Estimate the monthly payment on a Canadian mortgage from the amount, rate and term.
Understanding the canadian mortgage calculation
Enter the mortgage amount, rate and amortization period to estimate the monthly payment. Note Canadian mortgages often compound semi-annually; this uses a standard monthly method as an estimate.
Try it with these numbers
As an example, with a home price of 350,000, interest rate of 6.5%, the calculator returns a monthly payment of $2,186.46. Underneath, Principal & interest comes out at $1,769.79 and Tax + insurance + HOA at $416.67. Change any field and every figure updates as you type.
Getting your answer
- Enter your figures in the fields provided.
- The result updates as you type.
- Review the breakdown below the main number.
The calculation
payment = P × r ÷ (1 − (1+r)⁻ⁿ)
FAQ
How do Canadian mortgages differ?
They’re often compounded semi-annually and renewed periodically. This tool gives a standard-method estimate.
Does it include property tax?
No — add tax and insurance separately.