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Calculator · Canadian compounding (semi-annual)

Mortgage Payment Calculator

Calculate your monthly mortgage payments, total interest, and amortization schedule.

Methodology: interest compounded half-yearly (Interest Act, s. 6) and CMHC's official premium schedule. Formula and sources below the calculator.

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Monthly payment

$2,167

Amortization Period: 25 years @ 4.29%

Loan Amount

$400,000

Total Interest

$250,230

Loan Amount$400,000
Total Interest$250,230
Total Cost$650,230
  • Principal62%
  • Interest38%

Methodology

  • Periodic rate: i = (1 + r/2)^(2/f) − 1, where r is the annual rate and f the number of payments per year (12, 26 or 52). In Canada, a fixed mortgage rate is compounded half-yearly, not in advance (Interest Act, s. 6).
  • Payment: P × i / (1 − (1 + i)^−n), where P is the loan and n the number of payments over the amortization. The accelerated payment is the monthly payment ÷ 2 or ÷ 4; its payoff time and interest are recalculated payment by payment.
  • CMHC insurance: a premium of 2.80% to 4.00% of the loan depending on the down payment, plus 0.20% above 25 years, added to the loan. Minimum down payment: 5% of the first $500,000, 10% of the portion above; 20% from $1.5 million, the price at which a home can no longer be insured.
  • Estimate at a constant rate over the whole amortization. Excludes fees, property taxes and home insurance.

Sources:Interest Act, s. 6CMHC · Mortgage loan insurance costFCAC · Down payment

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