How Canadian mortgage payments work
Canadian fixed-rate mortgages use semi-annual compounding, so your payment is built from your mortgage amount, your rate compounded twice a year, and your amortization. This calculator applies that method and lets you compare monthly, semi-monthly, bi-weekly, weekly, and accelerated options. Accelerated payments add the equivalent of one extra monthly payment a year, which shortens your amortization and saves interest, the breakdown shows exactly how much sooner each option pays off.
When your down payment is under 20% on a home up to $1.5 million, default (CMHC) insurance applies and is added to your mortgage, so the payment shown stays realistic. Once you've compared your options, see how much you could qualify for with the pre-qualification calculator, or budget your closing costs with the land transfer tax calculator.