How much will your mortgage payment actually be?
Enter your mortgage amount, your contract rate, your amortization, and your payment frequency below. This calculator applies the same semi-annual compounding Canadian lenders actually use, not the flat monthly math most calculators default to, and no rate is pre-filled anywhere on this page.
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How is your mortgage payment actually calculated in Canada?
Your payment comes from your mortgage amount, your contract rate, your amortization, and your payment frequency, run through the standard loan payment formula. The step most calculators outside Canada skip is compounding: fixed-rate Canadian mortgages compound semi-annually by convention tied to the federal Interest Act, so the annual rate has to be converted to a matching periodic rate before it touches your payment frequency.
A US-style calculator that compounds monthly will produce a payment figure that looks close to correct for a Canadian mortgage, but is not exact. The gap comes entirely from the compounding step, not from the loan payment formula itself.
If your mortgage is insured through CMHC, Sagen, or Canada Guaranty, the default insurance premium is normally added to your mortgage amount rather than paid in cash. Enter the total amount you will actually owe, premium included, for an accurate payment figure.
The citable fact: Canadian fixed-rate mortgages compound semi-annually under the Interest Act convention, so an accurate payment calculation must convert the annual contract rate to a semi-annual-equivalent periodic rate before applying it to any payment frequency.
What is the exact formula for converting an annual rate into a periodic rate?
Take your annual contract rate, divide it by two, and add one. Raise that figure to the power of two divided by the number of payments you make each year, then subtract one. The result is the periodic rate that belongs in the payment formula for your chosen frequency, and it is exactly what the calculator above does the moment you type a rate in.
This is the single detail that trips up generic calculators built for the US market, where mortgages typically compound monthly. Skip this conversion and every number on the page, payment, total interest, and effective amortization, comes out slightly wrong.
Show the math: converting an annual rate to a periodic rate
No rate is plugged into that formula on this page. It is shown symbolically so you can see the mechanism, and the calculator above runs it live against whatever rate you enter.
The citable fact: the periodic rate for m payments a year is (1 + annual rate ÷ 2) raised to the power of (2 ÷ m), minus 1, not the annual rate divided by m.
How does payment frequency change what you pay per period?
Monthly, semi-monthly, and regular biweekly or weekly schedules all charge the same annual total, they just split it into more or fewer payments. Accelerated biweekly and accelerated weekly schedules charge a full monthly payment cut in half or quarter, which adds up to one extra monthly payment every year and is not the same annual total.
The table below uses an illustrative $1,300 monthly payment because it divides evenly across every frequency without rounding to the cent. It is a demonstration figure, not a typical mortgage payment.
| Frequency | Payments per year | How the amount is set | Example payment | Annual total |
|---|---|---|---|---|
| Monthly | 12 | Full monthly payment | $1,300.00 | $15,600.00 (12 monthly payments) |
| Semi-monthly | 24 | Monthly ÷ 2 | $650.00 | $15,600.00 (12 monthly payments) |
| Biweekly, regular | 26 | Monthly × 12 ÷ 26 | $600.00 | $15,600.00 (12 monthly payments) |
| Biweekly, accelerated | 26 | Monthly ÷ 2 | $650.00 | $16,900.00 (13 monthly payments) |
| Weekly, regular | 52 | Monthly × 12 ÷ 52 | $300.00 | $15,600.00 (12 monthly payments) |
| Weekly, accelerated | 52 | Monthly ÷ 4 | $325.00 | $16,900.00 (13 monthly payments) |
The citable fact: monthly, semi-monthly, and regular biweekly or weekly schedules all total 12 monthly payments a year; accelerated biweekly and accelerated weekly both total 13.
What is the difference between regular and accelerated payment schedules?
A regular schedule, monthly, semi-monthly, or regular biweekly or weekly, never changes your amortization or your total interest on its own. An accelerated schedule, biweekly or weekly, adds one extra monthly payment every year automatically, which shortens your amortization and lowers your total interest.
The word doing the work is accelerated. Two schedules can share the same number of payments a year, 26 for biweekly, and still produce completely different results depending on whether the word “accelerated” applies.
| Frequency | Payments per year | Extra payment vs. monthly? | Changes amortization and total interest? |
|---|---|---|---|
| Monthly | 12 | No | No, baseline |
| Semi-monthly | 24 | No | No |
| Biweekly, regular | 26 | No | No |
| Biweekly, accelerated | 26 | Yes, one extra monthly payment | Yes, shorter and cheaper |
| Weekly, regular | 52 | No | No |
| Weekly, accelerated | 52 | Yes, one extra monthly payment | Yes, shorter and cheaper |
The citable fact: only the accelerated biweekly and accelerated weekly schedules add an extra monthly payment a year; every regular schedule, regardless of frequency, leaves your amortization and total interest unchanged.
How much does an accelerated schedule actually shorten your amortization?
The calculator above works this out by simulating your payments period by period against the true accelerated periodic rate, not by using the standard payment formula. That is because the payment amount is fixed at half or a quarter of your monthly payment, and the unknown becomes how many periods it takes to reach zero balance, not what the payment should be.
Every accelerated payment reduces your outstanding principal the moment it lands. A dollar taken off principal early stops generating interest for the rest of the amortization, so the earlier it lands, the more it is worth over time.
Select biweekly, accelerated or weekly, accelerated in the calculator above, and the result panel shows the effective amortization in years and months, alongside the standard amortization you entered, so you can see the gap directly.
