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Mortgage Calculator
Monthly payment, total interest and a full amortization schedule, using Canadian semi-annual compounding and CMHC mortgage insurance rules.
The short answer
The purchase
Minimum here is $45,000.
The loan
Canadian mortgages compound semi-annually by law.
Goes straight against principal.
Carrying costs
Total monthly payment
$3,597.33
$3,130.66 principal and interest, plus $466.67 for tax and insurance.
What the house actually costs
Over the whole life of the loan, before tax and insurance.
Down payment: $140,000 (13.0%), Loan principal: $560,000 (51.9%), Interest: $379,197 (35.1%)
- Down payment$140,000
- Loan principal$560,000
- Interest$379,197
Home price
Down payment
20.0% of the price
Amount borrowed
Total interest over the term
300 payments at 4.60%
Total of all payments
What you still owe, year by year
Early payments are mostly interest. The balance falls slowly at first, then quickly.
Hover the chart to read any year.
Show the mathThe payment formula and the full amortization schedule
The payment comes from the standard amortising formula, where i is the periodic rate and n the number of payments:
payment = P × i × (1 + i)ⁿ ÷ ((1 + i)ⁿ − 1) P = $560,000 i = 0.379711% per month n = 300 payments payment = $3,130.66
Canadian mortgages compound semi-annually, so the monthly rate is (1 + annual ÷ 2) ^ (1 ÷ 6) − 1, not annual ÷ 12. That makes the payment slightly lower than a US mortgage at the same posted rate.
Year by year, here is how each payment splits.
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $25,262 | $12,306 | $547,694 |
| 2 | $24,689 | $12,879 | $534,815 |
| 3 | $24,090 | $13,478 | $521,337 |
| 4 | $23,463 | $14,105 | $507,232 |
| 5 | $22,806 | $14,761 | $492,470 |
| 6 | $22,120 | $15,448 | $477,022 |
| 7 | $21,401 | $16,167 | $460,855 |
| 8 | $20,649 | $16,919 | $443,935 |
| 9 | $19,861 | $17,707 | $426,229 |
| 10 | $19,037 | $18,530 | $407,698 |
| 11 | $18,175 | $19,393 | $388,306 |
| 12 | $17,273 | $20,295 | $368,011 |
| 13 | $16,329 | $21,239 | $346,771 |
| 14 | $15,340 | $22,228 | $324,544 |
| 15 | $14,306 | $23,262 | $301,282 |
| 16 | $13,224 | $24,344 | $276,938 |
| 17 | $12,091 | $25,477 | $251,461 |
| 18 | $10,906 | $26,662 | $224,799 |
| 19 | $9,665 | $27,903 | $196,896 |
| 20 | $8,367 | $29,201 | $167,695 |
| 21 | $7,008 | $30,560 | $137,135 |
| 22 | $5,586 | $31,982 | $105,154 |
| 23 | $4,098 | $33,470 | $71,684 |
| 24 | $2,541 | $35,027 | $36,657 |
| 25 | $911 | $36,657 | $0 |
What this does not include
Questions
What people ask
What is semi-annual compounding and why does it matter?
Canadian law requires fixed mortgage interest to be quoted with semi-annual compounding. The effective monthly rate is (1 + annual ÷ 2) to the power of 1/6, minus 1, which is slightly less than annual ÷ 12. At the same posted rate a Canadian mortgage payment is a little lower than a US one.
When do I have to pay CMHC insurance?
Whenever your down payment is under 20%. The premium is a percentage of the loan set by loan-to-value, running from 4.00% at 95% down to 2.80% at 85%, and it is added to the mortgage rather than paid up front. Amortisations beyond 25 years add a 0.20% surcharge.
What is the minimum down payment in Canada?
5% on the first $500,000, 10% on the portion between $500,000 and $1.5 million, and 20% at or above $1.5 million, where insurance is not available at all. The calculator flags a down payment below the minimum.
Why does the calculator assume one rate for the whole amortisation?
Because it has to assume something. In reality you renew every few years at whatever rate exists then, so treat the total-interest figure as the answer to 'what if this rate held', not a prediction.
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Canada tax figures for 2026, last reviewed August 1, 2026. Every rate used here is listed with its source on the official rates page.