Mortgage Payment Calculator — Canada
See what your monthly payment will really look like: payment frequency, CMHC premiums, the stress test, and a year-by-year amortization schedule — all in proper Canadian mortgage math.
Your numbers
Payment breakdown
Where your total mortgage cost goes
Principal vs interest over time
Cumulative breakdown across 25 years
Amortization schedule
Year-by-year breakdown of your payments
| Year | Payments | Principal | Interest | Ending balance |
|---|---|---|---|---|
| 1 | $53,057 | $13,802 | $39,256 | $706,198 |
| 2 | $53,057 | $14,580 | $38,477 | $691,618 |
| 3 | $53,057 | $15,403 | $37,655 | $676,216 |
| 4 | $53,057 | $16,271 | $36,786 | $659,944 |
| 5 | $53,057 | $17,189 | $35,868 | $642,755 |
| 6 | $53,057 | $18,159 | $34,898 | $624,596 |
| 7 | $53,057 | $19,183 | $33,874 | $605,413 |
| 8 | $53,057 | $20,265 | $32,792 | $585,148 |
| 9 | $53,057 | $21,408 | $31,649 | $563,739 |
| 10 | $53,057 | $22,616 | $30,441 | $541,123 |
| 11 | $53,057 | $23,892 | $29,165 | $517,232 |
| 12 | $53,057 | $25,239 | $27,818 | $491,992 |
| 13 | $53,057 | $26,663 | $26,394 | $465,329 |
| 14 | $53,057 | $28,167 | $24,890 | $437,162 |
| 15 | $53,057 | $29,756 | $23,301 | $407,406 |
| 16 | $53,057 | $31,434 | $21,623 | $375,972 |
| 17 | $53,057 | $33,208 | $19,850 | $342,765 |
| 18 | $53,057 | $35,081 | $17,976 | $307,684 |
| 19 | $53,057 | $37,060 | $15,998 | $270,624 |
| 20 | $53,057 | $39,150 | $13,907 | $231,474 |
| 21 | $53,057 | $41,358 | $11,699 | $190,116 |
| 22 | $53,057 | $43,691 | $9,366 | $146,425 |
| 23 | $53,057 | $46,156 | $6,901 | $100,269 |
| 24 | $53,057 | $48,759 | $4,298 | $51,510 |
| 25 | $53,057 | $51,510 | $1,547 | $0 |
FAQ
Canadian mortgage math, answered
What is the mortgage stress test, and what rate do I qualify at?
Under OSFI's B-20 guideline, federally regulated lenders qualify you at the GREATER of your contract rate plus 2 percentage points or 5.25% — so a 4.5% contract rate means you must show you could carry payments at 6.5%. The stress test applies to your qualifying ratios only; your actual payments are still made at the contract rate. It typically reduces maximum purchasing power by roughly 20% versus qualifying at the contract rate alone.
What is the monthly payment on a $1M mortgage in Canada?
Approximately $5,540 per month at a 4.5% rate over a 25-year amortization, using Canadian semi-annual compounding. Each 0.25% of rate moves the payment by roughly $140/month at this loan size, and stretching to a 30-year amortization (available on uninsured mortgages with 20%+ down) drops it to about $5,030. The calculator above shows your exact figure with a year-by-year amortization schedule.
How much down payment do I need in Canada?
The legal minimum is 5% on the first $500,000 and 10% on the portion between $500,000 and $1.5M; homes at $1.5M and above require 20% down. Any down payment under 20% also triggers mandatory CMHC (or Sagen/Canada Guaranty) mortgage insurance, with premiums of 2.8%–4% added to the loan. In practice, most GTA freehold purchases above $1.5M are 20%-down transactions by rule.
What's the difference between monthly and accelerated bi-weekly payments?
Accelerated bi-weekly pays half your monthly payment every two weeks — 26 half-payments, or the equivalent of 13 full monthly payments a year instead of 12. That one extra annual payment typically shortens a 25-year amortization by roughly 3 years and saves tens of thousands in interest at current rates, with no penalty on virtually all Canadian mortgages. The calculator lets you compare both schedules side by side.
Why do Canadian mortgages compound semi-annually?
By federal law (the Interest Act), Canadian fixed-rate mortgages compound semi-annually, not monthly — so a quoted 5% rate has a slightly lower effective monthly cost than a 5% US-style monthly-compounded loan. The difference is small but real: US calculators overstate Canadian payments by a few dollars per hundred thousand borrowed. This calculator uses the correct Canadian convention throughout.