Mortgage Payment Calculator Canada (2026): Monthly Payments
Work out your Canadian mortgage payment in seconds. Enter your home price, down payment and rate, choose your amortization, payment frequency and term, and see your payment, total interest, total cost and the balance left at the end of your term — free, with no sign-up.
Mortgage Payment Calculator
Mortgage amount: $500,000.00
Payment (Monthly): $2,767.36
Total interest over full amortization: $330,209.43
Total cost: $830,209.43
Mortgage balance remaining at the end of the 5-year term: $438,981.94
You will make 300 monthly payments of $2,767.36.
Estimate only, covering principal and interest. Property taxes, CMHC insurance, fees and your lender’s exact terms are not included and can change the final payment.
How mortgage payments are calculated in Canada
Each mortgage payment has two parts: principal, which pays down the amount you borrowed, and interest, which is the cost of borrowing. Interest is charged on the balance that remains, so early payments contain more interest and later payments pay down more principal. The payment is set so that, if the rate stayed the same, the mortgage would be fully repaid by the end of the amortization period.
Canadian fixed mortgage rates work a little differently from a simple annual rate divided by 12. In Canada, the rate is compounded semi-annually, which means interest is calculated twice a year rather than every month. To find the monthly rate, lenders convert the annual rate using semi-annual compounding. The calculator above uses that Canadian method, so its result is slightly lower than the result you would get by simply dividing the annual rate by 12.
The term and the amortization are not the same thing. The amortization is the total time it would take to pay off the mortgage in full — 25 years in the example below. The term is the shorter period for which your rate and contract are set, commonly 5 years. At the end of a term, you still owe the balance shown by the calculator, and you renew or renegotiate for a new term until the amortization ends.
Worked example
The table below shows what the calculator gives for a $500,000 mortgage at 4.5% over a 25-year amortization, paid monthly, with a 5-year term.
| Item | Amount |
|---|---|
| Mortgage amount | $500,000.00 |
| Monthly payment | $2,767.36 |
| Total interest over full amortization | $330,209.43 |
| Total cost | $830,209.43 |
| Balance remaining after the 5-year term | $438,981.94 |
Your own numbers will differ with your price, down payment, rate, amortization, payment frequency and term. Try them in the calculator above.
Accelerated bi-weekly: what changes
With accelerated bi-weekly payments, you pay half of the monthly amount every two weeks instead of once a month. Because there are 26 two-week periods in a year, you make 26 half-payments — the equivalent of 13 monthly payments a year, or one extra monthly payment each year. That extra amount goes toward principal, so the mortgage is paid off sooner and you pay less interest overall than with regular monthly payments, even though each individual payment is smaller. The trade-off is cash flow: you need to be comfortable with a payment coming out every two weeks, including in months with three paydays.
Frequently asked questions
What is the difference between term and amortization?
Amortization is the full period over which the mortgage would be repaid, such as 25 years. The term is the shorter contract period, such as 5 years, during which your rate and terms are fixed. When the term ends, you renew — often at a new rate — and continue until the amortization is complete. If you are approaching that point, see our guide to mortgage renewal.
How much house can I afford vs this calculator?
This calculator does not answer that question directly. It shows what a given mortgage amount will cost each payment period. Affordability also depends on your income, debts, down payment, credit, property taxes, heating costs and the stress test lenders apply, so use this calculator to test a mortgage amount, then check affordability separately before you make an offer.
Do property taxes or CMHC insurance get included here?
No. This calculator covers principal and interest only. Property taxes, CMHC mortgage insurance, home insurance, condo fees and other housing costs are not included, so your total monthly housing cost will be higher than the payment shown here.
How does a rate change of 0.5% affect the payment?
A higher rate raises the payment, and a lower rate lowers it, because more (or less) of each payment goes to interest. For the $500,000 example above, raising the rate from 4.5% to 5.0% raises the monthly payment from $2,767.36 to $2,908.02 — $140.66 more per month. The size of the change depends on the mortgage amount, the amortization and the starting rate, so try a 0.5% change in the calculator above to see it for your own numbers.
Find more tools on our Calculators hub, including our car loan calculator.
