Residential Mortgage Payment Calculator
Enter your mortgage amount, rate and amortization — see monthly, semi-monthly, bi-weekly and weekly payments for principal + interest or interest-only. Amortizations up to 40 years.
Your residential mortgage
Canadian fixed rates compound semi-annually by law (Interest Act, s. 6). Some lenders quote monthly-compounded fixed rates.
* Semi-annual compounding on a variable-rate mortgage is uncommon in Canada. As of publication we're only aware of Scotiabank and Strive Capital offering it on a VRM; every other major bank and monoline lender we deal with compounds monthly on variable. This is the cheapest legal compounding schedule for a Canadian mortgage.
** RBC Royal Bank is the only major Canadian lender we're aware of that compounds a variable mortgage at the borrower's payment frequency (e.g. 26× per year on bi-weekly, 52× on weekly). At the same sticker rate this produces the highest real cost of the group.
At the same nominal rate, less-frequent compounding produces a lower payment.
Default 30 years, up to 40. Insured/A-lender residential mortgages cap at 30 years. Amortizations of 35–40 years are only available through select private and alternative (B) lenders, typically at higher rates.
Think of the quoted rate as the “sticker” rate. EAR is the real yearly cost after the lender’s compounding schedule is applied. The gap above is the extra cost versus a semi-annual-compounded mortgage at the same sticker rate — the best-case scenario allowed by Canadian mortgage law. The more often interest compounds, the higher the real cost, even when the sticker rate looks identical. Simple-interest mortgages are not available here, so use this EAR to compare lenders apples-to-apples, not to look for something “better than semi-annual.”
Same payment, every frequency
Time to payoff vs semi-annual compounding
Same total dollars paid per year ($32,886), solved against each compounding schedule.
You're already on the Canadian best-case schedule — semi-annual compounding. No time is lost to a heavier compounding convention at this rate.
Over the full amortization
Assumes the same rate for the entire amortization. Real mortgages renew every 1–5 years at then-current rates. For the full year-by-year schedule and accelerated payment options, see the Amortization Calculator.
Get your real mortgage approval amount
Calculators give estimates. We give exact numbers — based on your income, credit, and the lender most likely to say yes. Free, no obligation, same-day reply.
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Need the full year-by-year schedule? Use the Amortization Calculator for the payment split between principal and interest across every year, plus accelerated bi-weekly and weekly options.
Also see: Pay off faster → · Affordability + stress test → · CMHC insurance →