Free Canadian Mortgage Tool
Mortgage Calculator (Canada)
Work out your mortgage payment using the Canadian semi-annual compounding formula lenders actually use, then compare monthly, bi-weekly and accelerated schedules. Below the calculator you'll find 21 more free tools for affordability, down payment, closing costs, land transfer tax, refinancing and penalties across BC, Alberta and Ontario.
Monthly Payment
$3,065.31
Term
5 Year
Rate (fixed)
6.29%
Balance at Term End
$466,458.09
Effective Amortization
30 years
Principal vs Interest by Year
Results are estimates for general guidance only and do not constitute an offer of credit. Actual figures depend on lender policy, credit history, and verified documentation. Call (604) 780-5173 for exact numbers.
Key takeaways
- Canadian fixed-rate mortgages compound semi-annually, not monthly — this calculator uses the Canadian formula, so the payment matches what a lender will quote.
- Accelerated bi-weekly payments equal 26 half-payments a year, adding one extra monthly payment and typically cutting about three years off a 25-year amortization.
- Your payment is only part of the carrying cost: property tax, heat, insurance and half of any condo fees also count toward lender ratios.
- Amortizations over 25 years are only available when your down payment is 20% or more, or under the 30-year insured option for qualifying first-time buyers of new builds.
Every mortgage calculator, by question
Each calculator has its own page with a worked Canadian example, the formula behind it, and answers to the questions buyers ask most.
01 — 4 calculators
Payments & Amortization
Work out the monthly payment, the schedule behind it, and what paying extra saves.
Mortgage Payment Calculator
Calculate your Canadian mortgage payment with semi-annual compounding. Compare monthly, bi-weekly and accelerated payments and see total interest.
Open calculatorAmortization Calculator
Free Canadian amortization calculator. See a full payment-by-payment schedule, how much goes to interest vs principal, and what extra payments save you.
Open calculatorExtra Mortgage Payment Calculator
Calculate how extra monthly payments and annual lump sums reduce mortgage interest and shorten your amortization using Canadian compounding.
Open calculatorMortgage Penalty Calculator
Estimate the cost of breaking your mortgage early in Canada — three months' interest or interest rate differential (IRD), with the posted-rate trap explained.
Open calculator02 — 1 calculators
Separation & Spousal Buyout
Split the equity, price the buyout, and see the mortgage the staying spouse carries.
03 — 4 calculators
Affordability & Down Payment
See what you qualify for, the minimum down payment, and whether buying beats renting.
Affordability Calculator
Find out how much mortgage you qualify for in Canada using real lender GDS and TDS ratios, the stress test, and minimum down payment rules.
Open calculatorGDS & TDS Calculator
Calculate your GDS and TDS ratios the way Canadian lenders do, at the stress test rate. See exactly which ratio limits your approval and by how much.
Open calculatorDown Payment Calculator
Calculate the minimum down payment on a home in Canada, your mortgage amount and estimated CMHC insurance for purchases in BC, Alberta and Ontario.
Open calculatorRent vs Buy Calculator
Use this rent vs buy calculator for BC, Alberta and Ontario to compare owning and renting, including equity, appreciation, maintenance and investment returns.
Open calculator04 — 5 calculators
Closing Costs & Land Transfer Tax
Budget the cash you need on closing day, including provincial land transfer tax.
Purchase & Closing Cost Calculator
Calculate your minimum down payment, CMHC insurance premium, and total monthly cost on a Canadian home purchase, including closing costs.
Open calculatorClosing Cost Calculator
Free Canadian closing cost calculator. Land transfer tax, legal fees, title insurance, adjustments, PST on insurance and GST on new builds — see the cash you need at closing.
Open calculatorOntario Closing Cost Calculator
Estimate Ontario closing costs: provincial and Toronto municipal land transfer tax, legal fees, title insurance, adjustments and first-time buyer rebates.
Open calculatorLand Transfer Tax Calculator
Calculate property transfer tax in BC, Ontario land transfer tax, and Alberta registration fees, including first-time buyer rebates and Toronto's municipal tax.
Open calculatorBC Land Transfer Tax Calculator
Calculate BC land transfer tax (Property Transfer Tax) instantly. 1% / 2% / 3% rates, first-time buyer and newly built home exemptions, with a worked example.
Open calculator05 — 6 calculators
Renewal, Refinance & Compare Offers
Shop your renewal, compare lender offers, weigh a rate change, or unlock equity.
Mortgage Renewal Calculator
Free Canadian mortgage renewal calculator. Compare your lender's renewal offer against a rate you shop, see the new payment, and find your net saving after switch costs.
Open calculatorRefinance Calculator
See whether refinancing your Canadian mortgage pays off. Compare the penalty and costs against interest savings and find your break-even point.
Open calculatorMortgage Comparison Calculator
Compare two Canadian mortgage offers side by side — rates, terms, amortization and closing costs — and see which one costs less over the term. Free calculator.
Open calculatorMortgage Rate Difference Calculator
Compare two Canadian mortgage rates and see the monthly payment difference, interest saved over the term and balance remaining at renewal.
Open calculatorReverse Mortgage Calculator
Estimate how much you can access with a Canadian reverse mortgage at 55+, how the balance compounds, and how much home equity remains over time.
Open calculatorEquity Takeout Calculator
Compare the two ways to pull cash out of your home: break the mortgage for a bigger first, or add a second behind it. Penalty, fees and net cash, side by side.
Open calculator06 — 1 calculators
Commercial Closing Costs
Transfer tax, title fees and GST/HST on commercial and investment purchases.
Frequently asked questions
How is a Canadian mortgage payment calculated?
Fixed-rate mortgages in Canada are compounded semi-annually, not in advance. The annual rate is converted to an effective periodic rate before the standard amortization formula is applied, which makes Canadian payments slightly lower than an equivalent US monthly-compounded mortgage. Variable rates compound monthly.
How much mortgage can I afford?
Lenders cap housing costs at roughly 39% of gross income (GDS) and total debt payments at roughly 44% (TDS), both tested at the stress test rate — the greater of your contract rate plus 2% or 5.25%. The affordability calculator applies those exact ratios.
What is the minimum down payment in Canada?
5% on the first $500,000, 10% on the portion between $500,000 and $1.5 million, and 20% on any purchase price of $1.5 million or more. Anything under 20% requires mortgage default insurance, which is added to the mortgage balance.
Does this calculator work in BC, Alberta and Ontario?
Yes. The payment maths is federal, and the closing cost and land transfer tax calculators are built for British Columbia, Alberta and Ontario specifically — including BC Property Transfer Tax, Ontario land transfer tax with the Toronto municipal tax, and Alberta's registration fees.
Is the result a mortgage approval?
No. These are estimates for planning. Your actual payment depends on the lender, your credit, your income documentation and the product you choose. Call (604) 780-5173 for exact numbers from a licensed broker.
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