Canadian Mortgage Calculator — Real Numbers, Canadian Rules
Unlike US calculators, Canadian mortgages compound semi-annually. This calculator uses the correct formula — plus auto-detects CMHC insurance when you put down less than 20%.
What you'll need
- Home purchase price in CAD
- Your down payment amount (minimum 5%)
- Your quoted mortgage rate (5-yr fixed or variable)
- Amortization period — 20, 25, or 30 years
How it works
Enter the purchase price
Input the full purchase price of the property in Canadian dollars.
Set your down payment & rate
Enter your down payment — we auto-flag if CMHC insurance applies. Enter your quoted mortgage rate.
Choose your amortization
Select 20, 25, or 30 years. Canadian semi-annual compounding is applied automatically.
Monthly Payments — Canadian Mortgage (Semi-Annual Compounding)
| Mortgage Amount | 4.5% / 25yr | 5.0% / 25yr | 5.5% / 25yr |
|---|---|---|---|
| $400,000 | $2,172 | $2,326 | $2,483 |
| $600,000 | $3,258 | $3,489 | $3,725 |
| $800,000 | $4,344 | $4,652 | $4,966 |
| $1,000,000 | $5,430 | $5,815 | $6,208 |
Principal & interest only — Canadian semi-annual compounding. Does not include property tax, heat, or condo fees.
Frequently asked questions
How is a Canadian mortgage different from a US mortgage?
Canadian mortgages compound interest semi-annually by law, not monthly like US mortgages. This means the effective monthly rate is (1 + annual_rate/2)^(1/6) − 1, which results in slightly lower monthly payments than the US formula for the same quoted annual rate.
What is CMHC mortgage insurance and when is it required?
CMHC (Canada Mortgage and Housing Corporation) default insurance is mandatory when your down payment is less than 20% on a home under $1.5 million. The premium ranges from 2.80% to 4.00% of the mortgage amount and is added to your mortgage balance.
What is the maximum amortization period for a Canadian mortgage?
For insured mortgages (under 20% down), the standard maximum is 25 years. Since Budget 2024, first-time home buyers and buyers of new builds can access 30-year amortization on CMHC-insured mortgages, with a 0.20% premium surcharge. Uninsured mortgages can also go up to 30 years.
What are current Canadian mortgage rates?
As of mid-2026, 5-year fixed insured rates are approximately 4.5–5.5% depending on the lender and your credit profile. Variable rates track the Bank of Canada prime rate. Use this calculator to model different rate scenarios.
Authoritative resources
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