Mortgage Payment Calculator

Estimate your mortgage payment

Enter your mortgage amount, rate, and amortization to see your payment at monthly, bi-weekly, or weekly frequency. The math uses semi-annual compounding, the standard for fixed-rate mortgages in Canada.

How this is calculated

Fixed-rate mortgages in Canada are compounded semi-annually, not monthly. The tool first converts your annual rate into an effective rate for your payment frequency: for monthly payments, i = (1 + annual rate ÷ 2)^1/6 − 1; for bi-weekly the exponent is 1/13, and for weekly it is 1/26. The payment is then P = L × i ÷ (1 − (1 + i)⁻ⁿ), where L is the mortgage amount and n is the total number of payments. At 0% interest the payment is simply L ÷ n.

Why semi-annual compounding matters

Dividing the annual rate by 12 slightly understates the true cost. Because interest compounds twice a year, the effective monthly rate is a little higher than one-twelfth of the annual rate. Over a 25-year amortization that small gap adds up, so using the correct conversion keeps this estimate in line with how Canadian lenders calculate fixed-rate payments.

How payment frequency changes your payment

A bi-weekly payment is roughly half a monthly payment and a weekly payment is roughly a quarter, but you make more of them each year. This tool shows the regular (non-accelerated) version of each frequency, so the total interest over the full amortization stays close to the monthly result. Accelerated bi-weekly and weekly payments are a separate strategy that pays the mortgage down faster.

What this estimate leaves out

• Mortgage default insurance premiums when your down payment is under 20%.
• Property taxes, heating, condo fees, and home insurance, which many lenders collect or assess separately.
• Lender fees, appraisal costs, and any prepayment penalty.
• Rate changes on a variable-rate mortgage, and the effect of the federal stress test on qualification.