Use this Canadian mortgage calculator to estimate your payment amount, total interest over the full amortization period, and the balance remaining at the end of your mortgage term.
In Canada, the mortgage term and amortization period are different. The term is the length of your current mortgage contract, often 3 or 5 years, before renewal. The amortization period is the total time planned to repay the mortgage, such as 25 years.
That is why this calculator shows both interest over amortization and interest paid during term. The full-amortization figure is a projection assuming the rate stays unchanged, while the term figure covers only the current term before renewal.
Canadian mortgages use semi-annual interest compounding. Enter the mortgage amount, amortization period, mortgage term, interest rate, payment frequency, and any optional extra payment.
What affects your Canadian mortgage payment?
Your payment depends on the mortgage amount, interest rate, amortization period, mortgage term, payment frequency, and any extra payments. The calculator shows the scheduled payment, projected interest, and balance at the end of the selected term.
- A longer amortization usually lowers the regular payment but increases total interest.
- A shorter mortgage term ends sooner and normally requires renewal before the full amortization is complete.
- Biweekly or accelerated payments and extra payments can reduce the balance and interest paid.
Need to estimate your budget first? Use our Canadian mortgage affordability calculator. To compare current lender offers, see the current Canadian mortgage rates.
Here are the best current rates from credit unions in our Canadian lender comparison snapshot.
Coast Capital Savings offers 4.24% – 3-year fixed mortgage rate
ATB Financial offers 4.39% – 5-year fixed mortgage rate
ATB Financial offers 3.80% – 5-year variable mortgage rate
Here are the best current rates from the Big Six Canadian banks in the same comparison snapshot.
CIBC offers 4.64% – 3-year fixed mortgage rate
CIBC offers 4.84% – 5-year fixed mortgage rate
CIBC offers 3.95% – 5-year variable mortgage rate
Rate snapshot updated August 21, 2026. These are published lender rates from the comparison snapshot and are not guaranteed offers. Rates can change and the rate you qualify for may differ. View the lender-rate source or see the full mortgage-rate table.
Canadian mortgage calculator FAQ
What is the difference between mortgage term and amortization?
The term is the length of the current mortgage contract, often 3 or 5 years. Amortization is the total planned time to repay the mortgage, such as 25 years.
Why are there two interest results?
Interest over amortization is a projection for the full repayment period. Interest paid during term covers only the selected term before renewal.
How are Canadian mortgage payments calculated?
This calculator uses Canadian semi-annual compounding and converts the rate for the selected payment frequency.
What happens when the mortgage term ends?
The mortgage normally needs to be renewed or refinanced. The interest rate and payment may change, so the full-amortization result is only a projection.
Mortgage rates in Canada
This is a list of closed term fixed rate mortgages currently available in Canada. This mortgage rate table is updated monthly and rates are subject to change without notice, so use rates in this… Continue reading