Skip to main content
Placement EngineCRMPricingResources
Sign inBook a 15-min demoTry it free

HomeToolsMortgage Payment Calculator

Mortgage payment calculator for Canada

Enter the mortgage amount, rate and amortization to compare all six payment frequencies, calculated with Canadian semi-annual compounding.

Monthly payment

$3,418.25

Monthly
$3,418.25
Semi-Monthly
$1,707.44
Bi-Weekly
$1,575.98
Accelerated Bi-Weekly
$1,709.13
Weekly
$787.63
Accelerated Weekly
$854.56

How the payment is calculated

The stated rate is converted to an effective annual rate using semi-annual compounding, then to a periodic rate for the chosen payment frequency. The payment is the level amount that repays the loan over the amortization. Accelerated options are the monthly payment divided by two or four.

Which frequency to quote

Accelerated bi-weekly is the most common way to pay a mortgage off faster without a noticeable change in monthly cash flow. For qualification, lenders convert any frequency to a monthly figure, so the result here is for client conversations, not for GDS or TDS.

Common questions

Why are Canadian mortgage payments different from US calculators?
Canadian fixed-rate mortgages compound semi-annually, while US calculators compound monthly. At the same stated rate, the Canadian method gives a slightly lower payment, so a US calculator overstates what you would pay in Canada.
What is an accelerated bi-weekly payment?
It is the monthly payment divided by two and paid every two weeks. Because there are 26 bi-weekly periods a year, you make the equivalent of one extra monthly payment annually, which shortens the amortization.
How is a semi-monthly payment different from bi-weekly?
Semi-monthly means 24 payments a year on fixed calendar dates, usually the 1st and 15th. Bi-weekly means 26 payments a year, one every two weeks.
Does the payment include property tax and insurance?
No. This is the principal and interest payment only. Property tax, heating and condo fees are added separately when a lender calculates qualification.
Mortgage affordability calculatorMortgage stress test calculator

Run the whole deal, not one number

bips takes the same inputs, runs GDS, TDS and the stress test, then checks the deal against 40+ Canadian lenders and shows who will approve it.

Try bips free

First 3 placements free. No credit card required.