Real Canadian mortgage math, including semi-annual compounding and default insurance. Enter your numbers and see where a purchase actually lands each month.
Estimate for planning purposes only, not financial advice. Your actual payment depends on your lender, rate, and qualification.
Canadian fixed-rate mortgages compound semi-annually, not monthly, which makes the math slightly different from American calculators. This calculator uses the correct Canadian formula, so the payment you see matches how lenders actually quote.
For homes up to $500,000 the minimum is 5%. Between $500,000 and $1.5 million it is 5% of the first $500,000 plus 10% of the remainder. At $1.5 million and above, the minimum is 20%.
If your down payment is less than 20%, you are required to carry mortgage default insurance, often called CMHC insurance. The premium is roughly 2.8% to 4% of the mortgage amount depending on your down payment, and it is added to the mortgage rather than paid in cash.
Accelerated bi-weekly means paying half of your monthly payment every two weeks. Because there are 26 half-payments in a year, you end up making the equivalent of one extra monthly payment annually, which can shave years off your mortgage.
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