Your assumptions
Enter a currency amount.
Nominal annual rate, compounded semi-annually.
Estimated payment
Enter your assumptions to calculate
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No market rate is prefilled. Use a rate from your lender or broker.
Principal vs. interest
How the rate is converted
Canada: i = (1 + j/2)^(2/m) − 1
Where j is the quoted nominal annual rate and m is the number of payments per year.
Payment = P × i ÷ [1 − (1 + i)−n]
Use the estimate with clear assumptions
The calculator applies standard amortization math to the principal you enter. It does not guess a current interest rate or qualify you for a mortgage.
- Choose the country convention.Canada converts a nominal rate compounded twice yearly. U.S. mode converts a nominal rate compounded monthly.
- Enter price and down payment.Use either a currency amount or percentage. The difference becomes the mortgage principal.
- Choose a schedule.Regular frequencies amortize over the selected term. Accelerated schedules use half or one quarter of the monthly payment and may finish sooner.
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Mortgage calculator FAQ
How is mortgage interest compounded in Canada?
Canadian fixed-rate mortgages generally quote a nominal annual rate compounded semi-annually, not in advance. The calculator converts that quoted rate to an equivalent rate for your selected frequency.
What is accelerated bi-weekly?
It is one half of the regular monthly payment, paid 26 times per year. That equals 13 monthly-payment equivalents annually, so the mortgage may be paid sooner.
Does this include mortgage insurance or taxes?
No. The output covers principal and interest only. Add any default-insurance premium to the principal yourself if it will be financed, and budget separately for taxes and other ownership costs.
Why might a lender show a different payment?
Lenders may use specific rounding, first-payment dates, product rules, and fees. Their disclosure and your mortgage contract are authoritative.
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