Mortgage Payment Calculator Canada

Calculate your Canadian mortgage payment, total interest cost, and CMHC premium in seconds.

How Canadian Mortgage Payments Are Calculated

Canadian mortgages use semi-annual compounding, which is mandated by the federal Interest Act. This differs from the US system (monthly compounding) and means you cannot simply use a standard loan calculator. The formula converts the stated annual rate into an effective semi-annual rate, then derives a monthly compounding equivalent.

The calculation steps are:

• Take the annual rate and divide by 2 to get the semi-annual rate
• Convert to monthly effective rate: (1 + semi-annual rate)^(1/6) - 1
• Apply the standard mortgage payment formula using this monthly rate and total months (years × 12)

Payment Scenarios at Common Price Points (2025)

Price	Down (10%)	Mortgage + CMHC	Monthly (4.74%, 25yr)
$400,000	$40,000	$374,400	~$2,131
$600,000	$60,000	$556,600	~$3,169
$800,000	$80,000	$742,800	~$4,228
$1,000,000	$100,000	$928,000	~$5,283

What's Not Included in Your Mortgage Payment

Your mortgage payment covers only principal and interest. Budget separately for:

• Property taxes: Typically $3,000–$100/year in major cities — often collected monthly by your lender and remitted to the municipality
• Home insurance: $1,000–$3,000/year depending on property and location
• Condo fees: $300–$1,200+/month for condos and townhomes
• Utilities: Heat, hydro, water — typically $200–$600/month
• Maintenance reserve: Budget 1–2% of home value annually for repairs and upkeep