Real Estate

Canadian Mortgage Payment

Calculate your monthly mortgage payment including principal and interest.

Estimate monthly principal and interest for a Canadian fixed-rate mortgage using a nominal annual rate compounded semi-annually. Enter the home price and down payment separately. Insurance premiums, property taxes and fees are excluded.

Enter your numbers

Home purchase price ($)

Annual Interest Rate (%)5.5%

Amortization (Years)

Down Payment ($)

Reduces the loan amount.

Results update as you change the inputs. Calculations run in your browser.

Estimated monthly principal & interest

$1953.25

total Paid: $585975.82
total Interest: $265975.82
loan Amount: $320000.00

See the formula

Formula and method

P = price − down payment; i = (1 + annual rate / 2)^(1/6) − 1; payment = P × i / [1 − (1+i)^(−12 × years)].

Converts a Canadian nominal fixed rate compounded twice yearly to an equivalent monthly rate. At 0% interest the payment is principal divided by the number of payments. Full-amortization totals hold the entered rate constant and do not forecast renewal rates.

Sources checked October 12, 2026

FCAC fixed-rate mortgage disclosure example (PDF)

Worked examples

First-time buyer in Ontario

Home purchase price ($):: 550000
Annual Interest Rate (%):: 5.5
Amortization (Years):: 25
Down Payment ($):: 55000

Estimated monthly principal & interest: $3021.44

Investment property purchase

Home purchase price ($):: 400000
Annual Interest Rate (%):: 6
Amortization (Years):: 25
Down Payment ($):: 80000

Estimated monthly principal & interest: $2047.38

Assumptions and limits

Canadian fixed-rate semi-annual compounding, monthly payments
Same rate for the entire amortization in the illustration
No mortgage insurance premium, property taxes, fees or prepayments

This tool provides an educational estimate. Rules, rates and personal circumstances can change the answer. Review the assumptions before relying on a result. Report a correction.

Common mistakes to avoid

Entering the mortgage balance as the home price and then subtracting the down payment again.
Leaving out mortgage insurance and ownership costs.
Assuming a quoted term rate lasts the entire amortization.

Frequently asked questions

Is this a lender quote?

No. Actual payments depend on your lender, contract, insurance, compounding and payment dates.

What happens at zero interest?

The monthly payment is the mortgage principal divided by the number of monthly payments.