01 — Calculator
What itactually costsper month.
Most online calculators use the American monthly-compounding formula and overstate your payment. This one compounds semi-annually, the way a Canadian lender actually does.
- Mortgage amount
- $0
- Loan-to-value
- 0%
- Total paid over amortization
- $0
How this is calculated
Semi-annual compounding
Canadian fixed-rate mortgages compound twice a year, not monthly. Using the US formula inflates the payment by a small but real margin.
CMHC premium included
Under 20% down, mortgage insurance of roughly 2.8% to 4% of the loan is added to the balance. It is shown separately here.
Accelerated payments
An accelerated bi-weekly payment is half the monthly payment made 26 times a year — one extra monthly payment annually, which typically removes about three years from a 25-year amortization.
Estimate only. Assumes a fixed rate compounded semi-annually, not in advance. Actual payments, premiums and rates depend on lender, product, credit and property, and are subject to change without notice. Not an offer of credit or a pre-approval. O.A.C.
The other calculators
Affordability
Lenders test two ratios and then re-test everything at a rate higher than the one you are being offered. This shows you the number that survives all three checks.
Open calculator → 03Land transfer tax
Land transfer tax is due in cash on closing and cannot be added to your mortgage. Buy in Toronto and you pay it twice — once to the province, once to the city.
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