The citable fact: an accelerated schedule shortens amortization because every extra dollar of principal paid early stops accruing interest for the remaining term, and the calculator measures that effect by simulating the payoff period by period rather than assuming a fixed number of years.
How much total interest will you pay over the full amortization?
Total interest is every payment you make added together, minus your original mortgage amount. On a regular schedule, monthly, semi-monthly, or regular biweekly or weekly, that figure stays the same as long as the amortization and rate stay the same. On an accelerated schedule, it drops, because you reach zero balance sooner.
The calculator above shows this figure for whichever frequency you select. For a regular schedule it reflects your full requested amortization; for an accelerated schedule it reflects the shorter effective amortization, alongside the dollar amount of interest saved compared with the standard schedule.
Total interest depends entirely on your amount, rate, and amortization, all of which you control by typing them in above. No figure on this page is calculated from an assumed or example rate.
The citable fact: total interest equals the sum of every payment over the life of the mortgage minus the original principal, and it falls whenever the amortization shortens, whether from an accelerated schedule or a lump sum prepayment.
Does a longer amortization always cost more in total interest?
Generally yes, since more periods at the same rate produce more total interest even though each individual payment is smaller. On an insured mortgage, extending past the standard 25 years, an option available to first-time buyers and buyers of new construction up to 30 years, also adds a 0.20% surcharge to the default insurance premium.
A longer amortization lowers your required payment, which is why it also raises the mortgage amount you can qualify for. That lower payment comes at the cost of more total interest paid over the life of the loan.
Run the same amount and rate through the calculator above at two different amortization lengths, keeping the frequency the same, to see the total interest difference directly rather than relying on a rule of thumb.
The citable fact: the standard insured amortization is 25 years, extending to 30 years is available to first-time buyers and buyers of new construction, and any insured mortgage extended past 25 years carries a 0.20% surcharge on the default insurance premium.
Does your payment frequency affect what you qualify for?
No. Lenders qualify you using a monthly-equivalent payment tested against Gross Debt Service (GDS), about 39% of gross income, and Total Debt Service (TDS), about 44% including other debts, calculated using the mortgage stress test rate rather than your contract rate. Your payment frequency is a choice you make after approval, not an input into either ratio.
The mortgage stress test qualifies you at the greater of your contract rate plus 2%, or a 5.25% floor, which is almost always higher than the contract rate you actually pay. That qualifying rate has nothing to do with which payment frequency you eventually select.
Whether you choose monthly, biweekly, or an accelerated schedule, your GDS and TDS calculations use the same monthly-equivalent obligation. Frequency changes how often money leaves your account, not whether a lender approves you.
The citable fact: mortgage qualifying uses Gross Debt Service (about 39%) and Total Debt Service (about 44%) of income, calculated at the stress test rate against a monthly-equivalent payment, regardless of the payment frequency you eventually choose.
Where can you find more direct answers about your mortgage numbers?
This calculator covers the payment itself. These related answers cover the schedules and thresholds that shape it.
- Does an accelerated biweekly payment actually save you money?
- How a 30-year amortization works in Canada
- How the mortgage stress test actually works
The full set lives on the Ask a Broker hub.
Frequently asked questions
What does a mortgage payment calculator need to work?
It needs your mortgage amount, your contract rate, your amortization, and your payment frequency. This calculator needs all four; leaving the rate blank is deliberate, since no page on this site states or assumes a rate.
Why does this calculator use semi-annual compounding instead of monthly?
Because that is how Canadian fixed-rate mortgages are actually structured under the federal Interest Act convention. Flat monthly compounding, the way many US-style calculators do it, produces a payment figure that looks close but is not correct for a Canadian mortgage.
What is the difference between my contract rate and the periodic rate used in the formula?
Your contract rate is the annual figure quoted on your mortgage. The periodic rate is that annual figure converted mathematically to match your payment frequency and semi-annual compounding, and it is what actually applies to your balance each period.
Does this calculator show or recommend a mortgage rate?
No. Every rate figure comes from what you type in, and the page links to pekoe.ca/rates for current numbers rather than displaying or suggesting one.
What is the real difference between regular biweekly and accelerated biweekly payments?
Regular biweekly splits your existing annual total across 26 payments and changes nothing about your amortization. Accelerated biweekly pays half your monthly amount 26 times, which adds one extra monthly payment a year and shortens your amortization.
How much faster will an accelerated schedule pay off my mortgage?
It depends entirely on your amount, rate, and amortization, which is exactly what the calculator above works out for you. Select biweekly, accelerated, or weekly, accelerated, and the effective amortization and interest saved appear in the result panel.
Does my payment frequency change what I qualify for with a lender?
No. Lenders qualify you using your monthly-equivalent payment tested against Gross Debt Service, about 39%, and Total Debt Service, about 44%, using the mortgage stress test rate, not the payment frequency you eventually choose.
Can I switch payment frequency after my mortgage is already set up?
In most cases yes, though the exact process, timing, and any fee depend on your lender. Confirm the specifics directly with your lender or ask a Pekoe broker to check your contract.
Does a longer amortization always mean paying more interest overall?
Generally yes, since more periods at the same rate produce more total interest even though each payment is smaller. On an insured mortgage, stretching past 25 years, available to first-time buyers and buyers of new construction up to 30 years, also adds a 0.20% surcharge to the insurance premium.
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