Canadian Mortgage Calculator
Estimate Canadian mortgage payments with semi-annual compounding.
Results
What Is a Canadian Mortgage Calculator?
A Canadian mortgage calculator estimates monthly mortgage payments using Canadian conventions: semi-annual compounding, optional CMHC mortgage insurance for down payments below 20%, and amortization periods up to 30 years.
How to Use This Calculator
- Enter the home price and your down payment percentage (minimum 5%).
- Input the interest rate, loan term, and amortization period.
- Click Calculate to see your loan amount, CMHC premium, monthly payment, and total interest.
Frequently Asked Questions
What is CMHC insurance?
Canada Mortgage and Housing Corporation (CMHC) insurance is required when your down payment is less than 20%. The premium is added to your mortgage balance.
What is semi-annual compounding?
Canadian mortgages use semi-annual compounding by law. The nominal annual rate is compounded twice per year, resulting in a slightly different effective monthly rate than U.S. mortgages.
What is the difference between term and amortization?
The term is the length of your current mortgage contract (e.g., 5 years). Amortization is the total time to pay off the mortgage (e.g., 25 years).
Can I avoid CMHC insurance?
Yes. If your down payment is 20% or more of the purchase price, CMHC insurance is not required.