Calculators

Mortgage payment calculator

The payment on a Canadian mortgage, worked the Canadian way: a fixed rate is a nominal annual rate compounded semi-annually, and the payment follows from that convention rather than from the monthly compounding used in the United States. Enter a price and a down payment and the tool adds the CMHC insurance premium where the down payment is under 20 percent, because the premium is part of the balance the payment is charged on. The rate field opens on the lowest five-year fixed rate confirmed at a lender, 4.29% at Steinbach Credit Union, confirmed at the lender's own published rate page on November 15, 2026, and it is yours to change.

How the frequencies work

Semi-monthly payments are half the monthly payment, paid twice a month. Bi-weekly and weekly payments are set so the mortgage still retires over the chosen amortization: the annual rate is converted to the payment period and the payment is solved over the full count of periods. The accelerated options take the monthly payment and divide it by two or by four while keeping the shorter payment period, which puts thirteen monthly payments a year into the mortgage instead of twelve and shortens the payoff, as the year-by-year record in the result shows. Interest is carried at full precision through the schedule and rounded only where it is printed, the same convention the Financial Consumer Agency of Canada's published calculator follows.

Sources and dates

Premium schedule: CMHC's published premium schedule for homeowner loans, owner-occupied homes of one to four units, as published by CMHC at cmhc-schl.gc.ca and checked 2026-11-15. Sagen and Canada Guaranty publish the same standard schedule. The prefilled rate is the board's five-year fixed figure from this site's mortgage rates record, confirmed at the lender named above. The calculation convention is the Canadian semi-annual compounding rule under the Interest Act.