Canadian mortgage calculator

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. Ontario (8%), Quebec (9.975%) and Saskatchewan (6%) also tax that premium. The tax is due at closing and cannot be added to the loan. No other province or territory charges it.
• Quebec’s 9.975% is its rate for premiums paid after December 31, 2026. Before then it is 9%.
• 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.