Calculators›Mortgage Payment
Built on the Canadian semi-annual compounding rule banks are bound by, then compared across every payment schedule, so you can see what switching to accelerated really saves.
| Schedule | Payment | /yr | Total interest | Interest saved | Time saved |
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| # | Payment | Principal | Interest | Balance |
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We negotiate rates below what banks post publicly. Get pre-approved to see what you'd actually qualify for. It's free, with no commitment.
Book a pre-approval →An estimate based on principal and interest only. It doesn't include property tax, insurance, condo fees, or CMHC premiums. For the full monthly picture, use the Affordability calculator.
The mechanics
Three things make Canadian mortgage math different from the US calculators you'll find online. Here's what's happening under the hood.
By law, Canadian mortgage rates are quoted as nominal annual rates compounding semi-annually (twice per year), not monthly like in the US. The same posted rate therefore produces a slightly lower effective rate here, which is why US calculators always give different numbers. This calculator uses the correct Canadian formula.
Accelerated biweekly sets your payment to your monthly amount divided by two. Because you make 26 payments a year instead of 24, you quietly pay one extra monthly payment annually, shaving years off your amortization and thousands in interest. Non-accelerated biweekly spreads the same yearly total across 26 smaller payments, with no benefit. The same logic applies to accelerated weekly.
These figures are principal and interest only, with no property tax, home insurance, condo fees, or CMHC mortgage insurance premiums. For a full affordability picture that folds in those carrying costs, use the Affordability calculator.
A note on accuracy. These figures are estimates based on the inputs you provide. Your actual rate, payment, and total cost will depend on your credit history, income verification, lender, and the rate available when you sign. Talk to a broker for real quotes based on your situation.
Three free tools to run the numbers before you talk to a broker.
AI assistant · General information