Mortgage Payment Calculator (Canada)
Canadian fixed mortgage rates compound semi-annually, not monthly, so a US-style calculator gets your payment wrong. This one uses the Canadian rule and also shows what accelerated biweekly payments save.
Fixed-rate payments with semi-annual compounding, the standard for Canadian fixed mortgages. Variable mortgages and some lenders compound differently.
How this is calculated
Canadian fixed mortgage rates compound semi-annually. The monthly rate is (1 + annual rate / 2)^(2/12) – 1, and the payment is the standard amortization formula at that rate. Accelerated biweekly means paying half the monthly payment every two weeks, 26 times a year, which works in one extra monthly payment per year and shortens the amortization.
Worked example: $500,000 at 5.00% over 25 years gives a monthly payment of $2,908.02 and about $372,409 of interest. Accelerated biweekly payments of $1,454.01 pay it off in about 21.5 years with about $311,973 of interest, saving roughly $60,436. Verified with an independent calculation.
See accelerated biweekly vs monthly payments for the full breakdown and current variable rates.
General information, not financial advice. Lender payment figures can differ by a few cents from rounding. See how we check the numbers.