# Mortgage Payment Calculator Canada (Bi-Weekly Too)

> Canadian mortgage payment calculator with semi-annual compounding, accelerated bi-weekly payments, CMHC insurance and balance at the end of your term.

Source: https://trykosh.com/tools/mortgage-payment-calculator

Free tool - Mortgages and housing

# Canadian mortgage payment calculator

Work out your mortgage payment the way Canadian lenders do, with semi-annual compounding, any payment frequency and CMHC insurance added when you put down less than 20%.

Rules checked 31 October 2026Free - no sign-upRuns in your browser

Monthly payment

$3,099.45

On a $560,000 mortgage at 4.5%

Total interest**$369,835**

Balance after 5-year term**$491,660**

Paid off in**25.0 years**

Principal **$560,000**Interest **$369,835**

Home price

$700,000

Down payment (20%)

−$140,000

Mortgage amount

$560,000

Monthly payment

$3,099.45

Total interest over the amortization

$369,835

Year by year

Year

Principal paid

Interest paid

Balance

Year 1

$12,479

$24,714

$547,521

Year 5

$14,911

$22,283

$491,660

Year 10

$18,627

$18,567

$406,289

Year 15

$23,268

$13,925

$299,643

Year 20

$29,067

$8,126

$166,421

Year 25

$36,311

$883

$0

Fixed rates in Canada compound semi-annually, which this uses. Assumes the same rate for the whole amortization; in practice you renew every term at the rate of the day.

## Let Kosh do this with your real numbers.

Kosh maps your income, debts and savings, then shows what home you can afford, how big a down payment to aim for and the fastest way to get there with your FHSA and RRSP. Start with a free money checkup; Kosh Pro is CA$19 a month after a 7-day free trial.

[Start free](/signup?via=tool-mortgage-payment-calculator)

## How the mortgage payment calculator works

Canadian fixed-rate mortgages compound interest twice a year, not monthly, so the rate per payment is a little lower than the posted rate divided by 12. The calculator uses that convention for every payment frequency.

With less than 20% down, a mortgage must be insured and the premium is usually added to the loan. The calculator adds the CMHC premium for your loan-to-value automatically, and warns if the down payment is below the legal minimum.

Accelerated bi-weekly payments are half the monthly payment, paid every two weeks. That's 26 half-payments, the same as 13 monthly payments a year, so the mortgage is paid off sooner and you pay less interest.

The term (often five years) is how long your rate is locked in; the amortization is how long until the mortgage is paid off. The balance at the end of the term is what you'll renew.

Payment = P x r / (1 − (1 + r)^−n), with r = (1 + rate/2)^(2/periods a year) − 1

P

mortgage amount

n

number of payments over the amortization

## Worked example: Priya buys a $750,000 home in Hamilton

Priya puts 10% down, so a 3.10% CMHC premium of $20,925 is added and her mortgage is $695,925. At an assumed 4.29% over 25 years, accelerated bi-weekly payments are $1,885.46. She would be mortgage-free in about 21.8 years and save $64,148 in interest compared with monthly payments. After her five-year term, $587,626 is left to renew.

Accelerated bi-weekly payment

$1,885.46

On a $695,925 mortgage at 4.29%

Total interest**$371,206**

Balance after 5-year term**$587,626**

Paid off in**21.8 years**

Principal **$695,925**Interest **$371,206**

Home price

$750,000

Down payment (10%)

−$75,000

CMHC insurance premium (3.1%)

$20,925

Mortgage amount

$695,925

Accelerated bi-weekly payment

$1,885.46

Total interest over the amortization

$371,206

Interest saved vs monthly payments

$64,148

Fixed rates in Canada compound semi-annually, which this uses. Assumes the same rate for the whole amortization; in practice you renew every term at the rate of the day.

[Load this example into the calculator ->](?price=750000&down=75000&rate=4.29&freq=accBiweekly#calculator)

## Good to know

-   The minimum down payment is 5% of the first $500,000 and 10% of the rest, up to $1.5 million; at $1.5 million or more you need 20%.
-   30-year amortizations on insured mortgages are for first-time buyers and new builds, with a 0.20% premium surcharge.
-   In Ontario, Quebec and Saskatchewan, provincial sales tax on the CMHC premium is due in cash at closing.
-   Most lenders let you prepay a set percentage each year without penalty; check your mortgage terms.

## Frequently asked questions

Do Canadian mortgages compound monthly?

Fixed-rate mortgages from Canadian lenders are normally calculated with semi-annual compounding, the convention set by the Interest Act. Variable-rate mortgages may compound monthly; check your agreement.

Is accelerated bi-weekly worth it?

It's equivalent to one extra monthly payment a year, all of which goes to principal, so you pay off the mortgage years sooner. Make sure the higher payment fits your budget.

What's the difference between term and amortization?

The term is how long your rate and conditions last, often five years. The amortization is the total time to pay off the mortgage, usually 25 years. You renew at the end of each term.

## Sources and assumptions

-   [FCAC: Mortgages](https://www.canada.ca/en/financial-consumer-agency/services/mortgages.html)
-   [FCAC: Saving for a down payment](https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html)
-   [CMHC: Mortgage loan insurance premiums](https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/premium-information-for-homeowner-and-small-rental-loans)
-   [Department of Finance: 2024 mortgage reforms](https://www.canada.ca/en/department-finance/news/2024/09/delivering-the-boldest-mortgage-reforms-in-decades.html)

Rules and rates last checked on 31 October 2026. Results are estimates for planning and education, not tax, legal or investment advice. Kosh is an educational financial planning tool by Primedepth Labs. It is not registered with any Canadian securities regulator as an adviser or dealer, does not recommend specific securities, and does not hold your money or execute trades. Tax figures are estimates; confirm with the CRA or a qualified professional before acting. Investing carries risk.