Canadian Mortgage Calculator

Canadian Mortgage Calculator works out your mortgage payment the Canadian way — using interest compounded semi-annually, the convention required for Canadian fixed-rate mortgages — and shows you, in seconds, how much you will pay each period, how much interest the loan costs in total, and how fast you pay it off. It works completely offline and nothing you enter ever leaves your phone. THE CANADIAN DIFFERENCE Most mortgage calculators assume interest is compounded monthly. In Canada, fixed-rate mortgage interest is compounded SEMI-ANNUALLY, even though payments are made monthly or every two weeks. This app converts the quoted (nominal) rate into the true rate for each payment period before it amortizes: periodRate = (1 + rate / 2) ^ (2 / payments-per-year) − 1 So a 5% mortgage uses a monthly rate of about 0.4124%, not the 0.4167% (5 / 12) an American-style monthly-compounded loan would charge. The difference is small per payment but adds up over a 25-year mortgage — and it is what makes a Canadian payment a Canadian payment. WHAT YOU CAN DO • Enter your home price, down payment, annual interest rate and amortization in years • Choose monthly, bi-weekly, or accelerated bi-weekly payments • Read the payment per period, total interest, total paid, and the mortgage amount instantly • See your effective annual rate and how many years until the mortgage is clear • Browse a year-by-year amortization schedule of interest, principal and remaining balance • Learn the math behind Canadian mortgages with a plain-language guide ACCELERATED BI-WEEKLY Accelerated bi-weekly pays exactly half your monthly payment every two weeks — 26 payments a year, the equivalent of 13 monthly payments instead of 12. That extra payment goes straight to principal, clearing the mortgage years sooner and cutting total interest. The app shows the saving at a glance. BUILT FOR CLARITY A clean Maple design in Canadian red and charcoal puts the big number first, with supporting figures right beside it. Light and dark themes, a tiny download, no clutter and no account required. AN ESTIMATE, NOT A MORTGAGE QUOTE This is a simplified educational tool. Your real payment and the total cost of borrowing depend on your lender's exact terms, rate, fees, default (CMHC) insurance, property taxes and the mortgage contract. Always confirm your actual figures with a licensed mortgage professional or your lender. This app is for general information and education only and is not financial, mortgage or legal advice, and is not affiliated with any lender or government agency. PRIVACY The app collects no personal data and works fully offline. Ads are served by Google AdMob, which may use an advertising identifier as described in Google's policies. Download Canadian Mortgage Calculator and see your true Canadian payment — and the cost of every rate, term and payment schedule.