Mortgage payment calculator
What you'd pay on a fixed-rate mortgage, calculated the way Canadian lenders do it. It adds default insurance when you put less than 20% down, and shows how much sooner an accelerated schedule pays it off.
Rules checked September 24, 2026- Mortgage, with any insurance
- $695,925
- Default insurance (3.1%)
- $20,925
- Interest over the life
- $446,870
- Paid off in
- 25 years
How it's worked out
Canadian fixed-rate mortgages compound twice a year, not monthly, because the Interest Act requires the rate to be stated that way. The calculator converts the yearly rate into the rate for each payment period, then works out the level payment that clears the balance over the amortization you chose.
Under 20% down, the mortgage has to be insured. The premium (0.60% to 4.00% of the loan, 0.20% more over 25 years) is added to the mortgage, so it's included in the payment shown.
Accelerated schedules pay half the monthly payment every two weeks, or a quarter every week. That adds up to one extra monthly payment a year, which is why the mortgage is paid off years sooner and costs less interest.
Read more about it
General information about Canadian mortgages, not financial, legal or tax advice. Lenders and insurers apply their own criteria, and rules change; confirm the details with a licensed mortgage professional before you act.