Canadian mortgage calculator
Estimate payments using the Canadian convention of interest compounded semi-annually, not in advance.
Your mortgage
Estimated results
Payment
$2,862.65
per payment · Monthly
- Total paid during the term
- $171,759.10
- Interest paid during the term
- $113,175.84
- Principal paid during the term
- $58,583.26
- Balance at the end of the term
- $441,416.74
- Net cost of the term after cash back
- $171,759.10
- Effective annual rate
- 4.899%
These figures are estimates for comparison only. They are not a lender quote, and your lender's own calculation may differ — including in how it rounds, counts days, and applies fees.
What this assumes
- Interest is compounded semi-annually, not in advance — the Canadian convention for fixed-rate mortgages.
- The interest rate stays the same for the entire amortization. In reality your mortgage is re-priced at each renewal, and variable rates move.
- Payments are made in full and on time, with no prepayments and no missed payments.
- Property taxes, condo fees, mortgage default insurance premiums, legal fees and other closing costs are not included.
- Accelerated payments are modelled as the monthly payment divided by two (bi-weekly) or four (weekly), which pays down the mortgage faster than the nominal schedule.
These assumptions are explained further on the Methodology page.