
PrincipalInterest
PrincipalInterest
Outstanding balance over amortization — hover for details
Year-by-Year Amortization Schedule
The ★ row marks your renewal year. All figures are cumulative for that year.
Year Annual Payment Principal Paid Interest Paid Balance Remaining

🇨🇦 Semi-Annual Compounding

Canadian law requires lenders to compound mortgage interest semi-annually. We convert this to your payment frequency using the exact formula — not an approximation.

🛡️ CMHC Insurance

Down payments under 20% require mortgage default insurance of 2.8%–4.0% of the mortgage. It's added to your balance — not paid upfront — and increases your total interest paid.

🔄 Term vs. Amortization

Your amortization is the full repayment period (up to 30 years). Your term is just how long your current rate is locked in — typically 5 years in Canada, after which you renew.

⚡ Accelerated Payments

Accelerated bi-weekly splits your monthly payment in two and pays it 26 times a year — equivalent to one extra monthly payment annually, saving significant interest.

Not sure how much you can afford?
Use our mortgage affordability calculator to find your maximum home price based on income, debts, and the stress test.
→ Affordability Calculator