Canadian mortgages don't compound the way a generic online calculator assumes — fixed rates compound semi-annually by law. Enter your mortgage amount, rate and amortization below for your monthly, bi-weekly or accelerated bi-weekly payment.
Enter your mortgage amount, interest rate and amortization, then choose a payment frequency. The estimate updates instantly — no email required.
Your payment is separate from what you'll pay to close. See the full closing-cost breakdown →.
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The short version — the calculator above does the actual math for you.
Under section 6 of the federal Interest Act, a mortgage on real property can't be expressed at a rate compounded more often than semi-annually unless it's payable on the whole principal at once. That's why Canadian fixed-rate mortgages compound twice a year even though you pay monthly, bi-weekly or weekly — the quoted annual rate gets converted into an effective rate for whatever period you actually pay on, then compounded from there.
This is also why a generic mortgage calculator built for a U.S. audience (monthly compounding) gives a slightly different number than a Canadian one at the same rate — the compounding convention changes the effective rate you're actually paying, even though the quoted rate looks identical. The calculator above uses the Canadian convention.
The same annual rate, three different rhythms.
"Bi-weekly" payments (26 a year) are usually just your monthly payment split in two and paid every two weeks — the total you pay over a year doesn't change. "Accelerated" bi-weekly instead takes your monthly payment, halves it, and pays that amount every two weeks — which works out to 26 half-payments, the equivalent of 13 full monthly payments a year instead of 12. That extra payment goes straight to principal, which shortens your amortization and saves interest over the life of the mortgage.
This calculator estimates principal and interest only — property tax, home insurance, and any mortgage default insurance premium (if your down payment is under 20%) are separate and, where a lender collects them, usually added to your payment. See our Mortgage Centre → for how a lender arrives at your rate and how a lawyer's closing work fits in.
Run your own number — any amount, rate, amortization or frequency — in the calculator above; it uses the exact same math.
Canadian fixed-rate mortgages compound semi-annually under the federal Interest Act, so the quoted annual rate is first converted to an effective rate for your payment frequency, then applied to the outstanding balance each period. This calculator applies that same conversion — enter your amount, rate and amortization above for an instant estimate.
Regular bi-weekly splits your monthly payment in two and pays it every two weeks — the yearly total is unchanged. Accelerated bi-weekly instead halves the monthly payment and pays that every two weeks, which works out to 26 half-payments a year — one extra monthly payment's worth — shortening your amortization.
No. This is a principal-and-interest estimate only. Property tax, home insurance, and any mortgage default insurance premium (typically required when your down payment is under 20%) are separate, and a lender collecting tax on your behalf will add that to your payment.
Small differences usually come from rounding conventions, the exact day-count method a lender uses, or an amortization that isn't a round number of years. Your lender's mortgage commitment sets the number that actually applies; treat this as a close planning estimate.
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Book a 20-minute call with a real estate lawyer — $150, HST included, credited in full toward your file once payment is received.
This is a 20-minute call. We cover as much as we can and stop at twenty minutes. If more is needed, we will say what the next step is and what it would cost.
“I asked a lot of questions along the way and never felt rushed or like I was bothering anyone.”
D.L. · Home purchase · York Region
Shared with permission. Initials changed to protect client privacy.
Read more reviews →These are estimates for planning. They are not legal advice and they do not create a solicitor-client relationship. Last reviewed 23 September 2026.