Finance tool
Canada mortgage & loan calculator
Principal, rate, and amortization → monthly payment with correct Canadian semi-annual compounding, plus full amortization table.
Interactive tool
Canada mortgage & loan calculator
Semi-annual compounding for mortgages, amortization schedule, and interest chart.
Payment per period
$2,086
$275,714 total interest over 25 years
Remaining balance over time · bars show annual interest paid
Total paid
$625,714
Total interest
$275,714
Interest share
44.1%
Amortization schedule
| # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $2,086 | $571 | $1,515 | $349,429 |
| 2 | $2,086 | $573 | $1,512 | $348,856 |
| 3 | $2,086 | $576 | $1,510 | $348,280 |
| 4 | $2,086 | $578 | $1,507 | $347,701 |
| 5 | $2,086 | $581 | $1,505 | $347,120 |
| 6 | $2,086 | $583 | $1,502 | $346,537 |
| 7 | $2,086 | $586 | $1,500 | $345,951 |
| 8 | $2,086 | $588 | $1,497 | $345,363 |
| 9 | $2,086 | $591 | $1,495 | $344,772 |
| 10 | $2,086 | $594 | $1,492 | $344,178 |
| 11 | $2,086 | $596 | $1,490 | $343,582 |
| 12 | $2,086 | $599 | $1,487 | $342,983 |
Payment estimates use standard amortization math with Canadian semi-annual compounding per the Interest Act. Actual lender terms may differ.
The problem
Canadian mortgages don’t divide the rate by 12
Under the Interest Act, fixed-rate Canadian mortgages compound semi-annually — not monthly like US loans. Dividing 5% by 12 underestimates your payment.
CIBC, RBC, and other major banks use this convention. Your calculator should too.
How Calqio helps
Interest Act math with amortization chart
Converts the nominal annual rate to an effective periodic rate, then calculates payment, total interest, and a period-by-period schedule.
Toggle to personal/auto loan mode for simple monthly compounding.
Real example
Example: $400,000 at 4.79% over 25 years
With semi-annual compounding, the effective monthly rate is slightly below nominal/12. Payment lands around $2,275–$2,285/month depending on exact rounding.
Over 25 years, total interest often exceeds the original principal — the chart shows how fast balance declines.
Common questions
- Why does Canada use semi-annual compounding?
- The Interest Act requires mortgages stating an annual rate to compound at most semi-annually. All major Canadian lenders follow this.
- What payment frequencies are supported?
- Monthly, bi-weekly, weekly, and semi-monthly — each with the correct periodic rate conversion.
- Does this include CMHC insurance or property tax?
- No — this calculates principal and interest only. Add insurance and taxes separately for total housing cost.
- How is this different from the US calculator?
- US loans typically compound monthly. Canadian mortgages use semi-annual compounding, producing slightly different payments at the same nominal rate.