Canadian mortgage calculator
Make your mortgage make sense. Explore payments, test a plan, and see the difference.
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Your mortgage
Fixed rateThe amount financed, including any financed insurance.
Accelerated options add the equivalent of one monthly payment per year.
Fine-tune your plan
When your current contract ends and you renew.
Added to every payment. Check your lender’s prepayment limits.
One-time and increasing payments
Applied after the scheduled payment. Payment 1 is the next payment in this projection.
Compounds after each full payment year. At modelled renewal, increases restart from the new regular payment. Lender limits are not checked.
Plan for renewal
The initial rate otherwise stays constant beyond the current term.
Your plan, at a glance
How it’s calculated$2,213.89 CAD
Your path to paid off
Mortgage balance (CAD)Projection assumes the initial rate stays the same after your 5-year term. Actual contracts and renewal rates will differ.
Keep a plan. Try a what-if.
Save a comparison, then change your numbers. Saved inputs stay in this browser.
The longer view
Year-by-year amortization
| Year | Principal paid | Interest paid | Balance remaining |
|---|---|---|---|
| 1 | $8,913.83 | $17,652.85 | $391,086.17 |
| 2 | $9,319.46 | $17,247.22 | $381,766.71 |
| 3 | $9,743.55 | $16,823.13 | $372,023.16 |
| 4 | $10,186.96 | $16,379.72 | $361,836.20 |
| 5 / term end | $10,650.53 | $15,916.15 | $351,185.67 |
| 6 | $11,135.19 | $15,431.49 | $340,050.48 |
| 7 | $11,641.91 | $14,924.77 | $328,408.57 |
| 8 | $12,171.69 | $14,394.99 | $316,236.88 |
| 9 | $12,725.57 | $13,841.11 | $303,511.31 |
| 10 | $13,304.67 | $13,262.01 | $290,206.64 |
| 11 | $13,910.10 | $12,656.58 | $276,296.54 |
| 12 | $14,543.11 | $12,023.57 | $261,753.43 |
| 13 | $15,204.89 | $11,361.79 | $246,548.54 |
| 14 | $15,896.84 | $10,669.84 | $230,651.70 |
| 15 | $16,620.25 | $9,946.43 | $214,031.45 |
| 16 | $17,376.56 | $9,190.12 | $196,654.89 |
| 17 | $18,167.29 | $8,399.39 | $178,487.60 |
| 18 | $18,994.02 | $7,572.66 | $159,493.58 |
| 19 | $19,858.37 | $6,708.31 | $139,635.21 |
| 20 | $20,762.04 | $5,804.64 | $118,873.17 |
| 21 | $21,706.85 | $4,859.83 | $97,166.32 |
| 22 | $22,694.67 | $3,872.01 | $74,471.65 |
| 23 | $23,727.40 | $2,839.28 | $50,744.25 |
| 24 | $24,807.16 | $1,759.52 | $25,937.09 |
| 25 | $25,937.09 | $630.64 | $0.00 |
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How are Canadian fixed-rate mortgage payments calculated?
Convert the quoted annual rate from semi-annual compounding to a monthly rate, then calculate the payment over the amortization period. The selected payment frequency and extra principal payments determine the payoff projection. Your mortgage term is the current contract, not the full repayment timeline.
Reviewed October 23, 2026 by DollarMath. Educational estimates. Sources and calculation scope.
Common questions
What is the monthly payment on a $100,000 mortgage at 5% over 25 years?
Under the Canadian fixed-rate semi-annual compounding convention used here, the principal-and-interest payment is $581.60 per month. This excludes taxes, lender fees and insurance costs. The final payment can differ slightly because of rounding.
What is the difference between biweekly and accelerated biweekly payments?
Regular biweekly payments are the monthly payment multiplied by 12 and divided by 26. Accelerated biweekly payments are half the monthly payment, paid 26 times per year. The accelerated schedule adds the equivalent of one monthly payment each year.
