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Mortgage Payment Calculator
Estimate a mortgage payment from the loan amount, rate and amortisation, and compare payment frequencies to see how much interest a faster schedule saves.
Result
Enter your figures above and submit to see the result.
Canadian mortgages are compounded semi-annually by law, not monthly. Converting a semi-annual nominal rate to an effective monthly rate uses i = (1 + r/2)1/6 − 1 rather than simply dividing the annual rate by twelve. The difference is small per payment but real over an amortisation, so this calculator applies the semi-annual convention.
Accelerated payment frequencies — bi-weekly and accelerated bi-weekly — work by dividing the monthly payment rather than the annual total, which produces one extra monthly payment a year and shortens the amortisation. That is why they reduce total interest despite the same rate.
Find out what you qualify for
One short form, passed to a licensed lender or matching partner. Free, with no obligation to accept an offer.
LoanLoon is not a lender. We do not make credit decisions, set rates, or guarantee approval. The lowest rates are only available to the most qualified applicants.
The figure above is arithmetic, not an offer. A lender's real rate, payment and total cost depend on its own underwriting, on your credit profile and on your province. loanloon.ca is a matching and comparison service — not a lender, a broker of record, or a credit counsellor. We do not make loans, set rates or make credit decisions. The lowest rates are only available to the most qualified applicants.
Frequently asked questions
How is Canadian mortgage interest compounded?
By law, fixed-rate mortgages in Canada are compounded semi-annually, not in advance. That convention is why the effective monthly rate is slightly lower than the annual rate divided by twelve.
Are accelerated payments worth it?
Accelerated bi-weekly payments amount to one extra monthly payment per year, which shortens the amortisation and reduces total interest. The trade is a higher total annual outlay, so it depends on your cash flow.
Does this include mortgage default insurance?
No. Federally regulated lenders require default insurance when the down payment is below 20%, and the premium is usually added to the mortgage balance. Add that to the loan amount for a realistic figure.
Is this calculator free to use?
Yes. Every calculator on loanloon.ca runs in your browser and is free. Nothing you type is sent to us or stored.
Does the result guarantee what a lender will offer me?
No. The output is an estimate based on the figures you enter. Actual rates, payments and approval are decided by the lender.
The lowest rates are only available to the most qualified applicants — what does that mean?
It means the best advertised pricing is reserved for borrowers with the strongest credit profiles, income and debt-service ratios. Most borrowers are offered something different.
Sources and further reading
- Financial Consumer Agency of Canada — Government of Canada
- Criminal Code s. 347 — criminal rate of interest — Justice Laws Website
- Payday Lending Regulations SOR/2024-114 — Canada Gazette