Why is this different from an American mortgage calculator?

Interest on a Canadian fixed-rate mortgage is compounded semi-annually, not in advance. American mortgages compound monthly. That single difference changes the payment, and it is the most common error in mortgage maths found online.

How does accelerated bi-weekly save so much?

It is not a different formula. It is your monthly payment cut in half and paid every two weeks, so 26 half payments a year is the equivalent of 13 monthly payments instead of 12. That one extra payment a year takes roughly three years off a 25 year amortisation.

What is the minimum down payment in Canada?

5% on a price up to $500,000. Above that, 5% of the first $500,000 plus 10% of the rest, up to $1,500,000. At $1,500,000 and above, 20%, because mortgage loan insurance is not available past that point.

Does this include property tax and insurance?

No. This is the principal and interest payment only. Property tax, home insurance, condo fees and mortgage loan insurance premiums are separate and vary too much by municipality to estimate honestly.

Mortgage Payment Calculator

Canadian semi-annual compounding, the full schedule, and what accelerating actually saves.

Payment, monthly

$2,962.48

Principal and interest only, on a mortgage of $520,000. Property tax, home insurance and condo fees are extra and vary too much to estimate here.

Total interest

$368,745

Over the full amortisation

Total paid

$888,745

300 payments

Paid off in

25.0 yrs

As scheduled

Where the first year goes

Interest$24,423
Principal$11,127

Early payments are mostly interest, because interest is charged on a balance that has barely moved. This reverses slowly, and the crossover point is later than most people expect.

What this does

Enter a price, a down payment, a rate and an amortisation, and this gives you the payment, the total interest over the life of the mortgage, and the schedule payment by payment. It also checks your down payment against the Canadian minimums and tells you whether mortgage loan insurance applies.

Why this one

Canadian fixed-rate mortgages compound semi-annually, not monthly. Most calculators on the internet are American and divide the annual rate by twelve. On $500,000 at 5% over 25 years that overstates the payment by $14.93 a month and $4,478 across the term: small enough to look right, large enough to matter. This one uses the Canadian convention and lets you switch to monthly for a variable rate or a HELOC.

The formula

monthly rate  =  (1 + annual rate / 2) ^ (1 / 6) - 1
payment  =  principal x rate / (1 - (1 + rate) ^ -periods)
accelerated bi-weekly  =  the monthly payment, halved, paid 26 times a year

Published so you can check it. A calculator about money that will not show its working is asking to be trusted on the one thing you cannot verify.

Questions

Why is this different from an American mortgage calculator?: Interest on a Canadian fixed-rate mortgage is compounded semi-annually, not in advance. American mortgages compound monthly. That single difference changes the payment, and it is the most common error in mortgage maths found online.
How does accelerated bi-weekly save so much?: It is not a different formula. It is your monthly payment cut in half and paid every two weeks, so 26 half payments a year is the equivalent of 13 monthly payments instead of 12. That one extra payment a year takes roughly three years off a 25 year amortisation.
What is the minimum down payment in Canada?: 5% on a price up to $500,000. Above that, 5% of the first $500,000 plus 10% of the rest, up to $1,500,000. At $1,500,000 and above, 20%, because mortgage loan insurance is not available past that point.
Does this include property tax and insurance?: No. This is the principal and interest payment only. Property tax, home insurance, condo fees and mortgage loan insurance premiums are separate and vary too much by municipality to estimate honestly.

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Read about it

Why Canadian mortgage calculators disagree with each other
Most mortgage calculators online are American, and the difference is one line of arithmetic worth about $4,500 over a 25 year term. Here is the line, and how to tell which kind you are looking at.

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This tool is for education and planning only and does not constitute financial, legal or tax advice. EmpireSheets is not a regulated adviser. Rates, rules and thresholds change, so check anything time sensitive against a current official source before acting on it.