Canada Mortgage Calculator
Estimate the monthly payment on a mortgage in Canada, and the total interest over the loan. Fixed rates there are usually compounded twice a year, and this calculator uses that rule.
- Free
- Works offline after your first visit
- Saves on this device
- No sign-up
- Updated
How it works
The loan is the price less the down payment. Canadian fixed-rate mortgages compound semi-annually, so the yearly rate is first turned into an equal monthly rate. The payment then uses the standard loan formula over the number of months.
This shows principal and interest only. Property tax, home insurance and mortgage default insurance, where it applies, are extra.
Worked example
A $600,000.00 home with 20% down leaves $480,000.00 to borrow. At 4.5% over 25 years, the payment is $2,656.67 a month, and total interest is $317,001.05.
Questions
Does this include property tax?
No. Property tax and home insurance are added on top, and they can change the monthly total a lot.
Why is the rate compounded twice a year?
That is how Canadian fixed-rate mortgages are usually quoted. Variable-rate loans work differently, so the figure may not match.
Will my lender show the same payment?
Lenders round and add fees, so ask for a written estimate and check their numbers against this one.
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