Canada Mortgage Calculator
Monthly payment with semi-annual compounding and CMHC insurance, plus a full amortization schedule.
Canadian fixed mortgages compound semi-annually by law, so the effective monthly rate is (1 + rate ÷ 2)1/6 − 1 — slightly lower than simple monthly compounding.
Loan balance over time
Remaining balance at the end of each year.
Amortization schedule
Yearly summary — click a row to see monthly detail.
| Year | Paid | Principal | Interest | Balance |
|---|---|---|---|---|
| Year 1 | $38,856 | $11,565 | $27,291 | $545,175 |
| Year 2 | $38,856 | $12,150 | $26,706 | $533,025 |
| Year 3 | $38,856 | $12,766 | $26,091 | $520,259 |
| Year 4 | $38,856 | $13,412 | $25,445 | $506,847 |
| Year 5 | $38,856 | $14,091 | $24,766 | $492,757 |
| Year 6 | $38,856 | $14,804 | $24,052 | $477,953 |
| Year 7 | $38,856 | $15,554 | $23,303 | $462,399 |
| Year 8 | $38,856 | $16,341 | $22,515 | $446,058 |
| Year 9 | $38,856 | $17,168 | $21,688 | $428,890 |
| Year 10 | $38,856 | $18,037 | $20,819 | $410,853 |
| Year 11 | $38,856 | $18,950 | $19,906 | $391,902 |
| Year 12 | $38,856 | $19,910 | $18,946 | $371,992 |
| Year 13 | $38,856 | $20,918 | $17,939 | $351,075 |
| Year 14 | $38,856 | $21,977 | $16,880 | $329,098 |
| Year 15 | $38,856 | $23,089 | $15,767 | $306,009 |
| Year 16 | $38,856 | $24,258 | $14,598 | $281,750 |
| Year 17 | $38,856 | $25,486 | $13,370 | $256,264 |
| Year 18 | $38,856 | $26,777 | $12,080 | $229,488 |
| Year 19 | $38,856 | $28,132 | $10,724 | $201,356 |
| Year 20 | $38,856 | $29,556 | $9,300 | $171,799 |
| Year 21 | $38,856 | $31,053 | $7,804 | $140,747 |
| Year 22 | $38,856 | $32,625 | $6,232 | $108,122 |
| Year 23 | $38,856 | $34,276 | $4,580 | $73,846 |
| Year 24 | $38,856 | $36,011 | $2,845 | $37,835 |
| Year 25 | $38,856 | $37,835 | $1,022 | $0 |
How Canadian mortgage payments work
Enter the home price, down payment, interest rate and amortization. The calculator applies semi-annual compounding, adds CMHC insurance when needed, and shows your payment, total interest and a full amortization schedule.
CMHC premium tiers (% of loan)
| Down payment | CMHC premium |
|---|---|
| 5% – 9.99% | 4.00% |
| 10% – 14.99% | 3.10% |
| 15% – 19.99% | 2.80% |
| 20% or more | None |
Estimates only. Your actual rate, premium, property tax and closing costs will vary — confirm with your lender and mortgage insurer.
Frequently Asked Questions
- Why is the payment different from a US calculator?
- By law, Canadian fixed-rate mortgages compound semi-annually, not monthly. The effective monthly rate is (1 + rate ÷ 2)^(1/6) − 1, which is slightly lower than dividing the rate by 12 — so your payment is a little lower.
- What is CMHC insurance?
- When your down payment is less than 20%, you must buy mortgage default insurance (from CMHC or a private insurer). The premium is a percentage of the loan and is usually added to your mortgage. A 20%+ down payment avoids it.
- How much is the CMHC premium?
- It depends on your down payment: 4.00% of the loan for 5–9.99% down, 3.10% for 10–14.99%, and 2.80% for 15–19.99%. The minimum down payment is 5%.
- What is the longest amortization?
- Insured mortgages (under 20% down) are capped at 25 years. With 20% or more down, lenders may offer 30 years (and, for some buyers, longer).
- What is the difference between term and amortization?
- Amortization is the total time to pay off the mortgage (e.g. 25 years). The term is the length of your current contract and rate (often 5 years), after which you renew at then-current rates.
📅 Last updated: June 2026 · Formulas follow standard banking / tax conventions · Results are for reference only.