Calculator
Canadian mortgage calculator
Built for Canadian mortgages, which compound semi-annually rather than monthly. Most calculators use the American method and quote you a payment that is slightly too high.
What this assumes
- Interest is compounded semi-annually, not in advance, as Canadian fixed-rate mortgages are.
- Your rate stays the same for the whole amortization. In reality you renew at the end of each term at whatever rate is available then.
- With less than 20% down, CMHC mortgage default insurance is added to the mortgage. Saskatchewan charges 6% PST on that premium, and it is due at closing rather than added to the loan.
- Accelerated payments are the monthly payment split in two (biweekly) or four (weekly), paid more often, which pays the mortgage off sooner.
- Property tax, heating, condo fees, legal fees and title registration are not included.
For discussion and education only. I provide financial coaching, not licensed mortgage, financial or tax advice. Confirm every figure with your lender or mortgage broker.
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