Mortgage Payment
What will my monthly mortgage payment be?
Computes monthly principal + interest. Uses Canadian semi-annual compounding (which is how every Canadian mortgage actually works).
Canadian mortgage math is different
Canadian mortgages compound interest semi-annually, not monthly like US mortgages. This makes the effective monthly rate slightly lower than the quoted annual rate divided by 12. This calculator uses the Canadian formula.
Accelerated bi-weekly payments — taking your monthly payment and splitting it in half, paid every 2 weeks — adds the equivalent of one extra monthly payment per year. Over a 25-year amortization, this typically shaves 3-4 years off the mortgage and saves tens of thousands in interest.
This is principal + interest only. Your actual monthly cost also includes property tax, home insurance, and (if applicable) CMHC mortgage insurance and condo fees.