Mortgage payment calculator
What a mortgage actually costs each month — and in total.
Set the price, the down payment and the rate. This uses Canadian semi-annual compounding, and it models accelerated payment schedules properly rather than pretending they change nothing.
Most mortgage calculators online are built for American mortgages, which compound monthly. Canadian mortgages compound semi-annually by law, which makes the true periodic rate slightly lower. The difference is small on any one payment and meaningful across twenty-five years.
This one also does something most calculators get wrong: if you choose an accelerated payment schedule, it solves for how much sooner you finish rather than assuming the amortisation is unchanged.
Estimated payment
$3,320.84per month
Down payment is 20% or more — no insurance required.
- Mortgage amount
- $600,000
- Payments per year
- 12
- Time to pay off
- 25 yrs
- Total interest
- $396,251
- Total cost
- $996,251
Estimate only. Not a commitment to lend. Figures verified July 2026 · CMHC — Premium information for homeowner loans.
How this works
The maths, in plain language.
How the payment is worked out
Your nominal annual rate is converted into an effective annual rate using semi-annual compounding, then into the rate for a single payment period. That periodic rate feeds a standard annuity formula to produce a level payment that clears the balance over your amortisation.
If your down payment is under twenty percent, default insurance is calculated on the loan and added to the amount borrowed, because that is how it works in practice — the premium is financed, not paid at closing. You therefore pay interest on it.
Why accelerated payments finish early
An accelerated bi-weekly payment is simply your monthly payment divided by two, paid every two weeks. Because there are twenty-six two-week periods in a year rather than twenty-four, you make the equivalent of thirteen monthly payments instead of twelve.
That extra payment goes entirely against principal, so the mortgage clears sooner. Rather than assuming a fixed term, this calculator solves for the number of periods your payment actually needs — which is why the time saved and interest saved appear as real figures.
What it does not include
Property tax, home insurance, condo fees and utilities are not in this figure. Your actual monthly housing cost will be higher. Lenders include those in the ratios they use to qualify you, which is what the affordability calculator covers.
It also assumes the rate holds for the whole amortisation. In reality your term is shorter than your amortisation and you will renew at an unknown rate — which is worth stress-testing rather than assuming.
Common questions
About this calculator.
Why is this different from my bank's calculator?
Most likely the compounding, the insurance premium, or the accelerated schedule. Canadian mortgages compound semi-annually; some calculators use monthly compounding, which slightly overstates the payment. Others ignore that default insurance is added to the loan, and many treat accelerated payments as though they change nothing.
Should I choose accelerated payments?
If the higher annual total fits your budget comfortably, it is one of the most effective ways to reduce lifetime interest, and you can see the effect above. The trade-off is cash flow — you are paying the equivalent of an extra monthly payment each year.
Is the insurance premium really added to my mortgage?
Yes, in almost all cases. It is financed rather than paid upfront, which means it increases the amount you borrow and you pay interest on it across the full amortisation.
Want these numbers checked by a person?
A calculator does not know your credit, your income structure or which lenders would actually take your file. Twenty minutes on the phone will tell you what this cannot.