Canadian Amortization Calculator — Full Payment Schedule
See every single payment — how much goes to interest vs. principal, your running balance, and cumulative interest paid. Uses the correct Canadian semi-annual compounding formula, not the US monthly version that overstates interest costs.
What you'll need
- Home purchase price
- Down payment amount
- Mortgage interest rate
- Amortization period (20, 25, or 30 years)
How it works
Enter your home price, down payment, and rate
We detect CMHC eligibility and add the premium to your balance automatically. Canadian semi-annual compounding is applied throughout.
Choose your amortization period
20, 25, or 30 years. The longer the amortization, the lower your monthly payment — but the more interest you pay overall.
See your full schedule and yearly totals
View every payment broken down into principal and interest, track your running balance, and see exactly how much cumulative interest you've paid at each year.
Monthly Payment Comparison: $700,000 Home, 10% Down, 5.49%
| Amortization | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 20 years | $4,121 | $248,800 | $988,800 |
| 25 years | $3,440 | $332,000 | $1,032,000 |
| 30 years | $3,038 | $423,700 | $1,093,700 |
CMHC premium (3.10% on 10% down) added to balance. Semi-annual compounding applied. Shorter amortization = lower total cost.
Frequently asked questions
Why is Canadian mortgage amortization calculated differently from the US?
Canadian law (Interest Act) requires mortgages to compound semi-annually (twice per year). US mortgages compound monthly. At the same nominal rate, Canadian mortgages result in slightly lower interest costs because semi-annual compounding produces a lower effective rate than monthly compounding.
What is the maximum amortization period in Canada?
For insured mortgages (under 20% down), the maximum is 30 years for newly built homes and 25 years for resale. For conventional mortgages (20%+ down), most lenders allow up to 30 years. Some credit unions offer up to 35 years.
How much of each Canadian mortgage payment goes to principal vs interest?
In the early years of a mortgage, most of each payment is interest. On a $600,000 mortgage at 5.49%, roughly 70% of your first payment is interest and 30% is principal. By year 15, it's closer to 55% interest and 45% principal. The exact split shifts gradually each payment.
Does CMHC insurance get added to my mortgage balance?
Yes. CMHC default insurance premiums (2.80%–4.00% of the insured amount depending on your down payment) are added to your mortgage balance and amortized over the full term. You don't pay it upfront, but you do pay interest on it over the life of the mortgage.
See exactly where every dollar goes over the life of your mortgage.
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