Mortgage Payment Calculator | Cromsby Real Estate

Property & Loan Details

Home Purchase Price ($)

Down Payment ($)

Annual Interest Rate (%)

%/yr

0%15%

Amortization Period

Payment Frequency

Your Mortgage Summary

Calculated

Monthly Payment

—

principal + interest

Total Interest

—

over full amortization

Total Cost

—

mortgage + interest

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All Payment Frequencies

Monthly (12/yr)	—
Semi-Monthly (24/yr)	—
Bi-Weekly (26/yr)	—
Accelerated Bi-Weekly (saves interest)	—
Weekly (52/yr)	—

Uses Canadian semi-annual compounding as required by the Bank Act. Payment estimates only — actual rates and payments will vary by lender. Speak with a licensed mortgage professional.

Understanding Your Canadian Mortgage

Canadian mortgages use semi-annual compounding — interest compounds twice per year, not monthly like in the US. This means your effective monthly rate is slightly lower than dividing the annual rate by 12, and your payments are calculated accordingly.

If your down payment is less than 20%, CMHC mortgage default insurance is mandatory. The premium is added to your mortgage balance — 4% for less than 10% down, 3.1% for 10–14.9%, and 2.8% for 15–19.9% down. This calculator applies CMHC automatically when applicable.

Accelerated Bi-Weekly

By paying half your monthly payment every two weeks (26 payments/yr instead of 24), you make one extra monthly payment per year — shaving years off your amortization.

Rate Matters Most

Even a 0.5% rate difference on a $700K mortgage is roughly $200/month and over $40,000 in total interest over 25 years. Always shop multiple lenders.

CMHC Insurance

Required on all mortgages with less than 20% down in Canada. The premium is added to your mortgage, not paid upfront, but it increases your total cost of borrowing.

Prepayment Privileges

Most lenders allow 10–20% annual lump-sum prepayments. Even one extra payment per year can reduce your amortization by 3–5 years on a typical mortgage.

Knowing your payment is step one. We'll connect you with trusted mortgage specialists who can lock in your rate, explain your options, and get you pre-approved — fast. No obligation.

(416) 112-2111

Canadian Mortgage Payment FAQs

Mortgage payments in Canada are calculated using the loan amount, interest rate, and amortization period. Each payment includes both principal and interest. Early in the mortgage, most of the payment goes toward interest, while later payments gradually build more equity by paying down principal. Most Canadian mortgages are amortized over 25 years, but payments can be made monthly, bi-weekly, or accelerated bi-weekly to reduce interest over time.

A fixed-rate mortgage locks in your interest rate for the entire term (commonly 3–5 years), meaning your payment remains predictable regardless of market changes. A variable-rate mortgage fluctuates with the lender's prime rate, meaning payments or interest portions may change over time. Fixed rates offer stability, while variable rates often start lower but carry more risk if interest rates rise.

Mortgage pre-approval typically requires proof of income and financial stability. Lenders usually request recent pay stubs, employment letters, T1 General tax returns, Notices of Assessment, and bank statements. Self-employed applicants may need two years of financial statements or tax filings. Lenders will also review your credit report and current debts to determine your borrowing capacity.

Refinancing replaces your current mortgage with a new one, often to secure a lower interest rate, consolidate debt, or access home equity. Canadian lenders typically allow refinancing up to 80% of the home's current value. The process includes applying for a new mortgage, verifying income and credit, ordering a property appraisal, and completing legal paperwork to register the new mortgage.

Mortgage approval depends on several factors including income, credit score, existing debts, down payment amount, and interest rates. Canadian lenders apply debt-service ratios such as Gross Debt Service (GDS) and Total Debt Service (TDS) to ensure borrowers can afford their mortgage payments. Higher income, lower debts, and a larger down payment generally increase borrowing power.

Canadian Mortgage
Payment Calculator

Thinking of Buying, Selling, or Investing?

Canadian MortgagePayment Calculator

Thinking of Buying, Selling, or Investing?

Canadian Mortgage
Payment Calculator