What is the difference between mortgage term and amortization?
The term is the length of your current mortgage contract. Amortization is the intended repayment timeline. The calculator shows the term-end balance. By default the rate stays constant afterward; advanced settings can model a new fixed rate and remaining amortization at renewal.
Does this calculator support variable-rate mortgages or prepayment penalties?
It supports fixed-rate periods with one optional renewal rate change. It does not yet simulate variable-rate paths, lender-specific prepayment privileges, penalties, mortgage qualification or default insurance premiums. Check the mortgage contract before making extra payments.
How do one-time prepayments and annual payment increases work?
A one-time prepayment is applied after the selected scheduled payment and is capped at the remaining balance. Annual increases compound on the regular payment after each full payment year; fixed recurring extras are added separately. At a modelled renewal, increases restart from the recalculated payment. Lender limits and charges are excluded.
The math behind your results
Canadian fixed-rate estimate. Rule version: ca-fixed-v2. Sources reviewed October 23, 2026.
How payments are calculated
We model a nominal annual rate compounded twice a year. The monthly rate is (1 + annual rate / 2)^(1/6) − 1. The monthly payment is P × i / (1 − (1 + i)^−n), where P is principal, i is the monthly rate, and n is the number of months. At 0%, payment is principal divided by months.
Regular biweekly payments are monthly payment × 12 ÷ 26; weekly payments are monthly × 12 ÷ 52. Twice-monthly payments are monthly ÷ 2. Accelerated biweekly and weekly payments are monthly ÷ 2 and monthly ÷ 4, respectively.
What the projection assumes
Payments and each period’s interest are rounded to cents. Interest accrues at the equivalent periodic rate, (1 + annual rate / 2)^(2 / payments per year) − 1. Extra payments reduce principal with every regular payment, starting with the first. The final payment settles the remaining balance plus interest and may differ slightly from a regular payment to account for rounding.
Without a renewal scenario, the initial rate stays constant beyond your term. An optional renewal rate is applied after the current term’s last payment, with a new payment calculated from the balance and remaining amortization you enter. This rate stays constant thereafter. An extended amortization is an assumption, not lender approval, and may increase total interest.
A one-time prepayment is applied after the selected regular payment, capped at the remaining principal, and skipped if the mortgage is already paid off. Annual payment increases compound on the regular payment after every complete payment year; recurring extras remain a fixed amount. Increases restart from the new regular payment at modelled renewal. Lender privilege limits and penalties are not calculated.
A term is your current contract; amortization is the intended repayment timeline. Payoff time and lump-sum timing use equal payment periods rather than calendar dates. Payments in the results begin with the first scheduled amount; annual increases and renewal can change later payments.
Enter the financed mortgage balance, including any financed insurance premium. Property taxes, default insurance calculations, lender fees, prepayment penalties, variable-rate changes, and qualification rules are excluded. Check your lender’s prepayment limits before using an extra-payment plan.
A worked example
A $100,000 mortgage at 5% over 25 years gives a monthly payment of $581.60 using semi-annual compounding, before fees and taxes. Small differences from lender schedules may result from rounding and payment dates.
For a separate zero-rate example, $120,000 over 10 years is $1,000 monthly. After a five-year term, the balance is $60,000. Renewing that balance at 6% over a fresh 10-year amortization gives $663.91 monthly under the same semi-annual convention, before extra payments or fees.
FCAC explains renewal decisions and the trade-offs of extending amortization.
Sources and independent checks
- FCAC: Choosing a mortgage and payment frequency
- FCAC: Prepayment privileges and paying off a mortgage faster
- Scotiabank: Semi-annual compounding assumption
- FCAC: Mortgage calculator for a second estimate
Does my province change this payment?
This estimate covers principal and interest under the stated compounding convention, across Canada. Provincial taxes, closing costs, and lender-specific terms need separate calculations.
Is this a mortgage quote?
No. Results are educational estimates, not a lender quote, approval, or personalized financial advice.