Canadian mortgage payment calculator
Canadian fixed mortgages compound twice a year, not every month. This calculator uses the Canadian rule, so the payment matches your lender. Enter the loan, rate, and amortisation.
The payment is one number. BrickROI runs the rest.
This is your principal and interest with the Canadian compounding rule. BrickROI runs the full deal on your real listing: the payment, the CMHC and MLI Select paths, DSCR for your lender, cash-on-cash, and a lender-ready PDF. Paste a Canadian listing and see it in two minutes.
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How Canadian mortgage payments work
A Canadian fixed-rate mortgage compounds interest twice a year. A US mortgage compounds every month. That sounds small, but it changes the payment. If you run a Canadian deal through a US calculator, the monthly number comes out a little high, and your lender will quote something different. This calculator uses the Canadian semi-annual rule, so the payment lines up with what the bank tells you.
The payment depends on three things: the loan, the rate, and the amortisation. A bigger down payment shrinks the loan. A lower rate shrinks the payment. A longer amortisation spreads the loan over more years, which lowers the monthly payment but raises the total interest you pay.
Why amortisation length matters for a rental
For an investor, the amortisation length is a lever on cash flow. Moving from 25 years to 30 years lowers the payment and lifts your monthly cash flow. The 40-year path, tied to CMHC MLI Select, lowers it further and can turn a thin multi-unit deal into one that works. You pay more interest over the full life, so it is a trade, not a free win.
Get these right before you trust the payment
- Use your real contract rate, not a posted rate. Brokers often beat the posted number.
- Remember the payment is only the principal and interest. Property tax, insurance, and condo fees are on top.
- Check the payment again at the stress-test rate to confirm you still qualify.
Mortgage payment questions
How are Canadian mortgage payments calculated?
Canadian fixed mortgages compound twice a year, not monthly like most US loans. This calculator uses the Canadian semi-annual compounding convention, so the monthly payment matches what your lender quotes.
What is the difference from a US mortgage calculator?
A US calculator compounds interest monthly. A Canadian fixed mortgage compounds semi-annually by law. On the same rate, the Canadian payment is slightly lower. Using a US tool gives you a number your lender will not match.
Does a longer amortisation lower my payment?
Yes. Stretching from 25 years to 30 or 40 years lowers the monthly payment because the loan is spread over more time. You pay more interest in total, but the lower payment can be what makes a rental cash flow. The 40-year path is tied to CMHC MLI Select.
Should I use the contract rate or the stress-test rate?
Use your contract rate for the real payment you will make. Use the higher stress-test rate to check that you still qualify. BrickROI runs both so you see the payment and the qualifying test at once.