Calculate your Canadian mortgage payment with semi-annual compounding, CMHC mortgage default insurance and accelerated bi-weekly or weekly options. A $600,000 home with 10% down at 4.50% over 25 years needs a $16,740 CMHC premium and costs about $3,081.41 a month.
Mortgage Payment Calculator (Canada)
Semi-annual compounding, CMHC insurance and accelerated payments · Updated October 12, 2026
- CMHC insurance premium
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- Total mortgage
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- Total interest
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- Paid off in
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- Minimum down payment
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Canadian fixed-rate mortgages compound semi-annually. Assumes the rate stays the same for the whole amortization, although most terms are 5 years or less. Provincial sales tax on the CMHC premium (Ontario, Quebec, Saskatchewan) is not included.
Why Canadian mortgages are calculated differently
By law, fixed-rate mortgages in Canada state interest compounded semi-annually, not monthly. A 4.50% rate therefore works out to an effective monthly rate of (1 + 0.045 ÷ 2)1/6 − 1 = 0.3715%, slightly less than 4.50% ÷ 12. That is why US calculators give a slightly higher payment for the same rate.
Minimum down payment and CMHC insurance
- Up to $500,000: at least 5% down.
- $500,000 to $1,499,999: 5% of the first $500,000 plus 10% of the rest.
- $1.5 million or more: at least 20% down, and the mortgage cannot be insured.
- With less than 20% down, the mortgage must be insured; the premium is added to the loan.
| Loan-to-value | CMHC premium |
|---|---|
| Up to 65% | 0.60% |
| 65.01% to 75% | 1.70% |
| 75.01% to 80% | 2.40% |
| 80.01% to 85% | 2.80% |
| 85.01% to 90% | 3.10% |
| 90.01% to 95% | 4.00% |
Since December 15, 2024, insured mortgages are allowed on homes up to $1.5 million, and first-time buyers and buyers of new builds can choose a 30-year amortization, which adds 0.20% to the insurance premium.
Accelerated payments pay off the mortgage faster
| Frequency | Payment | Paid off in | Total interest |
|---|---|---|---|
| Monthly | $3,081.41 | 25.0 years | $367,682 |
| Bi-weekly | $1,420.77 | 25.0 years | $366,759 |
| Accelerated bi-weekly | $1,540.70 | 21.7 years | $311,921 |
| Accelerated weekly | $770.35 | 21.7 years | $311,295 |
Accelerated bi-weekly payments are half the monthly payment, made 26 times a year. That adds up to one extra monthly payment each year, which cuts more than three years and about $55,800 of interest in this example.
FAQ
Will I qualify at this rate?
Federally regulated lenders test whether you could afford payments at the higher of your contract rate plus 2% or 5.25% (the minimum qualifying rate). Your actual approval depends on your income, debts and credit.
What about variable-rate mortgages?
Variable rates move with the lender’s prime rate. Use the current rate to estimate today’s payment, and try a higher rate to see how a rise would affect you.
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Sources
- CMHC: Mortgage loan insurance premiums
- Department of Finance Canada: Mortgage reforms come into force · December 15, 2024
- Financial Consumer Agency of Canada: Mortgage qualifying rate (stress test)
Figures current as of October 12, 2026
Each formula is checked against a separate test sheet with at least three worked examples. Results are estimates based on the numbers you enter and the published rules; your actual figures may differ. This is general information, not financial or tax advice.
Spotted a mistake? Contact us and we will fix it and update the date above.