Canadian Mortgage Calculator
Updated on 20 Oct 2026 · Checked by Aotob
You pay about C$3,338 every month.
That is for a C$650,000 home with 10% down at 4.5% over 25 years. CMHC insurance of C$18,135 is added to the loan because you put down less than 20%. Over the life of the mortgage you pay C$398,322 in interest.
Payment every month
C$3,338.19/month
Switching to accelerated biweekly payments would save C$60,408 and finish 3.3 years early.
Show the working
Loan = 650,000 − 65,000 down + 18,135 CMHC = 603,135
monthly rate = (1 + 4.5% ÷ 2)^(1/6) − 1 = 0.003715 (Canadian mortgages compound twice a year)
M = P × i ÷ (1 − (1+i)^−300) = 3,338.19
Interest and balance by year
| Year | Interest that year | Balance |
|---|---|---|
| 1 | 26,618 | 589,694 |
| 5 | 23,999 | 529,531 |
| 10 | 19,997 | 437,584 |
| 15 | 14,998 | 322,724 |
| 20 | 8,752 | 179,240 |
| 25 | 951 | 0 |
| Total | 398,322 | 0 |
Questions people ask
Why is my Canadian mortgage payment different from a US calculator?
Canadian fixed-rate mortgages compound twice a year, not monthly, by law. That makes the payment slightly lower than a US-style calculation at the same rate.
Is CMHC insurance worth avoiding?
On a C$650,000 home at 4.5%, putting 20% down instead of 10% avoids C$18,135 of insurance and lowers the payment from C$3,338 to C$2,878 a month.
Can I choose a 30-year amortization?
With 20% down, yes. With less than 20% down, 30 years is allowed for first-time buyers and new builds, and the CMHC premium goes up by 0.20%.
Updated 20 Oct 2026Source: Interest Act semi-annual compounding, CMHC premiumsChecked by AotobAn estimate, not financial adviceReport an issue