Mortgage Payment Calculator
Calculate your monthly mortgage payment with accurate Canadian semi-annual compounding. Includes CMHC insurance calculations and detailed amortization schedules.
Property Details
20% down payment - no CMHC insurance required
Mortgage Details
Accelerated payments help pay off your mortgage faster
Your Payment
$2,838.88
per month
Amortization Schedule
| Payment # | Payment | Principal | Interest | Balance |
|---|
How This Calculator Works
This mortgage payment calculator uses Canadian mortgage calculation standards, which differ from US calculations. In Canada, mortgage interest is compounded semi-annually (twice per year), not monthly. This means the effective annual rate is slightly lower than what you might calculate with monthly compounding.
Understanding CMHC Insurance
If your down payment is less than 20% of the home price, you're required to purchase mortgage default insurance (commonly called CMHC insurance) in Canada. The insurance premium is added to your mortgage and affects your monthly payments.
CMHC Insurance Rates (2024):
- 5% - 9.99% down payment: 4.00% premium
- 10% - 14.99% down payment: 3.10% premium
- 15% - 19.99% down payment: 2.80% premium
Note: CMHC insurance is not available for homes over $1,000,000.
Payment Frequency Options
Accelerated payments help you pay off your mortgage faster by making the equivalent of one extra monthly payment per year. For example, accelerated bi-weekly payments are calculated as your monthly payment divided by 2, paid every two weeks (26 payments/year), which equals 13 monthly payments instead of 12.
Important Disclaimer
This calculator provides estimates for educational and informational purposes only. Results should not be considered as financial, mortgage, or tax advice. Actual mortgage payments may vary based on lender policies, insurance premiums, property taxes, and other factors not accounted for in this calculation.
Always consult with a qualified mortgage professional or financial advisor before making any mortgage or home buying decisions.