🏦 Mortgage Calculator
Calculate your mortgage payments, compare scenarios and visualize your amortization — Canada & United States.
Loan parameters
Down payment: $90,000.00 (20.0%)
Compounded semi-annually (Canadian standard)
Monthly — payment
$1,992.50
Loan-to-value (LTV)
80.0%
Term summary (5yr)
Full amortization
Loan evolution
Amortization table
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $8,022 | $15,888 | $351,978 |
| 2 | $8,388 | $15,522 | $343,590 |
| 3 | $8,769 | $15,141 | $334,821 |
| 4 | $9,168 | $14,742 | $325,652 |
| 5 | $9,585 | $14,325 | $316,067 |
| 6 | $10,022 | $13,888 | $306,045 |
| 7 | $10,478 | $13,432 | $295,568 |
| 8 | $10,955 | $12,955 | $284,613 |
| 9 | $11,453 | $12,457 | $273,160 |
| 10 | $11,974 | $11,936 | $261,186 |
| 11 | $12,519 | $11,391 | $248,667 |
| 12 | $13,089 | $10,821 | $235,578 |
| 13 | $13,684 | $10,226 | $221,893 |
| 14 | $14,307 | $9,603 | $207,586 |
| 15 | $14,958 | $8,952 | $192,628 |
| 16 | $15,639 | $8,271 | $176,989 |
| 17 | $16,351 | $7,559 | $160,638 |
| 18 | $17,095 | $6,815 | $143,544 |
| 19 | $17,873 | $6,037 | $125,671 |
| 20 | $18,686 | $5,224 | $106,985 |
| 21 | $19,536 | $4,374 | $87,449 |
| 22 | $20,425 | $3,485 | $67,024 |
| 23 | $21,355 | $2,555 | $45,669 |
| 24 | $22,326 | $1,584 | $23,342 |
| 25 | $23,342 | $568 | $0 |
Frequently asked questions
How is a Canadian mortgage payment calculated?▾
In Canada, residential mortgages are compounded semi-annually, not monthly as in the US. The effective monthly rate is calculated using the formula (1 + rate/2)^(1/6) - 1. This monthly rate is then converted to match the chosen payment frequency. This standard is governed by the Interest Act of Canada and applies to all residential mortgages.
What is CMHC insurance and when does it apply?▾
CMHC (Canada Mortgage and Housing Corporation) insurance is mandatory when your down payment is less than 20% of the purchase price. The premium rates are: 2.8% for LTV of 80–85%, 3.1% for 85–90%, and 4.0% for 90–95%. The premium is added to your loan amount and amortized over the loan term. With a 20%+ down payment, no CMHC premium applies.
What is the difference between accelerated and regular bi-weekly payments?▾
Regular bi-weekly payments divide your annual payment into 26 equal installments. Accelerated bi-weekly payments equal half of the monthly payment, paid 26 times per year — which is equivalent to making one extra monthly payment per year. This difference can reduce your amortization by 3 to 5 years and save tens of thousands of dollars in interest.
What is a mortgage term and how should you choose?▾
In Canada, the term is the period for which your rate is locked in (typically 1–10 years), while the amortization is the total loan duration (up to 30 years for first-time buyers, or 25 years for others). The 5-year term is most popular as it balances stability and flexibility. At the end of the term, you renew your mortgage at current market rates.
How to effectively compare two mortgage scenarios?▾
Use the built-in scenario comparator to analyze two rate/amortization combinations simultaneously. Look not only at the periodic payment, but also at the total interest paid over the full term. A lower rate or shorter amortization may seem expensive monthly, but often generates substantial long-term savings. Also consider flexibility: a longer amortization gives you breathing room during financial hardship.