Canadian Mortgage Calculator
Estimate your monthly payment, CMHC insurance, and full amortization schedule using Canada's semi-annual compounding rules.
How this calculator works
Canadian mortgages are unique: federal law requires interest to compound semi-annually, not monthly — even on a monthly payment schedule. This calculator converts your nominal annual rate into an effective monthly rate using that rule, then applies it across your chosen amortization period. If your down payment is under 20%, it also estimates the CMHC (mortgage default insurance) premium, which is standard in Canada for high-ratio mortgages.
Frequently asked questions
How is a Canadian mortgage payment calculated?
The annual rate is converted to an effective semi-annual rate, then to the equivalent rate for your payment frequency, before applying the standard amortization formula.
What is CMHC insurance and when do I need it?
Required when your down payment is below 20% of the purchase price. The premium scales with your loan-to-value ratio and is typically added to your mortgage principal rather than paid upfront.
What's the difference between amortization and term?
Amortization is the total payoff period (often 25 years). Term is how long your current rate is locked in (often 3-5 years) before you renew.