Canadian payment math

Mortgage payment calculator Canada

Fixed-rate payments use the Canadian semi-annual conversion before the payment formula. Variable rates use a clearly labelled monthly compounding assumption.

Method first: a 5.00% quoted fixed rate is not divided by 12. It becomes (1 + 0.05/2)^2/12 − 1 per month.

Mortgage amount

Mortgage rate

Amortization

Mortgage type

Payment frequency

Your payment$2,908.02

Paid monthly.

Educational estimate, not financial or mortgage advice. Confirm figures with your lender or a licensed mortgage professional.

One Canadian formula across provinces

The fixed-rate payment convention is federal-lender mortgage math, so the core calculation is the same for homeowners in Ontario, British Columbia, Alberta, and elsewhere in Canada. Property taxes, insurance, condominium fees, and provincial transaction costs are not included.

Accelerated bi-weekly is half the monthly payment, paid 26 times per year. Regular bi-weekly uses a separately timed schedule here; your lender's regular-payment convention may differ slightly.