{
    "name": "Canadian Mortgage Calculator",
    "url": "https://calculators.geekmidst.com/calculators/canadian-mortgage-calculator",
    "markdown": "https://calculators.geekmidst.com/calculators/canadian-mortgage-calculator.md",
    "category": "Finance",
    "description": "Calculate Canadian mortgage payments with semi-annual compounding for monthly, bi-weekly, weekly and accelerated schedules, with payoff time and total interest.",
    "summary": "Canadian fixed-rate mortgages are usually compounded semi-annually, not monthly, because the Interest Act requires the rate to be stated yearly or half-yearly. That makes the payment slightly lower than a US-style calculation at the same quoted rate.",
    "also_called": [
        "Mortgage payment calculator (Canada)"
    ],
    "applies_to": "CA",
    "last_updated": "2026-10-29",
    "computation": "Results are computed in the visitor’s browser on the HTML page. This API describes the calculator; it does not compute results.",
    "inputs": [
        {
            "name": "price",
            "label": "Purchase price",
            "type": "number",
            "default": "600000"
        },
        {
            "name": "down_pct",
            "label": "Down payment",
            "type": "number",
            "default": "20",
            "unit": "%"
        },
        {
            "name": "rate",
            "label": "Interest rate (per year)",
            "type": "number",
            "default": "5",
            "unit": "%"
        },
        {
            "name": "amortization",
            "label": "Amortization period",
            "type": "number",
            "default": "25",
            "unit": "years"
        },
        {
            "name": "frequency",
            "label": "Payment frequency",
            "type": "select",
            "default": "monthly",
            "options": {
                "monthly": "Monthly",
                "semi_monthly": "Semi-monthly (24 a year)",
                "biweekly": "Bi-weekly (26 a year)",
                "acc_biweekly": "Accelerated bi-weekly",
                "weekly": "Weekly (52 a year)",
                "acc_weekly": "Accelerated weekly"
            }
        },
        {
            "name": "compounding",
            "label": "Compounding",
            "type": "segmented",
            "default": "semi_annual",
            "options": {
                "semi_annual": "Semi-annual (fixed rate)",
                "monthly": "Monthly (some variable rates)"
            }
        },
        {
            "name": "premium_pct",
            "label": "Mortgage default insurance premium",
            "type": "number",
            "default": "0",
            "unit": "% of loan",
            "optional": true
        },
        {
            "name": "currency",
            "label": "Currency",
            "type": "currency",
            "default": "CAD"
        }
    ],
    "outputs": [
        {
            "key": "payment",
            "label": "Payment per period",
            "format": "currency"
        },
        {
            "key": "loan",
            "label": "Total mortgage",
            "format": "currency"
        },
        {
            "key": "premium",
            "label": "Insurance premium added",
            "format": "currency"
        },
        {
            "key": "total_interest",
            "label": "Total interest to payoff",
            "format": "currency"
        },
        {
            "key": "payoff_years",
            "label": "Years to pay off",
            "format": "number"
        },
        {
            "key": "effective_rate",
            "label": "Effective annual rate",
            "format": "percent"
        },
        {
            "key": "periodic_rate",
            "label": "Interest rate per payment period",
            "format": "percent"
        }
    ],
    "formula": {
        "text": "Effective annual rate = (1 + j ÷ 2)² − 1;  rate per payment i = (1 + EAR)^(1 ÷ p) − 1;  Payment = L × i × (1 + i)ⁿ ÷ ((1 + i)ⁿ − 1). Accelerated bi-weekly = monthly payment ÷ 2 (weekly ÷ 4).",
        "variables": {
            "j": "quoted annual rate",
            "p": "payments per year (12, 24, 26 or 52)",
            "n": "amortization years × p",
            "L": "price − down payment + any insurance premium"
        }
    },
    "worked_example": {
        "inputs": {
            "price": "600000",
            "down_pct": "20",
            "rate": "5",
            "amortization": "25",
            "frequency": "monthly",
            "compounding": "semi_annual",
            "premium_pct": "0",
            "currency": "CAD"
        },
        "steps": [
            "Mortgage = 600,000 × 80% = $480,000.",
            "Effective annual rate = 1.025² − 1 = 5.0625%; monthly rate = 1.050625^(1/12) − 1 = 0.412392%.",
            "Payment = 480,000 × 0.00412392 × 1.00412392³⁰⁰ ÷ (1.00412392³⁰⁰ − 1) = $2,791.70."
        ],
        "result": "A $480,000 mortgage at 5% compounded semi-annually costs $2,791.70 a month over 25 years."
    },
    "interpretation": "Accelerated bi-weekly or weekly payments add the equivalent of one extra monthly payment a year, which cuts years off the amortization. Plain bi-weekly payments cost about the same as monthly over a year.",
    "assumptions": [
        "The rate stays the same for the whole amortization (Canadian terms are usually renewed every 1–5 years at the rate then on offer).",
        "Fixed-rate mortgages use semi-annual compounding, as is standard under the Interest Act; choose monthly if your lender compounds monthly."
    ],
    "limitations": [
        "Maximum amortization periods, insurance eligibility and premium rates are set by insurers and federal rules; enter your lender’s figures.",
        "Provincial sales tax on insurance premiums and land transfer tax are not included."
    ],
    "rules": null,
    "faqs": [
        {
            "question": "Why is Canadian mortgage interest compounded semi-annually?",
            "answer": "Section 6 of the federal Interest Act requires blended-payment mortgages to state the rate calculated yearly or half-yearly, not in advance; lenders conventionally quote fixed rates compounded half-yearly."
        },
        {
            "question": "What is the difference between bi-weekly and accelerated bi-weekly?",
            "answer": "Bi-weekly spreads the yearly total of monthly payments over 26 payments. Accelerated bi-weekly pays half the monthly amount every two weeks, so you pay 13 monthly payments’ worth a year and finish sooner."
        }
    ],
    "sources": [
        {
            "title": "Interest Act (R.S.C., 1985, c. I-15), section 6",
            "url": "https://laws-lois.justice.gc.ca/eng/acts/I-15/section-6.html"
        }
    ],
    "related": [
        {
            "name": "Mortgage Calculator",
            "url": "https://calculators.geekmidst.com/calculators/mortgage-calculator"
        },
        {
            "name": "Mortgage Amortization Calculator",
            "url": "https://calculators.geekmidst.com/calculators/mortgage-amortization-calculator"
        },
        {
            "name": "Down Payment Calculator",
            "url": "https://calculators.geekmidst.com/calculators/down-payment-calculator"
        }
    ],
    "disclaimer": "This calculator gives estimates for planning. It is not financial advice, and lenders’ actual terms, fees and rounding may differ.",
    "publisher": "GM¹X CalcVerse"
}