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.
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.
Privacy Policy
This widget runs entirely in your browser. It does not create an account, store the values you enter, or send calculator inputs to a server.