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Mortgage Calculator Canada

Calculate Canadian mortgage payments with monthly, bi-weekly, or accelerated bi-weekly schedules. See CMHC insurance, total amortization cost, and rate-rise stress tests. Updated for 2026 (Federal only) Canadian lending.

Your details

Monthly repayment
$3,070
Total interest
$421,131
Total repaid
$921,131
Heads up: Deposit below 20% — CMHC Mortgage Insurance likely applies.
5.50% over 25 years · Property: $600,000

Balance over time

Watch how each repayment reduces your balance and shifts more money from interest to principal.

0y10y20y25y$921,131
Principal paidInterest paidRemaining balance

What if rates rise?

Your repayments at the current rate vs. a 1% and 2% rate rise.

At 5.50%
$3,070
monthly
+1% (6.50%)
$3,376
monthly
+$306 more
+2% (7.50%)
$3,695
monthly
+$625 more

Amortization schedule

Year-by-year (or month-by-month) balance, principal paid, and interest paid for the entire loan term. Download as PDF below.

25 years

YearPrincipalInterestBalance
1$9,584$27,261$490,416
2$10,125$26,720$480,290
3$10,696$26,149$469,594
4$11,300$25,546$458,295
5$11,937$24,908$446,358
6$12,610$24,235$433,747
7$13,322$23,524$420,426
8$14,073$22,772$406,353
9$14,867$21,978$391,486
10$15,706$21,140$375,780
11$16,591$20,254$359,189
12$17,527$19,318$341,661
13$18,516$18,329$323,145
14$19,560$17,285$303,585
15$20,664$16,181$282,921
16$21,829$15,016$261,092
17$23,061$13,784$238,031
18$24,362$12,484$213,669
19$25,736$11,109$187,934
20$27,187$9,658$160,746
21$28,721$8,124$132,025
22$30,341$6,504$101,684
23$32,053$4,793$69,631
24$33,861$2,985$35,771
25$35,771$1,075$0

Monthly view is approximated from yearly totals. Actual schedule depends on day-count and payment timing conventions used by your lender.

Accelerated bi-weekly — the Canadian classic

Every Canadian bank promotes accelerated bi-weekly payments for a reason: it's the easiest way to shave years off your amortization without changing your lifestyle.

Take your monthly payment, divide by 2, and pay that every 2 weeks. There are 26 fortnights in a year, so you make 13 monthly equivalents instead of 12. On a $500,000 mortgage at 5.5% over 25 years, accelerated bi-weekly saves ~4 years and ~$58,000 in interest.

Worked example

A typical Canadian buyer financing a $625,000 home with $125,000 down (20%, no CMHC required) at a 5.5% 5-year fixed rate over 25 years amortization:

Now check the rate-rise stress test in the calculator to see what happens at renewal if rates climb 1–2%.

Don't forget Land Transfer Tax

In addition to your down payment and CMHC insurance (if applicable), most Canadian buyers also owe Land Transfer Tax at closing. Ontario and BC are the big ones — and if you're buying in Toronto, you pay BOTH provincial AND Municipal LTT (effectively doubled). On a $1M home in Toronto, that's ~$32,950 in cash on top of your deposit. Use our Canada Land Transfer Tax Calculator for an exact figure including first-time buyer rebates and the non-resident surcharge.

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Frequently Asked Questions

What's the difference between mortgage term and amortization?▾
Term is the length of your current rate agreement — typically 5 years in Canada. Amortization is the total time to pay off the entire loan, usually 25 or 30 years. When your term ends, you renew at the prevailing rate for another term. Most Canadians go through 5–6 renewals before paying off their mortgage.
Do I need CMHC mortgage insurance?▾
Yes, if your down payment is less than 20%. CMHC (or Sagen / Canada Guaranty) insurance protects the lender, and the premium is added to your mortgage. Premiums range from 2.8% (15–19.99% down) to 4% (5% down). Insured mortgages also cap amortization at 25 years (30 years if first-time buyer or buying new build, under recent rule changes).
How do accelerated bi-weekly payments save money?▾
There are two bi-weekly options. 'Regular' bi-weekly = your monthly payment × 12 ÷ 26 (same total per year as monthly). 'Accelerated' bi-weekly = your monthly payment ÷ 2 paid every 2 weeks, which equals 26 half-payments = 13 monthly equivalents/year. Accelerated saves ~4 years and tens of thousands in interest with almost no change to your weekly cash flow.
What is the mortgage stress test?▾
Federally regulated lenders must qualify you at the higher of (a) your contract rate +2%, or (b) the Bank of Canada qualifying rate (currently 5.25%). So if your offered rate is 5.0%, you must qualify at 7.0%. This test applies to all federally regulated lenders for both insured and uninsured mortgages, and on renewal if you switch lenders.
Fixed or variable rate mortgage?▾
5-year fixed is the most popular Canadian mortgage. Variable rates float with the Bank of Canada overnight rate and have historically saved money — but variable holders have had a rough ride since 2022. Lock in for predictability; go variable if you can stomach payment changes and believe rates will fall.
What are prepayment privileges?▾
Most Canadian mortgages let you increase your payment by 10–20% per year and/or make lump-sum prepayments of 10–20% of the original principal annually — penalty-free. RBC, TD, and BMO are typically 10/10; National Bank is 25/25. Use these aggressively to shave years off the amortization without breaking your mortgage.
What about provincial land transfer tax?▾
Most provinces charge land transfer tax (LTT) on home purchases. Ontario, BC, and Manitoba have provincial LTT; Toronto adds a municipal LTT on top (effectively doubling it). First-time buyers in ON, BC, and PEI get rebates. Alberta and Saskatchewan don't charge LTT (small flat fees instead). Budget 1.5–3% of the purchase price.